Document background
The Waiver Agreement Of Purchase And Sale is a crucial legal instrument used in Philippine business transactions when parties need to formally relinquish certain rights or obligations established in an original purchase and sale agreement. This document becomes necessary in situations where circumstances have changed since the original agreement, parties have mutually agreed to cancel certain obligations, or there's a need to modify the original transaction terms. It must comply with Philippine Civil Code requirements regarding contracts and waivers, and typically includes detailed information about the original agreement, specific rights being waived, and any consideration being provided. This document is particularly important in protecting both parties' interests and preventing future legal disputes by clearly documenting the agreed-upon changes to the original transaction.
