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Although a waiver is binding on the waiving party, it can generally be revoked at any time with reasonable notice other than in exceptional circumstances. In the context of contract law, these circumstances are extremely limited.
In the state of California, waivers of liability will be considered enforceable so long as they have been drafted properly and the language is explicit as to the scope of coverage. Additionally, the language in question has to be legible and use high-visibility text (in other words, it cannot be in the fine print).
AN AGREEMENT NOT TO SUE THE RELEASEES for any loss, injury, costs or damages of any form or type, howsoever caused or arising, and whether directly or indirectly from the participation of my minor child/ward in any aspect of the EVENT; and.
A limitation of liability provision typically contains two parts: a waiver of damages and a liability cap. The waiver of damages clause typically limits a party's exposure only to direct damages (i.e., damages suffered by a party that naturally result from the breach of the other party).
For the most part, the signing of a waiver is going to hold up in court as a binding document. That does not mean, however, that you are out of options if you sign a release of liability waiver and then sustain an injury while participating in the activity the business offered.