A release and an indemnity agreement differ slightly in language, but drastically in legal meaning. A release is an agreement to give up a person's future rights now.  An indemnity agreement, however, is an agreement by the signor (parent) agreeing to hold the indemnitee harmless or free of responsibility from future claims.  The latter is in effect an insurance agreement that does not relinquish the future right but promises to assume the debt it creates.