It is an agreement between two parties that exempts the party offering an activity (which we explain below) from the liability claims of a person wishing to participate in the activity. The participant in the activity often gives us all future claims against the other party, which is different from other release agreements that focus more on past or current liabilities. However, if the damage to the vehicle is not caused by another vehicle, you must disclose damage to personal property. For example, if your neighbor cut down a tree and fell on your vehicle, you should release the damage to personal property, as the damage was not caused by a car accident. No no. To repay its debts, ABCD Lawn Company established a debt and satisfaction release in which the parties agreed that Bob Smith would pay $500 to ABCD Lawn Company.