n.
Pronunciation: ' w ā -v ə r
Function: noun
Etymology: Anglo-French weyver, from waiver, v.
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