waiver(redirected from waives)
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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.
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waiverThe voluntary relinquishment of a known right, remedy, claim, or privilege.
The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.