The failure to exercise or delay in exercising a right or remedy under the CONTRACT shall not constitute a waiver of the right or remedy, or a waiver of any other rights or remedies, unless such waiver is set out in writing and executed by such PARTY's authorized representative and duly notified to the other PARTY. Any such waiver shall always be construed under a restrictive interpretation, and shall not extend, whether in time or in its object, beyond the terms expressly stipulated therein.