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In today's lesson, we focus on a waiver and release of liability form, a crucial document for businesses to limit financial responsibility. Participants should note key features of a waiver, which allows customers to accept responsibility for injuries incurred during activities, as seen in businesses like Pump It Up. Additionally, waivers are useful for companies hiring contractors, as these contractors also sign them, releasing the company from liability for any injuries or damages that occur while on the job. This form serves as a protective measure for businesses, and we will explore how to create it.