term:

Release

release vt

re·leased
re·leas·ing
1 a : to relieve or free from obligation, liability, or responsibility [the debtor is released from all dischargeable debts]
b : to give up (a claim, title, or right) to the benefit of another person
: surrender
2 : to set free from confinement [was released on personal recognizance]
n 1 a : discharge from an obligation or responsibility that bars a cause of action [did not effect a of the school for any negligence]
b : the giving up or renunciation of a right or claim that bars a cause of action [was a of the remainder of the debt] NOTE: A release may in some situations require consideration in order to be valid. A release of one joint obligor sometimes is considered to release all the obligors.
2 : an act or instrument that effects a release [signed a issued by the insurer] called also release of all claims compare hold harmless
3 : the act or instance of freeing esp. from custody

Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.