valediction

from WordNet (r) 3.0 (2006)

valediction
    n 1: a farewell oration (especially one delivered during
         graduation exercises by an outstanding member of a
         graduating class) [syn: {valediction}, {valedictory
         address}, {valedictory oration}, {valedictory}]
    2: the act of saying farewell

from The Collaborative International Dictionary of English v.0.48

Valediction \Val`e*dic"tion\, n. [L., valedicere, valedictum, to
   say farewell; vale farewell (imperative of valere to be
   strong or well) + dicere to say. See {Valiant}, {Diction}.]
   A farewell; a bidding farewell. --Donne.
   [1913 Webster]
   [1913 Webster]

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