Waivers are when a team wants to send a player down to the minors or farm team and they have to "waive" the rights to that player before they can send him down. If another team claims that player he is now their property. If the player clears waivers (no one claims him), he remains the property of the original team and can be sent to the minors. The player may be relaesed and can be a free agent.
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It's a legal form some hockey organizations ask you to read and sign before playing hockey. And if you're a minor, then your parents or guardian are asked to read and sign it also.
Even though hockey is a very safe sport if you wear the proper equipment, accidents can and do happen. Basically, the waiver says that you assume all risk for playing hockey and the specified party is not responsible if you die or get hurt playing.
It's called a waiver because it waves the responsibility of the said party.
A waiver is a document you sign indicating that you recognize that the sport you are playing is hazardous and injuries, sometimes very serious ones, can result. This waiver is intended to protect all players and the league executive from lawsuits for unintentional injuries, including any lawsuits brought for loss of wages resulting from injuries sustained during any league activity. http://64.233.169.104/search?q=cache:Z-XodGbdImwJ:www.crwomenshockey.com/League%2520Info/2007-2008%2520Waiver.doc+hockey+waiver&hl=en&ct=clnk&cd=7&gl=us