Damage Waiver - Guests will pay a non-refundable fee (much lower than a deposit payment) to waive their liability of accidental damage up to a set amount. It is designed to help build an additional pot of money, which can be used to cover small damages.
Damage Deposit - Guests will pay a refundable amount of money (usually higher than a damage waiver fee) to cover any damage caused during their stay. This is provisionally held until after checkout. If no damage has occurred, the money will be refunded to the guest.