Understanding Phase I Environmental Site Assessments: The All Appropriate Inquiry
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Learn about the ASTM Standards versus EPA Requirements for environmental due diligence.
Few things in commercial, industrial and institutional transactions are as misunderstood as the duty to perform environmental due diligence. Too many clients and attorneys see Phase I environmental assessments as a checklist item. This topic explains what a Phase I requires, and by whom to protect the purchaser. Just as importantly, you will learn the significant environmental issues that a Phase I will not provide. The Phase I is a useful aid, but not total protection for a buyer.
AuthorsSidney F. Ansbacher, Upchurch, Bailey and Upchurch, P.A.
Environmental Due Diligence in General
• Caveat Emptor vs. Duty to Disclose
• Contractual Provisions
• Common Law Liability
ASTM Standards vs. EPA Requirements for Environmental Due Diligence
• What It Protects Against and What It Does Not
Now You Own It, What Do You Do?
• Requirements to Maintain Exemptions
• Pyrrhic Victory?