It is not specifically named as such, although within Rule 10(b), titled "The Procedures for Obtaining Waivers",[4]: 78 the term "designate for assignment" is used.
[5][6] Typically, a player is placed on waivers after being designated for assignment for the purpose of outrighting him to one of the club's minor league teams.
For example, in May 2006, Texas Rangers reliever Brian Shouse was designated for assignment and then traded to the Milwaukee Brewers four days later.
Also, under the "ten-and-five rule," if a player has ten years of Major League service, the last five with his current team, he cannot be traded without his consent.
In practice, the amount paid by the signing team is usually a prorated portion of the Major League minimum salary.