The waiver is a document outlining the legal responsibilities of the Organisation and the member that your member signs as an agreement with your club.
The default Waiver for all Memberships can be found within Organisation Settings > Memberships. It only applies to New Membership Levels.
Waivers can, however, be overwritten for each Membership Level and edited as required.
Note: Once a Membership Level has been established the default waiver will no longer apply so you must customise it at each Membership Level.