Release factors are proteins that play a crucial role in the termination phase of translation by recognizing stop codons in the mRNA sequence and promoting the release of the newly synthesized polypeptide chain from the ribosome. These factors ensure that protein synthesis is completed accurately and efficiently, preventing errors that could lead to nonfunctional proteins. They work by facilitating the hydrolysis of the bond between the polypeptide and the tRNA, allowing the protein to be released into the cellular environment.