Private and public organizations rely on waivers to prevent lawsuits and fines resulting from damages and injury claims. Individuals can also issue, sign, or request waivers to relieve themselves from financial stress and contractual obligations.Â
In this article, we’ll discuss the importance of waivers, as well as the potential downsides of signing these agreements, regardless of profession. Let’s get right into it.
Waivers Protect Your Business from Lawsuits
When your business is involved in high-risk activities, you need waivers to protect you from legal action. Some businesses that need them include:
- Extreme sports or training (skydiving schools and gun ranges)
- Ski resorts, zoos, and amusement parks
- Insurance companies
- Spas, wellness centers, and gyms
- Tourism companies
- Contractors
For example, if a group wants to visit a ski resort for recreation, they must sign a waiver before using the facilities (ski pass, etc.). Any accident at the resort, after they sign the agreement, is no longer the responsibility of the business, provided all safety protocols are followed. In this case, the event participants (skiers) will not be able to sue for damages.
Waivers Can Protect Your Reputation
Waivers and release of liability forms can save you the trouble of having to repair a tarnished brand reputation. Lawsuits and legal battles attract public attention, which often affects the public perception of the company involved.
Some argue that any headline involving customer injuries is already enough to tarnish a brand’s image. Whatever the case, making customers sign a waiver beforehand means you are no longer responsible for their misfortune; this keeps your business in good standing in the court of public opinion.
Release Forms Inform People about Risks
People go to theme parks thinking they are not at any risk. This same thinking applies to gyms and wellness centers. But by making the participants read and sign these release forms, you will educate them about the potential risks of these activities before they decide whether to participate.Â
Think of the release of liability as a warning signpost that says, “High voltage. Enter at your own risk.” Any person who proceeds beyond that point and gets electrocuted has signed a non-verbal agreement to take the risk.
Release of Liability Forms Give You Control over Your Life
As the signatory, you can decide to take risks at your discretion, especially when it involves your health or personal finances.
For instance, signing an insurance waiver allows you to choose the coverage that works best for you instead of sticking with the one offered by your employer. So, if you someday get relieved of your duties, you won’t have to start shopping for a new coverage plan.
Signing Waivers Can Save You Money
Lawsuits cost money — even if you win them, you’ll still need to pay your legal team. But by making people sign releases before using your services or facilities, you will be able to save legal fees.
Also, you can get rid of your credit card debt by requesting the cancellation from the card issuer. You have to prove that your significant economic hardship prevents you from completing the payment. And by doing so, you can save yourself or your company from bankruptcy.
Similarly, you can request an overpayment waiver if you get paid too much for unemployment benefits. If the request goes through, you will have the extra money in your account.
Waivers Give You Access to Better Opportunities
Students and prospects for higher education can request exemptions if they fall short of admission requirements. You can get a tuition fee waiver if you cannot afford to pay all or part of the total amount. And if your request is approved, you can finish college debt-free and get a headstart in life.
Likewise, military prospects and law enforcement aspirants can request medical waivers if they are slightly shy of the basic requirements for recruitment (this might not work for those applying to be Navy SEALs).
Why Use Electronic Waivers?
We’ve described waivers in general; now, let’s focus on electronic waivers.
Electronic waivers are digital software solutions that allow users to store, sign, and share waivers.
As part of embracing digital transformation, businesses and government agencies use electronic release of liability forms because they are convenient for customers. Also, electronic waivers work everywhere, even without an internet connection. And you don’t have to worry about storage because it is available in the cloud.
With COVID still being a factor, using the digital release of liability documents is a safety precaution because it allows contactless interactions with customers. And most importantly, electronic waivers are legally binding in the United States and other countries.
If you are looking for a tool to help you sign forms, PandaDoc Waivers is the perfect tool for you. It has a simple interface that you can use without any hassle. You can also use it to save, sign, and share your files with top-notch security features.
Conclusion
Waivers and waiver requests can protect your business from lawsuits and fines. They can also help you save money as well as open you up to better opportunities. You can also use them to educate people about the potential dangers of any activity. Use the free and secure PandaDoc Waivers to manage your waivers.
