With all the talk of the way forward for the GTC I have put on my ‘lawyer’ hat and have a few suggestions. The point here is to maintain the original concept but avoid any complications for the organisers.
WARNING: Legal concepts follow, do not proceed if brain not in gear. 
As the words ‘challenge’, ‘competition’, ‘association’ and ’team’ can be construed as an inducement to undertake an activity that may cause personal injury or financial loss, let’s drop these words.
Rename it the GPS Team Community, this removes any liability, indemnity or insurance issues.
So rather than thinking of it as a ‘challenge’ it is a place where groups of people socially connected can upload and compare the values read from their own GPS’s.
Rather than ‘Teams’ groups of individuals are know as ‘Families’, ‘Sets’, ‘Flocks’, ‘Herds’ or whatever term you want, just don’t call them ‘Teams’.
The webmaster/s are then co-ordinating a community not a competition, the sponsors are supporting the Australian GPS windsurfing community and the webmaster/s randomly award prizes.
Accomplishments are acknowledged by the awarding of trophies/medals to members and families in the community who values posted are worthy of recognition based on a method decided by the webmaster.
Members of the community may wish to contribute to the webmaster/s to help cover overheads and to acknowledge the contribution of the webmaster/s work in establishing and maintaining the community.
Publish the above as ‘Terms of use’ for the web site. Then no one has to sign any forms they just ‘By accessing this web site I acknowledge the Terms of use’
Sort of like MySpace for windsurfers with GPS’s
Thanks again Whippingboy, I really appreciate your ideas and comments 
Are there any lawyers in the house? Is there any chance we could be up for liability if someone comes a cropper in pursuit of the challenge? (Please don't get any ideas, Haggar 
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And would changing the name remove any liability that may or may not exist?
Cripes what a can of worms.
AFAIK, the form that we sign to join the GTC was provided to Hardie, by sailquik. This form is based on the form that Windsurfing Victoria use to sign up competitors, to the events that it supports. The original WV form itself was vetted by a lawyer (specifically, Peter Hands, who just happens to be the current president of WV).
So I'd be more worried about whether the existing form that we signed, is binding (which I think it would be **), rather than worry specifically about naming convention.
** One of the main items of legality that WV considers important is that the form actually be signed and faxed, as opposed to simply emailed. ie: this is enough for the law to consider that you have actually read what you are signing ***.
*** this hasn't been tested in court, so YMMV...
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