Waiver

n. act of waiving a claim; document waving rights or a claim

A waiver is the voluntary relinquishment or surrender of some known right or privilege. While a waiver is often in writing, sometimes a person's actions can act as a waiver. An example of a written waiver is a disclaimer, which becomes a waiver when accepted. Other names for waivers are exculpatory clauses, releases, or hold harmless clauses.
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Noun
1. a formal written statement of relinquishment
(synonym) release, discharge
(hypernym) relinquishment, relinquishing
(hyponym) exemption, immunity, granting immunity
(derivation) waive, relinquish, forgo, foreswear, dispense with

(n.)
The act of waiving, or not insisting on, some right, claim, or privilege.
  

When a person disclaims or renounces to a right that they may have otherwise had. - (read more on Waiver)