Check out the 6 different types of compensation waiver templates below and download the one that applies to your situation. The waiver and release of activity is an agreement between two parties that exempts the party offering an activity from the liability claims of the person who wishes to participate in the activity. The participant is obliged to waive any future claim against the other party, so it is necessary to ensure that the participant is fully aware of his rights. Once damage to a person`s personal property is caused, damage to the release of personal property can be used. Personal property refers to everything you own for the purposes of the release agreement. This can include electronics, jewelry, shoes, and even your home. The person who caused the damage undertakes to compensate the liberator and both parties sign the document when they have reached an agreement. Usually, the money is offered in return. However, other goods and services may also be offered in return. For example, Party A could agree to release a claim against Party B in exchange for shares in the company, a motor vehicle, or even a used lawn mower. .