If you are a business owner in the state of Illinois, specifically in Chicago, and you are considering releasing liability for your organization, there are some important questions you should be asking. The attorneys at UpCounsel understand the nuances of the Illinois regulations and the specific rules that apply in Chicago. Here we will provide answers to the most frequent questions about releasing liability in Chicago.

What is a Release of Liability Form?

A release of liability form is a legally binding document or agreement between two parties in which one party, the “releasor” is agreeing to release or waive any and all potential legal claims or liabilities against the other party, the “releasee.” The purpose of the form is to provide financial and legal protection, by way of the releasor's agreement not to hold the releasee responsible for any potential claims or losses.

What Provisions Should I Include On The Release Of Liability Form?

Although there may be variations in the details of a release of liability form from jurisdiction to jurisdiction - and depending on the specific type of release - most forms share the same basic provisions. Generally, the release of liability should include:

The names of the parties to the agreement.

The specific terms of the agreement, including the promise of the releasor to waive all potential legal claims against the releasee.

An acknowledgment by both parties of the rights and responsibilities of each party.

The date the agreement was entered into.

The legal jurisdiction where the agreement is enforceable.

A signature line for the releasor and the releasee indicating their acceptance of the agreement.

Do I Need To Have An Attorney Draft The Release Of Liability?

It is always advisable to have an attorney review any type of legal document, including a release of liability form. An experienced attorney will be able to ensure that the agreement is in compliance with the laws in your state - such as the Illinois Limited Liability Company Act - and the regulations in your jurisdiction. An attorney can also help you determine what other provisions may be necessary, and help you negotiate the best possible agreement for your needs.

What Can I Not Release Through A Release Of Liability?

Some things cannot be released or waived through a release of liability form. Generally, any liabilities that have already arisen, or any liability that may arise in the future as a result of the wrongful conduct of the releasee, cannot be released. Additionally, any liabilities that have been established by a court order, a contract, or a statute, cannot be waived.

Can I Use The Same Release Of Liability Form For Multiple Transactions?

It is possible to use the same form for multiple transactions, but it is not recommended. The terms and conditions of each transaction should be specific to that transaction, so it would be best to draft a separate release of liability form for each transaction.

Are There Specific Requirements For Releasing Liability In Chicago

Yes, there are specific requirements for releasing liability in Chicago. The legal language used in the release of liability form must comply with the Illinois Limited Liability Company Act and the regulations of the Illinois Secretary of State. Additionally, the form must be signed and dated by all the parties to the agreement.


Release of Liability Form,

Liability Release,

Frequently Asked Questions