Enviro Review Standard Tweaks May Clarify Cleanup Liability
Written by Lorene L. Boudreau of Ballard Spahr LLP and Roux's Mitchell A. Wiest, P.G., LEP & Sara Redding
It's been eight years since the last update to the recognized standard for environmental site assessments, or ESAs. Now, a newly revised standard is imminent—and should afford new property owners and operators clearer protection from liability for hefty environmental cleanups.
The revisions are expected to provide much-needed clarification to ASTM E1527-13, the Phase I ESA standard issued in 2013, currently used by the vast majority of environmental professionals when completing all appropriate inquiries, or AAI, as part of real estate transaction due diligence.
Interested parties in real estate and mergers and acquisitions—including owners, operators, developers, lenders, insurance providers, and bond issuers and underwriters—will be affected by these clarifications. The revised standard is expected to be published by the end of the year.
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