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No-waiver clauses in contracts basically state that the neglect to enforce something doesn't imply that it has been waived. Are we talking about the term itself being waived or the right to enforce it being waived?

For example, which is more correct:

  1. The neglect to enforce a term does not mean the term has been waived
  2. The neglect to enforce a term does not mean the right to enforce it has been waived?

Or are they the same?

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Both the term and the right to enforce it have not been waived.

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