Stands for "proceed at your own risk".
"P.a.y.o.r." could also stand for "pass at your own risk", as used to be posted on "road construction" signs back in the '70's, at the same time when these types of signs also read, "men working" and "flagman ahead", before the days when women began taking a lot of those jobs.
by QuacksO November 8, 2018
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