What is 'forbearance' in legal terms?

'Forbearance' in legal terms refers to a delay or abstaining from the enforcement of a right or claim. This often occurs in contexts such as loan agreements, where a lender might decide to temporarily refrain from collecting payments from a borrower who is in financial distress. This act of forbearance provides the borrower with additional time to regain their financial footing without the immediate threat of foreclosure or other legal actions.

Utilizing forbearance can also foster goodwill between parties, as it shows an understanding of the difficulties one party may be facing. This concept is distinct from the immediate enforcement of rights, which would negate the essence of forbearance, as well as from legal documentation or negotiation strategies, which focus on formal agreements or tactics rather than the act of delaying enforcement itself.