Contract – Construction. The Court of Appeal, Civil Division, held that a power of waiver contained in a shareholders' agreement did not bypass conditions contained in a limited partnership agreement (LPA) in a case where parties to a joint venture had incorporated a company as the general partner and that company subsequently attempted to exercise the power of waiver. When reading all of the agreements in sequence, it was evident that the conditions in the LPA had to be waived before the power arose in the shareholders' agreement.