Definition and Example. Imagine that you are walking along the sidewalk of a busy road with a group of friends. It's a hot, humid, and sunny day. Everyone is wearing shorts and loose clothing to battle the heat. You look to your left and see a man in a long fur coat and a tall pair of winter boots.
A waiver is the voluntary relinquishment or surrender of some known right or privilege. Regulatory agencies or governments may issue waivers to exempt companies from certain regulations. For example, a United States law restricted the size of banks, but when banks exceeded these sizes, they obtained waivers.
The only waivers that are currently available are for age, commissioned service, next lowest grade, minimum service requirment, minimum tour length and time in grade. Age waivers are waiverable for designators 21XX, 22XX, 29XX and 41XX. An example age waiver is provided.