Template:M summ GMRA 18

Somewhere, once upon a time, there must have been some dispute whereby one side, by not promptly exercising its rights, lost some ability to do so later, and this nightmarish scenario has haunted commercial lawyers ever since. Waiver generally does not extinguish rights, but may postpone them, and even Lord Denning’s most thrilling advances in inventing I mean uncovering the sacred law of promissory estoppel do not really do much more than codify good egg behaviour, and commercial lawyers should not be suspicious of those, right?

This really ought to be an “I never said you couldn’t” sort of affair, but finance contracts of every stripe are shot through with this kind of boilerplate. More in our “no waiver” article. In any case, harmless, goes-without-saying stuff.