Document background
The Waiver Agreement of Purchase and Sale is a crucial legal instrument in Malaysian commercial transactions where parties need to formally modify their original contractual obligations. This document is typically used when one or both parties wish to forgo certain rights, conditions, or requirements that were initially agreed upon in a purchase and sale agreement. Common scenarios include waiving due diligence conditions, extending completion deadlines, or modifying payment terms. The agreement must comply with Malaysian contract law principles, particularly the Contracts Act 1950, and requires proper documentation of the parties' intention to waive specific provisions while maintaining the validity of the remaining agreement terms. It's essential in various commercial contexts, from real estate transactions to business asset sales, and provides legal certainty while managing risk for all parties involved.
