You should check out the waiver you are required to sign at their homepage here:
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Here is the first paragraph:
I understand that participating on the Pedal Parties party bike is a potentially dangerous activity. I assume the risk that I may be injured and/or injure someone else while using the party bike.
I assume all risks associated with my use of the Pedal Parties party bike, as well as all risk of loss, theft or damage of personal property while using or present on the Pedal Parties party bike or at the establishments/locations where the tour may visit or at any other time and any other location before, during and after the tour. I will not bring any action against Pedal Parties , its employees, successors and/or assigns, for personal injury, property loss, or property damage, including any action for negligence, breach of warranty, products liability or strict liability, and hereby forever waive, on my own behalf and on behalf of my successors and/or assigns, the right to bring such action.