An Australian court this week backed Van der Garde's claim to have a valid contract to race for Sauber this year, throwing the team's line-up into confusion on the eve of the Melbourne weekend. But on Saturday the Dutchman said that he had agreed to give up his claim following overnight talks.
"With respect to the interest of motorsport, and F1 in particular, I have decided to give up my legal rights to race this weekend," he said in a statement.
"As I am a passionate race driver this decision has been very difficult for me. However I also wish to respect the interest of the FIA, Sauber Motorsport, as well as [Felipe] Nasr and [Marcus] Ericsson.
"My management will continue talks with Sauber early next week to find a mutually acceptable solution for the current situation that has now arisen. I am confident such solution will be found and I will inform the media once done."
Sauber will therefore field Nasr and Ericsson this weekend, as originally planned.
"The Sauber F1 Team can confirm it has been able to agree with Mr. Giedo Van der Garde that he refrains from driving in the Australian Formula One Grand Prix so it can keep its original planning," the team said in a statement.
"The Sauber F1 Team, Mr. Van der Garde and his management will continue to have constructive talks in order to find a mutually acceptable solution. The Sauber F1 Team is here to race in the Australian Formula One Grand Prix and that is what the team is now focusing on. In the course of next week we will be able to give more information."