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what is the release of liability a release of liability basically says that you have given up all of the rights you have to collect any money as a result of the accident that you may have had it is important to understand that before you sign a release of liability you have consulted an attorney who can give you an idea of what you would be giving up as well as what you would have been entitled to in this particular accident again please do not sign a release of liability until you have been fully explained all of your rights by an attorney who and who handles auto accident cases