Meaning of "release" in the given context

Here is a sentence from an employment agreement:

"In the case of any accident or any other event occurring during the period of employment, the worker releases any and all actions or expenses that they may have as a result."

I am not sure about the meaning of "release" here. It would be a great help if someone could rephrase the sentence above.

hold-harmless investopedia

The most common uses of hold harmless clauses occur in real estate and construction. Additionally, businesses engaged in high-risk activities, such as skydiving and certain sports clubs, also make frequent use of such clauses.

As in:

In case of an accident, the worker will hold harmless (release: not blame or seek recompense) the the employer.

I think it is the legal connotation of release:

(Law.) to give up, relinquish, or surrender (a right, claim, etc.).

(Dictionary.com)