Both waivers and contracts are used very often in adult life. They are used while doing business, going out on excursions, and in relationships as well. However, waivers and contracts may seem similar but they actually are two separate documents. In this article, our Arlington, TX business litigation attorney who has been rated by Super Lawyers will examine how the two are different and similar and how to decide which one best fits your needs.
Contracts
To compare the two, we first need to define and identify them. A contract is defined as “a written or spoken agreement, especially one concerning employment, sales, or tenancy, that is intended to be enforceable by law” according to Oxford Languages. Contracts are used to outline an agreement, to have it in words makes the agreement much more secure and unbendable, that’s why many businesses use them. There are many types of contracts such as employment, stocks, credit, loans, warrants, and so many more. Contracts can also be in the verbal form. Verbal contracts are more difficult to prove however because there is no physical evidence of them besides if a voice note or video tape is acquired. Contracts are key pieces of evidence in court cases, making them extremely important and crucial.
Waivers
Waivers sound a bit similar to contracts but are very different. A waiver is a type of contract. A waiver is a document you sign when you are signing away your rights to something. For example, if you are at a ziplining park and you sign a waiver, you are signing away your right to sue them if anything goes wrong ie: anyone gets injured.
Which Is Best?
Now when is it best to use them? For contracts, the best time to use them is when a large amount of money is involved, if you are entering a long term agreement (such as an employment ), if you are in a situation where it seems safer to have legally binding terms, or when the conditions are confusing and complex. Waivers are best to use when you are in a business where there is a higher risk of some kind of damages. Like how we said before, many excursions require you to sign waivers. They encourage the person participating to be aware of the risks of the activity that they are doing. Like at amusement parks and the rides, or at trampoline parks. Waivers also give the participant a chance to rethink their choice of participating. Waivers can help high risk business owners avoid being blamed for something that is not their fault.
How do you decide which is best for you? Consult our attorneys that rank in the Top 100 National Trial Lawyers before deciding whether your business is going to be benefited by either of the two. Also, if you ever are signing a waiver or contract make sure to read the terms carefully, and if you don;t understand them consult a lawyer or do your own research. It is better to reinstate terms than to sign to them without knowing the risk you are putting yourself in. Contact Brandy Austin Law Firm for more information.
