A statement of 'understanding' that conditions precedent have been satisfied does not constitute a waiver of those conditions, particularly where the contractual documents distinguish between satisfaction and waiver. To constitute waiver, a communication must unequivocally communicate a decision to abandon the right to insist on satisfaction or an election not to insist on fulfilment. The Regency Media principle that rejection of an offer inviting capitulation will generally not be unreasonable is not a rigid rule and does not preclude indemnity costs where the underlying case is assessed as weak.
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