Releasee and releasor refer to designated parties of an agreement. A release agreement stipulates that a legal claim will not proceed in exchange for money or some other form of compensation. It is considered an enforceable promise. The releasee essentially gives this payment to a second party, who is the releasor.
Elements of a Release of Liability Agreement
There are a few specific elements required in a release of liability agreement.
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- The identity of the releasor, who is promising not to take legal action with a signed agreement. The action could be against the owner, organizer, or business.
- The releasee, who runs or manages the business at risk of being sued.
- The date the agreement will start or become effective.
- A full description of the activity or event that the releasor is participating in.
- The “consideration” or promise of money or something of legal value in return for the releasor signing the document.
- Naming the governing state that has jurisdiction over any disagreement.
- A statement noting that neither party is admitting wrongdoing by signing the release of liability.
- An address of past or potential injury, which includes an assumption of risk, insurance, and medical treatment.
- Noting modifications must be in writing.
- Parent or guardian signature.
- Photo release.
- The right to an attorney.
- Severability clause.
- The document must be witnessed and notarized.
Release of liability agreement templates are available online and can be customized for your company.
When creating a release of liability agreement, the verbiage should be clear, thorough, and readable. It should not sound overly legal. It should be understood by those who will be reading it to make sure they know what they are signing.
Overview of a Release Agreement
A release of liability agreement is referred to by several names, including:
- Liability waiver
- Release forms
- Release of liability form
- Waiver
- Waiver of liability
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The releasor is the party who agrees to release a potential claim in exchange for something of value. The releasee is the party being released from the claim or a potential claim.
The releasor receives consideration in the way of compensation for releasing the claim. The usual offer of consideration is money, but other goods and services may be offered. For example, stock, a vehicle, or yard equipment may be offered for consideration.
There are situations when the amount of consideration is nominal and other times when it is significant. There may even be mutual releases where each party agrees to release the other from potential liability.
The amount necessary to obtain the release is a key point in settlement negotiations. As long as the consideration is something of value and agreed to by both parties, the consideration is usually acceptable.
In the event that the consideration is found to be less than expected, damaged, or defective at a future date, a court may find there to be a failure of consideration, which would make the contract unenforceable.
Representations and Warranties
A person being released from an agreement would want to have a few basic representations and warranties in place, such as:
- The releasor owns the claims.
- The releasor has the power and authority to release the agreement.
- The claim has not been reassigned.
- There will be no lawsuit filed on the claim(s).
- The release agreement will contain the entire agreement between the parties.
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If a more complex general release is being created, there are several additional representations and warranties that may be included, such as:
- Conditions that are specific to the release
- A detailed description of the consideration
- Requirements for future cooperation
- A statement of applicable law
- Steps for future dispute resolution
Damage to Personal Property Release
A general damage to personal property release is tailored to address the possibility of civil claims resulting from damage to the releasing party’s property. Personal property refers to anything that you own, such as a house, vehicle, clothing, or jewelry.
The releasing party is required to give up known and unknown claims against the other party. For this reason, the releasing party should be fully aware of their rights.
The releasee who caused the damage agrees to compensate the releasor for damage to their property. The compensation offered in a damage to personal property release does not have to match the value of the damaged property.
When an agreement is reached, each party signs the personal property release.
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