Waiver of liability sample
When an agreement is made by two or more parties, certain clauses are mentioned. One of which is that one of the party needs to pay the other. A liability is the responsibility as per the agreement to pay or reimburse a party or concerned person under certain circumstances or after a given time period. A waiver is the overruling of such payments. Therefore a waiver of liability is the reason or reasons that amount need not be paid.
To illustrate my point, here is a waiver of liability sample. If a person has insured his house, should there be an act of God like a flood or if lightning strikes it, the insurance company is not liable to pay for the damage incurred, as this is considered an Act of God.
Similarly another waiver of liability sample is that if a person has a life insurance cover and he/she commits suicide, the insurance company need not pay the family anything as suicide is not covered under life insurance policies.
Waiver of liability samples are necessary to understand before one gets into any sort of agreement – as most of the clauses and phrases used in agreements are highly technical. Most lay persons will not grasp the meaning of them. These are also potential loopholes for the opposite party to exploit. Therefore it is of prime importance to understand all the liabilities, the waivers and conditions for the waivers before entering into any sort of agreement.