waiver

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Waiver

A statement of the voluntary surrender of a right. For example, suppose a company provides customers a service that might be dangerous, such as bungee jumping. The company may require customers to sign a waiver relinquishing the right to sue the company for negligence if a problem occurs. This reduces the company's risk in the conduct of its business.

waiver

The voluntary relinquishment of a known right, remedy, claim, or privilege.
References in periodicals archive ?
The assumption is Reed will clear waivers because any team claiming him could be on the hook for nearly $800,000 over the final seven games.
The former two-time Stanley Cup winner with the New Jersey Devils has to clear waivers first, but that is expected to happen today.
If and when the lockout ends, those players revert back to their original status on NHL two-way contracts and would have to clear waivers to be assigned to Worcester.
Best-case scenario for Boston would be for Beckett to clear waivers. That would allow the Sox to trade him, at least if it's before Aug.