noun Law.
an intentional relinquishment of some right, interest, or the like.
an express or written statement of such relinquishment.

1620–30; < Anglo-French weyver, noun use of weyver to waive; see -er3

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World English Dictionary
waiver (ˈweɪvə)
1.  the voluntary relinquishment, expressly or by implication, of some claim or right
2.  the act or an instance of relinquishing a claim or right
3.  a formal statement in writing of such relinquishment
[C17: from Old Northern French weyver to relinquish, waive]

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Example sentences
The commission noted there is no guarantee other companies in the future will
  agree to such a waiver.
It's a popular car, which explains why it wouldn't get a waiver to be imported
  as a rare vehicle.
Call to request a waiver of the late penalty if you mostly pay on time but
  accidentally miss a deadline one month.
There is no evidence borrowers as a whole wanted a loan waiver.
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