waiver of payment

Definitions

A formal agreement or legal document in which a creditor voluntarily relinquishes the right to collect a debt or payment.

A provision in an insurance policy or contract that excuses a party from the obligation to make specific payments under certain conditions.

Examples

The university granted a waiver of payment for students facing unexpected financial hardship this semester.

You must submit the formal application to request a waiver of payment for the outstanding medical fees.

Synonyms

payment exemption fee forgiveness remission of debt cancellation of charges payment relief

Antonyms

mandatory payment enforced collection payment requirement outstanding debt obligation full settlement demand