Forbearance And Waiver Agreement (Genie AI)

The Forbearance and Waiver Agreement (Genie AI) under USA law is a legal template that outlines the terms and conditions for a temporary suspension of legal rights and claims between two parties. This agreement is meant to govern situations where one party (the "forbearing party") agrees to temporarily waive its right to enforce certain obligations or rights against the other party (the "debtor party"), either entirely or partially. The purpose of this document is to establish the terms and conditions under which the forbearance and waiver will occur, including the scope and duration of the forbearance period, any corresponding modifications to the original agreement, and the conditions for re-enforcement of the original terms after the forbearance period expires. This legal template provides a standardized framework to ensure the rights and obligations of both parties involved are protected and clarified during the forbearance period, helping to mitigate potential disputes or misunderstandings that may arise.