During the season (starting July 4 and lasting through the regular season), each team has 24 hours to file a claim for a player that another team has made available through the system or waive the right to do so.
Claiming teams are assigned the rights to or contracts via a priority system based on inverse order of record.
[2] As of 2008[update], at the conclusion of a season in which a veteran with four years of service is claimed via waivers, veterans with a no-trade clause in their contracts may declare themselves free agents.
There is no penalty or restriction for signing a free agent who has cleared waivers.
For example, Draft Choice Compensation between Clubs or First Refusal Rights of any kind, and signing period restrictions are not applicable.