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The tutorial explains how to digitally sign and manage waivers and rental agreements during the booking process. To start, you need to upload a waiver by accessing the activity settings through the gear icon. First, check the general settings to determine the waiver type desired: a check mark for credit card protection regarding cancellation and refund policies, a single signature field, or an enhanced waiver requiring multiple initials and signatures. The demonstration focuses on implementing the enhanced waiver, showcasing its specific features during the setup.