Your first sentence is right, but I'm afraid the rest isn't, FranParis.It's when you abandon/transfer your rights to someone else.
Let's say you have a contract with an attorney and your relationship turns sour.
By a contractual waiver you accept to go to a jury trial to solve the dispute.
I hope it's clear enough..
It isn't an arbitration clause. It is a contractual limitation period. Its meaning is that any proceedings for determination of a dispute (whether by way of a court case or by way of arbitration) arising under the contract must be started within two years of the cause of complaint arising. However, it allows an exception if the relevant law stipulates a different period that the law says cannot be altered by contract.The context is as follows:
Unless otherwise provided by local law without the possibility of contractual waiver or limitation, any legal or other action related to this Agreement must be commenced no later than two (2) years from the date on which the cause of action arose.
If I understand correctly, in this context I waive the right to go to a jury trial (they actually agree to have disputes resolved by arbitration in this contract), right?