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In this video tutorial, Michael River explains how to set up the liver file free trial, configure waiver forms, and adjust settings. He demonstrates signing up for a free trial on the website, customizing the URL for the waiver file account, and accessing links for the admin and signature areas. After clicking the setup button, users receive login information via email. The next step involves creating a waiver form name. Be sure to check the spam folder for login information if it doesn't arrive promptly.