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In this video tutorial by Michael River, he discusses how to set up a Liver file free trial, configure waiver forms, and adjust settings. Viewers can sign up for the free trial on the website by filling out a form. River demonstrates creating a test account, customizing the URL field, and accessing the admin and signature links. After clicking the setup button, users receive login information via email. The next steps involve creating a waiver form name and proceeding with the setup process.