What are liability waivers primarily used for?

Liability waivers are primarily used to release parties from liability for certain actions. This legal tool allows individuals or organizations to obtain consent from participants, acknowledging the risks associated with a specific activity and relieving the organization from future claims related to those risks. By signing a waiver, a participant typically agrees that if they experience an injury or damage while engaging in the activity, they cannot hold the organization responsible. This is particularly common in contexts such as sports, recreational activities, and events where inherent risks are involved.

The other options do not accurately represent the primary purpose of liability waivers. For example, guaranteeing investment returns is a financial concept unrelated to liability waivers. Providing insurance coverage for accidents involves insurance policies rather than waivers, as waivers do not provide coverage but rather limit the legal claims one can pursue. Defining contractual obligations is a broader legal concept that encompasses various kinds of contracts, but it is not specifically focused on the release from liability that waivers provide.