Glossary Archive

Voluntary Arbitration Agreements A voluntary arbitration agreement is a legally binding contract in which two or more parties agree to resolve their disputes outside of the court system through arbitration. This method serves as an alternative dispute resolution (ADR), allowing the parties to avoid the potentially lengthy and costly process of litigation. In a voluntary...

Voluntary Foreclosure Agreement A Voluntary Foreclosure Agreement is a legal arrangement between a borrower and a lender in which the borrower voluntarily relinquishes their property to the lender in order to satisfy a defaulted mortgage loan. This agreement allows the borrower to avoid a formal foreclosure process, which can be lengthy and damaging to their...

Voluntary Mediation Voluntary mediation is a dispute resolution process in which parties choose to engage a neutral third party, known as a mediator, to facilitate negotiations and help them arrive at a mutually acceptable agreement. This process is characterized by its voluntary nature, meaning that all parties involved must agree to participate and can withdraw...

Waiver of Arbitration Rights A waiver of arbitration rights refers to the voluntary relinquishment or surrender of a party's right to resolve disputes through arbitration, which is an alternative dispute resolution process. Instead of proceeding with arbitration, the party may choose to pursue litigation in court or may agree to resolve the dispute through other...

A Waiver of Executor’s Bond is a legal document that allows the appointed executor of a will to serve without having to post a bond, which is typically required to ensure the executor faithfully executes their duties and manages the estate responsibly. In many jurisdictions, including Texas, when an executor is appointed by a court,...

Waiver of Liability in ADR A waiver of liability in Alternative Dispute Resolution (ADR) is a legal document or clause in which a party voluntarily relinquishes the right to hold another party responsible for any potential damages, injuries, or losses that may arise during the ADR process. This waiver is often included in agreements related...

Waiver of Litigation Rights in ADR A waiver of litigation rights in Alternative Dispute Resolution (ADR) refers to an agreement by parties to forgo their right to pursue legal action in a court of law in favor of resolving their disputes through alternative methods, such as mediation or arbitration. This waiver is typically included in...

Waiver of Mediation Privilege A waiver of mediation privilege refers to the voluntary relinquishment of the protection afforded to communications made during a mediation process. Mediation is a confidential process where parties seek to resolve disputes with the help of a neutral third party, typically a mediator. The confidentiality of mediation is designed to encourage...

A Waiver of Probate Bond is a legal document in the probate process that allows an executor or administrator of an estate to bypass the requirement of posting a bond. Typically, a probate bond serves as a form of insurance to protect the estate's assets from potential mismanagement or fraud by the personal representative. In...

A Waiver of Probate Notice is a legal document that allows an heir or beneficiary to forgo receiving formal notification regarding the probate proceedings of a deceased person's estate. This waiver can streamline the probate process and simplify communication among the parties involved. In the probate process, when an individual passes away and their estate...