A waiver by either party hereto with respect to deviation from any established procedure or default there under, shall not be construed as a continuing or subsequent waiver of the same or any other procedure or default. Failure or delay of the “first party” or the “second party” to terminate this agreement because of any default of the other party, shall not operate as a waiver of the right of the “first party” or the “second party ” to terminate this agreement.