A "waiver of presentment" clause in a contract indicates that a party expressly relinquishes the right to demand formal presentation or delivery of a negotiable instrument, like a check or promissory note, for payment or acceptance. This waiver allows the holder of the instrument to proceed with actions such as collection or enforcement without the necessity of formally presenting the document to the obligated party.
Waiver of Presentment. Payor hereby waives presentment, protest, demand for payment and notice of default or nonpayment to or upon Payor with respect to this Note.
Waiver of Presentment. Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing for any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution issued hereon, may be sold upon any such writ in whole or in part in any order desired by Payee.
WAIVER OF PRESENTMENT; DEMAND. The Borrower hereby waives presentment, demand, notice of dishonor, notice of default or delinquency, notice of protest and nonpayment, notice of costs, expenses or losses and interest on those, notice of interest on interest and late charges, and diligence in taking any action to collect any sums owing under this note, including (to the extent permitted by law) waiving the pleading of any statute of limitations as a defense to any demand against the undersigned. Acceptance by the Holder or any other holder of this note of any payment differing from the designated lump-sum payment listed above does not relieve the undersigned of the obligation to honor the requirements of this note.
Waiver of Presentment, Notice of Dishonor, and Protest. Subject to the notice and cure, and grace period provisions of this Promissory Note, the Maker waives demand and presentment for payment, notice of protest, and protest of this Promissory Note.
A Waiver of Presentment is a legal term found in financial and contractual agreements, particularly in relation to negotiable instruments like promissory notes or checks. It refers to the intentional relinquishment by a party (typically the maker or drawer of the instrument) of the right to have the instrument formally presented for payment by the holder on its due date. This waiver means that the holder can demand payment without performing the formal presentation process.
A Waiver of Presentment is typically used to expedite the payment or negotiation process of financial instruments. It’s especially beneficial in scenarios where the parties trust each other, and the formality of presentment is unnecessary. You may consider using it when:
Incorporating a Waiver of Presentment into a contract or financial instrument involves specific language that explicitly states the waiver. Here’s how you might draft such a clause:
“The Maker hereby waives presentment for payment, notice of dishonor, and protest of this instrument. The Maker agrees that the Holder shall have the right to enforce this instrument without first having to present it for payment.”
Make sure that the waiver is clearly articulated and understood by all parties involved to prevent disputes.
Waivers of Presentment are often included in agreements involving negotiable instruments and related financial transactions. Typical contracts containing these waivers include:
Promissory Notes: Often used in loans or debt arrangements where the borrower agrees to repay a certain amount of money to the lender without the necessity of the note being formally presented on the due date.
Commercial Paper Agreements: These might include checks, drafts, or bills of exchange where the issuer wants to streamline the settlement process.
Loan Agreements: As part of ancillary documents, where lenders include various waivers to protect their ability to collect in a timely manner.
By including such waivers, parties ensure smooth and efficient financial transactions without the need for formal presentment.
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Dive deeper into the world of clauses and learn more about these other clauses that are used in real contracts.
A waiver of the right of first refusal is a contractual provision where a party relinquishes their priority opportunity to acquire a property or enter into a transaction before the owner negotiates with third parties. This waiver enables the owner to freely seek other potential buyers or partners without offering the right-holder the chance to match or exceed competing offers.
A waiver of right to sue is a contractual agreement in which a party voluntarily relinquishes their legal ability to pursue litigation against another party, typically after acknowledging the potential risks involved. This clause is often included to limit legal liability and encourage alternative dispute resolution methods.
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