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Release Agreements In Business Deals A release is the action by which a person is relieved of an obligation, liabilities, or responsibility of any sort that they have either by legal, customary or contractual obligation. The agreement between two parties in which they reach consent regarding this release is considered to be the release agreement.The release can also give up a right, such as releasing a person from his/her liability...... Similar Editorial : by Johnette Duff. | Source : Business Startup Cost