waiver

waiv·er   (wā'vər)    n.   Intentional relinquishment of a right, claim, or privilege. The document that evidences such relinquishment. A dispensation, as from a rule or penalty. Permission for a professional athletic club to assign a player to the minor leagues or release a player from the club, granted only after all other clubs have been given the opportunity to claim the player and have not done so. A deferment. [Anglo-Norman weyver, from weyver, to abandon; see waive.]

Waiver

The voluntary action of a person or party that removes that person's or party's right or particular ability in an agreement. The waiver can either be in written form or some form of action. A waiver essentially removes a real or potential liability for the other party in the agreement.

Investopedia Commentary

For example, in a settlement between two parties, one party might, by means of a waiver, relinquish its right to pursue any further legal action once the settlement is finalized. A waiver carried out by an action, for example, might be based on whether a party in an agreement acts on a right, such as the right to terminate the deal in the first year of the contract. If it does not terminate the deal before the first year, that party waives its right to do so in the future.

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Main Entry: waiv·er
Pronunciation: 'wA-v&r
Function: noun
Etymology: Anglo-French, from waiver to waive
: the act of intentionally or knowingly relinquishing or abandoning a known right, claim, or privilege; also : the legal instrument evidencing such an act —compare ESTOPPEL, FORFEITURE
NOTE: Acts or statements made while forming or carrying out a contract may constitute a waiver and prevent a party from enforcing a contractual right (as when an insurer is barred from disclaiming liability because of facts known to it when it issued the insurance policy). Varying standards are applied by courts to determine if there has been a waiver of various constitutional rights (such as the right to counsel) in criminal cases.