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Time Waiver

Time Waiver Template for New Zealand

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Key Requirements PROMPT example:

Time Waiver

"I need a Time Waiver agreement between ABC Construction Ltd and XYZ Properties Ltd regarding potential building defect claims, extending the limitation period until March 15, 2025, with specific provisions for independent engineering assessments."

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Document background
The Time Waiver document is a crucial legal instrument used in New Zealand when parties need to preserve legal rights beyond standard statutory limitation periods. It becomes necessary when potential claims might be time-barred, or when parties need additional time to investigate or negotiate before commencing formal legal proceedings. The document must comply with New Zealand's Limitation Act 2010 and related legislation, requiring careful drafting to ensure enforceability. A Time Waiver typically includes detailed information about the relevant claims, specific time extensions agreed upon, and acknowledgments that the parties understand the implications of waiving their statutory rights. It's particularly important in complex disputes, insurance claims, construction matters, or situations where the full extent of potential claims may not be immediately apparent.
Suggested Sections

1. Parties: Identifies and defines all parties to the agreement, including their legal status and contact details

2. Background: Sets out the context of the agreement, including reference to any existing disputes or claims and the reason for the time waiver

3. Definitions: Defines key terms used throughout the document, including relevant dates, claims, and limitation periods

4. Purpose: Clearly states the intention to waive specific limitation periods and the scope of the waiver

5. Waiver Details: Specifies exactly which limitation periods are being waived and for how long

6. Acknowledgments: Confirms that parties understand the implications of waiving limitation periods and their rights

7. Legal Advice: Confirmation that parties have received or had the opportunity to receive independent legal advice

8. Governing Law: Confirms that New Zealand law governs the agreement

9. Execution: Signature blocks and execution requirements

Optional Sections

1. Related Proceedings: Details of any existing legal proceedings or disputes - include when there are active or anticipated legal proceedings

2. Conditional Clauses: Any conditions that must be met for the waiver to remain valid - include when the waiver is dependent on specific events or actions

3. Consideration: Details of any consideration provided for the waiver - include when there is a specific exchange of value

4. Confidentiality: Provisions regarding confidentiality of the waiver and related matters - include when sensitive information is involved

5. Dispute Resolution: Process for resolving any disputes about the waiver - include for complex situations or high-value matters

6. Termination: Circumstances under which the waiver may be terminated - include when the waiver is not intended to be perpetual

Suggested Schedules

1. Schedule 1 - Affected Claims: Detailed list of claims or potential claims affected by the time waiver

2. Schedule 2 - Relevant Dates: Timeline of important dates including original limitation periods and new deadlines

3. Schedule 3 - Related Documents: List of documents relevant to the claims or disputes subject to the waiver

4. Appendix A - Legal Advice Certificates: Certificates from legal advisors confirming independent legal advice has been provided

5. Appendix B - Supporting Documents: Copies of key documents referenced in the waiver agreement

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Legal Services

Financial Services

Insurance

Construction

Real Estate

Professional Services

Banking

Healthcare

Manufacturing

Public Sector

Infrastructure

Retail

Education

Relevant Teams

Legal

Compliance

Risk Management

Corporate Governance

Claims

Disputes Resolution

Commercial

Insurance

Operations

Executive Leadership

Project Management

Relevant Roles

Legal Counsel

General Counsel

Claims Manager

Risk Manager

Compliance Officer

Contract Manager

Corporate Secretary

Chief Legal Officer

Litigation Manager

Insurance Manager

Chief Risk Officer

Chief Executive Officer

Managing Director

Project Manager

Commercial Manager

Industries
Limitation Act 2010: This is the primary legislation governing limitation periods in New Zealand. It sets out the standard limitation periods for different types of claims and the rules for their application. Understanding this Act is crucial as the Time Waiver will be directly affecting these statutory time limits.
Contract and Commercial Law Act 2017: This Act provides the fundamental rules governing contract formation, validity, and enforcement in New Zealand. It's essential for ensuring the Time Waiver agreement itself is legally binding and enforceable.
Fair Trading Act 1986: This Act ensures fair trading practices and prohibits misleading or deceptive conduct. Relevant when drafting Time Waivers to ensure the terms are fair and transparent, particularly if one party is a consumer.
Property Law Act 2007: Important when the Time Waiver relates to property matters, as it contains provisions about contractual arrangements affecting property rights and limitation periods specific to property claims.
New Zealand Bill of Rights Act 1990: Must be considered to ensure the Time Waiver doesn't unduly restrict access to justice or violate fundamental legal rights.
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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