a release of liability, also known as a liability waiver or a hold harmless agreement, is a contract in which one party agrees not to hold another party liable for damages or injury. a release in this situation would also list conditions of the settlement—for example, the obligation of the releasor to pay for any future medical treatment or to keep the terms of the settlement confidential. a release is meant to cover this risk and lessen any claims or monetary damages for the owner. for example, in case of a deliberate act causing an injury, the law will not allow a business owner to claim a release waives any and all responsibility.