The voluntary relinquishment of a right or privilege. A party to an agreement may decide to waive their rights in defined circumstances. For example, the buyer and supplier may have originally agreed that delivery should occur on 1 April, but the buyer may, at the seller’s request, agree to accept delivery on 14 April even though it will occur two weeks after the agreed date. Here, the buyer has waived their right to claim damages for late delivery.

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Discover the world’s largest Glossary of Procurement terms

With over 800 Procurement specific terms (and growing) you will find everything you need to know or thought you knew about the Procurement function. Our aim is to provide you with a comprehensive list collated from the Comprara Groups hub of training and consulting source materials.The Procurement Glossary has been compiled by industry expert Paul Rogers.