waiver

(wāˈvər)

1. a. Intentional relinquishment of a right, claim, or privilege.
   b. The document that evidences such relinquishment.
2. A dispensation, as from a rule or penalty.
3. 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.
4. A deferment.