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A liability waiver or release form is a legal contract entered into between a business and a participant in a businessrelated event. Once the release of liability agreement has been completed, simply have all parties sign and date to complete the document.What are the most important components of a release of liability form? How should I properly administer a release form? A liability waiver or release of liability agreement is a very important and sensitive document, but it only assumes such power through its legal wording. The main purpose of a general release of liability form is to protect a business entity from potential lawsuits. Waiver, Release of Liability, Assumption of Risk and Indemnification. Print out Release of Liability Waiver: fill in sections for activity, activity dates, activity times, and activity location.