A general release agreement, or liability release or waiver, is a general release form used in various situations. It is used in many civil issues and is designed for one party to release claims against another party.
General release agreements are used in cases of personal injury, property damage and when people participate in dangerous activities. It is also used for paying off debt, vehicle damage and many other types of civil claims.
When a general release agreement is signed, one party gives up all rights to a claim. If two people are involved in an automobile accident, a general release form is often used. One party pays the other party a lump sum of money in exchange for a general release form signed by the other party. The other party is releasing all claims to the damage by accepting the money and giving the other party this form.
These statements begin by stating the date and the names and addresses of both parties. A brief summary of the release is explained, as well as payments exchanged. This statement also states that when the statement is signed, one party is releasing the other party from any further liability caused in the past or in the future by the nature of the subject.