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In this video tutorial, Michael River explains how to set up a free trial of the WaiverFile service and configure waiver forms. To begin, sign up for the trial on the website and customize the URL for your account. After signing up, you will receive an email with login information. Next, create a waiver form name and start setting up your account. Make sure to check your spam folder if you don't receive the email. This process will allow you to effectively use WaiverFile for your business.