Waiver of Contingencies

This waiver of contingencies clause explains the problems associated with missing deadlines as stated in paragraph 5 Time is of the Essence. The Buyer’s failure to meet deadlines imposed by any inspection/repair contingency clause will act as a waiver of the contingency, which means the Buyer will accept the property.

”If this Agreement is contingent on Buyer’s right to inspect and/or repair the Property, or to verify insurability, environmental conditions, boundaries, certifications, zoning classification or use, or any other information regarding the Property, Buyer’s failure to exercise ANY of Buyer’s options within the times set forth in this Agreement is a WAIVER of that contingency and Buyer accepts the Property and agrees the RELEASE in Paragraph 24 of this Agreement.”

Again, it is important you understand that every calendar day is included in the contingency period. This includes weekends and holidays. Allow enough time to complete each contingency as required by the Agreement.

Note: I use the PAR form Contingency/Inspection Checklist which lists the different contingencies and the date due.

Return From Waiver of Contingencies To Part 3 – Contract Contingencies