a release of liability is an agreement between two parties in which one gives up the right to hold the other legally responsible for current or future injuries, losses, and damages. if both parties agree to waive the right to hold each other legally responsible for injuries, losses, and damages, it is a mutual release agreement. they receive money or other consideration in exchange for abandoning their right to make a claim. a vehicle release of liability is tailored to the possible civil claims that resulted or could result from a car accident.