Legal Definition of Waive: To relinquish or give up a right, privilege, or benefit. A waiver implies that the person knows what he is doing when renouncing his right, privilege, or benefit | Learn why it’s crucial for business owners to understand the legal definition of waive. From hosting events to hiring contractors, discover when to use waivers and how to ensure they’re enforceable. Protect your business today! Seek legal advice and clearly outline the terms and conditions of all your waivers