Release of Liability Agreement

A release of liability agreement, also known as a waiver or hold harmless agreement, is a legal document in which one party agrees to absolve another party from responsibility for potential losses, damages, or claims arising from a specific activity or event. In construction, a release of liability may be used when a contractor or subcontractor performs work on a property owner’s premises, when a supplier provides materials or equipment, or when a consultant provides professional services. The agreement typically includes a description of the activity or event, the scope and duration of the release, the assumption of risks by the releasing party, the indemnification of the released party, and the acknowledgment of the voluntary and informed nature of the release. The purpose of a release of liability agreement is to allocate the risks and liabilities between the parties, protect the released party from legal claims or lawsuits, and ensure that the releasing party understands and accepts the potential consequences of their actions. A release of liability agreement should be carefully reviewed and signed by the parties, and may require legal counsel’s approval.