5Amendment and Modification; Waiver Clause Samples
The "Amendment and Modification; Waiver" clause defines the process by which changes to the agreement or waivers of its terms can be made. Typically, this clause requires that any amendments or modifications to the contract must be made in writing and signed by all parties involved, and that a party’s failure to enforce a provision does not constitute a waiver of that right. Its core function is to ensure that contractual changes are deliberate and documented, thereby preventing misunderstandings or disputes over informal or unintended alterations to the agreement.
5Amendment and Modification; Waiver. This Agreement may only be amended, modified or supplemented by an agreement in writing signed by each Party. No waiver by any Party of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed by the Party so waiving. No waiver by any party shall operate or be construed as a waiver in respect of any failure, breach or default not expressly identified by such written waiver, whether of a similar or different character, and whether occurring before or after that waiver. No failure to exercise, or delay in exercising, any right, remedy, power or privilege arising from this Agreement shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.