Main Entry: waiv·er

Pronunciation: \ˈwā-vər\

Function: noun

Etymology: Anglo-French weyver, from waiver, verb

Date: 1628

1 : the act of intentionally relinquishing or abandoning a known right, claim, or privilege; also : the legal instrument evidencing such an act
2 : the act of a club's waiving the right to claim a professional ball player who is being removed from another club's roster —often used in the phrase on waivers denoting the process by which a player to be removed from a roster is made available to other clubs