More Info on Waiver of Liability Agreement
Waiver of Liability Agreement or a Release of Liability Form is a legal document between two parties: the Releasor and the Releasee. The releasor is someone who’s promising not to sue the relesee for future and past damages and injuries by signing this form. Why and when would you use and need these forms? What can they prevent? Keep on reading to find out!
A waiver or release is commonly necessary either after or before an incident happens. People or organization might be concerned about being taken to court by others who accidentally get injured while taking part in an activity or attending an event they are sponsoring. Also, these forms are used when, instead of going through very expensive lawsuit, two parties agree to settle their dispute out of court; this is common for accidents that have already occurred.
A basic liability form identifies the following essential elements: Releasor, Releasee, Effective Date, Event/Activity, Consideration and Governing Law. As I’ve already mentioned, a releasor is a person who’s promising not to take any legal action against nor sue the owner/organizer of the activity or event being attended. A releasee, on the other hand, is the person or organization that is sponsoring that activity or event and is at risk of becoming sued. Effective date defines when this legal agreement between the two parties is going to take effect. Event is the description of circumstances, activity or event being held. Consideration is promised action, something of legal value or the amount of money given in return to the releasor by releasee for signing the document. Governing Law shows the laws that will be used to resolve any disagreements between these two parties.
With no written Release, everybody’s facing the possibility of dragging out a disagreement on who’s owing what to whom or being summoned to court. Simply put, without a Waiver, you can lose your money, time and energy.