For properties presenting environmental issues, due diligence increasingly focuses on the effect of those issues on property use.
As transaction parties have grown more sophisticated, they are less likely to consider environmental issues per se disqualifying, and more willing to dig into details to work out practical solutions. At the same time, risk-based remediation concepts have expanded the universe of properties where compliance involves leaving contamination in place in conjunction with use restrictions or institutional controls that block exposure pathways. Understanding of those pathways has evolved as well. The focus has shifted, in other words, from how clean is clean to how do we coexist safely with contamination while making productive use of property. This evolution has brought a corresponding expansion of the environmental due diligence portfolio. While numerous standards under the jurisdiction of Committee E50 may be relevant, this white paper reviews three here: continuing obligations concerning known environmental conditions, vapor encroachment screening, and activity and use limitations.
Agenda
Faculty
Christopher P. McCormack, Esq.
Pullman & Comley LLC
- Member, Pullman & Comley, LLC
- Practice includes due diligence support for environmental aspects of corporate and real estate transactions, extensive litigation experience in environmental cost recovery and environmental insurance coverage litigation, including lead counsel responsibility for PRP coalitions at Superfund sites, and complex commercial litigation
- Chair, ASTM Task Group for ASTM E1903-11, “Standard Practice for Environmental Site Assessments: Phase II Environmental Site Assessment Process;” Member and Former Membership Secretary of ASTM Committee E50 on Environmental Assessment, Risk Management and Corrective Action
- Author and speaker on environmental topics, including guest lectures at the City College of New York on the ASTM Phase II standard. Author of “The ASTM Standard for Phase II Environmental Site Assessments,” published in Bloomberg BNA , “Daily Environmental Report” and recognized by the Burton Awards for excellence in legal writing in 2013
- Legislative liaison and former Chair (2015-2017) of the Environmental Section of the Connecticut Bar Association
- Listed in Chambers USA, Best Lawyers in America, Super Lawyers; fellow of the American Bar Foundation; Life Fellow of Connecticut Bar Foundation
- Graduate of Yale University and Fordham Law School
- Can be contacted at [email protected] or 203-330-2016
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