The Limited Liability Release is a crucial risk management document used across various industries in the United States. It's typically employed when one party wishes to engage in an activity that carries inherent risks, and the other party needs protection from potential legal claims. The document must be carefully drafted to comply with state-specific requirements and federal regulations, as certain types of liability (such as gross negligence) cannot be waived. The release should clearly identify the parties, specify the activities or circumstances covered, and outline the exact scope of the liability being waived.
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1. Parties: Identification of the releasing and released parties, including full legal names and addresses
2. Background: Context and circumstances leading to the release, including relevant dates and events
3. Definitions: Key terms used in the release, including 'Released Parties', 'Claims', and 'Incident'
4. Release Statement: Clear and unambiguous statement of what claims or liability are being released, including scope and duration
5. Consideration: Statement of what is being given in exchange for the release to ensure contract validity
6. Signature Block: Formal execution section with date, signatures, and witness/notary provisions if required
1. Indemnification: Additional protection against third-party claims, including defense obligations and cost allocation
2. Specific Exclusions: List of claims specifically not released or waived, such as intentional misconduct or gross negligence
3. Governing Law: Choice of law provision specifying which state's laws govern the release
4. Severability: Provision stating that if any part of the release is found invalid, the remainder stays in effect
1. Schedule A - Description of Incident: Detailed description of the event, accident, or circumstances being released
2. Schedule B - List of Released Claims: Comprehensive enumeration of specific claims being waived and released
3. Schedule C - Insurance Information: Details of relevant insurance policies, coverage, and claim information if applicable
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