Definition of waiver
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
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Merriam-Webster unabridged
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Time Traveler for waiver
The first known use of waiver was in 1628
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