Common use of Effect of Delay or Omission to Pursue Remedy Clause in Contracts

Effect of Delay or Omission to Pursue Remedy. No single or partial waiver by any of the Exchanging Members of any right, power or remedy, or delay or omission by any of the Exchanging Members in the exercise of any right, power or remedy which they may have shall impair any such right, power or remedy or operate as a waiver thereof or of any other right, power or remedy then or thereafter existing. Any waiver given by any of the Exchanging Members of any right, power or remedy in any one instance shall only be effective in that specific instance, and only by the Exchanging Member expressly giving such waiver, and only for the purpose for which given, and will not be construed as a waiver of any right, power or remedy on any future occasion. No waiver of any term, covenant or provision of this Agreement, or consent given hereunder, shall be effective unless given in writing by any Exchanging Member to be bound thereby.