[waiv.er] n [AF weyver, fr. ONF weyver to abandon, waive] (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 "was placed on ~s before being released"