Waiver
A voluntary decision by a party not to enforce a particular right, condition or amount, either temporarily or permanently depending on the wording.
Related terms
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Full and final settlement
An agreement where a creditor accepts an agreed payment in complete settlement of the debt and gives up the right to pursue the remaining balance, subject to the wording agreed.
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Forbearance
A lender’s decision to give temporary flexibility, such as reduced payments, extra time or a pause in enforcement, rather than immediately exercising its rights.
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Payment proposal
An offer setting out how a debtor proposes to pay or settle a debt, including amount, timing and any conditions.
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