waive
To choose not to use a right or rule you have.
To waive something means to voluntarily give up a right or requirement that you could claim or enforce. When you waive something, you're choosing not to use or insist on something you're entitled to.
Schools sometimes waive certain fees for families who can't afford them. A coach might waive the usual tryout requirement for a player who's already proven their skills. When someone signs a permission form for a field trip, they might waive the right to sue if their child gets a minor scrape or bruise.
Waive is different from losing something: you're making an active choice to let it go. A team might waive a player, meaning they release them from their contract even though they could keep them. A judge might waive a rule in special circumstances, deciding not to enforce it even though it technically applies.
Be careful not to confuse waive with wave (moving your hand in greeting). You wave hello but waive a requirement.