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A release of liability and waiver of the right to sue if any loss results from participation in the activity. A release is meant to cover this risk and lessen any claims or monetary damages for the owner.A liability waiver form is simply an agreement not to sue someone as a result of an occurrence. You do your best to maintain a safe environment for everyone involved, but there's no way to eliminate the risks. Vehicle described In Section II herein; and (ii) I have the authority to authorize automotive work and repairs to be performed on the Vehicle. What is a Business Liability Waiver? Once the release of liability agreement has been completed, simply have all parties sign and date to complete the document. (ISO), commercial general liability (CGL) form for over 20 years—everyone knows it is there. So why pay it much heed?