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Waiver Agreement

Waiver Agreement Template for Malaysia

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Key Requirements PROMPT example:

Waiver Agreement

"I need a Waiver Agreement for my Malaysian tech startup company where potential investors will waive their rights to any intellectual property they might be exposed to during due diligence meetings scheduled for March 2025."

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Document background
The Waiver Agreement serves as a critical legal instrument in Malaysian business and personal transactions where one party wishes to formally surrender certain rights or claims against another. This document type is commonly used in various contexts, from settling disputes to managing risk in business transactions, and must comply with Malaysian contract law principles, particularly the Contracts Act 1950. The agreement typically details the specific rights being waived, the circumstances of the waiver, any conditions attached, and whether consideration is provided. It's essential in scenarios ranging from settlement of disputes to pre-activity liability waivers, making it a versatile tool in Malaysian legal practice.
Suggested Sections

1. Parties: Identifies and defines all parties to the agreement, including their full legal names, addresses, and any relevant registration numbers

2. Background: Sets out the context and circumstances leading to the waiver, including any relevant history or relationships between the parties

3. Definitions: Defines key terms used throughout the agreement to ensure clarity and prevent misinterpretation

4. Waiver Provisions: Clearly specifies the rights, claims, or interests being waived, including the scope and extent of the waiver

5. Representations and Warranties: Statements by the waiving party confirming their understanding of the waiver and authority to make it

6. Duration: Specifies whether the waiver is permanent or temporary, and if temporary, its duration

7. Governing Law: Specifies that Malaysian law governs the agreement and its interpretation

8. Entire Agreement: Confirms that the document represents the complete agreement between the parties regarding the waiver

9. Execution: Provides for the formal signing of the agreement by all parties

Optional Sections

1. Consideration: Details any payment or value exchanged for the waiver, if applicable

2. Conditions: Specifies any conditions that must be met for the waiver to become or remain effective

3. Revocation: Include when the waiver can be revoked under specific circumstances

4. Indemnification: Include when one party needs to protect the other from future claims related to the waived rights

5. Confidentiality: Include when the parties need to keep the terms of the waiver confidential

6. Severability: Include when there's a need to ensure that the invalidity of one provision doesn't affect others

7. Assignment: Include when there's a need to address whether the waiver rights can be assigned to other parties

Suggested Schedules

1. Schedule 1 - Rights Waived: Detailed description of the specific rights, claims, or interests being waived

2. Schedule 2 - Related Documents: List and/or copies of any relevant documents referenced in the waiver

3. Schedule 3 - Supporting Evidence: Any supporting documentation proving the existence of the rights being waived

4. Appendix A - Form of Notice: Standard form for any notices required under the agreement

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Financial Services

Construction

Manufacturing

Healthcare

Technology

Real Estate

Education

Retail

Professional Services

Entertainment

Sports

Tourism

Energy

Transportation

Relevant Teams

Legal

Compliance

Risk Management

Human Resources

Corporate Affairs

Operations

Business Development

Finance

Administration

Corporate Secretariat

Relevant Roles

Legal Counsel

Risk Manager

Compliance Officer

Contract Administrator

Business Development Manager

Human Resources Director

Company Secretary

Chief Legal Officer

Operations Manager

Project Manager

Chief Executive Officer

Chief Financial Officer

Claims Manager

Corporate Affairs Manager

Industries
Contracts Act 1950: Primary legislation governing contract formation, validity, and enforcement in Malaysia. Covers essential elements like offer, acceptance, consideration, and capacity to contract.
Age of Majority Act 1971: Defines the legal age of majority (18 years) for entering into contracts and the capacity of minors in contractual relationships.
Limitation Act 1953: Sets time limits for enforcing contractual rights and bringing legal actions related to contract disputes.
Consumer Protection Act 1999: Relevant if the waiver involves consumer rights or business-to-consumer relationships, as some consumer rights cannot be waived.
Specific Relief Act 1950: Governs remedies available for breach of contract and enforcement of contractual rights, including specific performance and injunctions.
Electronic Commerce Act 2006: Provides legal recognition for electronic transactions and digital signatures if the waiver agreement is to be executed electronically.
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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