Waiver (noun)

1. An act of officially giving up a right, claim, or privilege, especially in writing.
2. An official statement or document acknowledging that a right, claim, or privilege has been given up.
3. A decision not to insist on or enforce the use of a right, claim, or privilege.

Origin:

Late middle english: from old northern french waiver, from waiveir "give up" (see waive).

Examples:

1. She signed a waiver before participating in the skydiving experience.
2. The company required a waiver for employees who wanted to opt out of health insurance.
3. The waiver was necessary for the team to play in the tournament.
4. The waiver of his rights was not legally binding.
5. The school offered a waiver for students who couldn't afford the school trip.