Understanding Phase I Environmental Site Assessments: The All Appropriate Inquiry is brought to you by Lorman
Understand the origin and intent of the ASTM Phase I ESA standard practice.
Since the mid-1990s, the Phase I Environmental Site Assessment has been a critical component of the due diligence conducted for commercial real estate transactions and financings in the United States. However, the process remains a black box for many people who rely on the Phase I ESA for important business decisions. The objective of this topic is to shed some light into the black box. You will first be provided with an overview of the origin and goals of the Phase I ESA, followed by a brief overview of the Phase I ESA process and the contents of the Phase I ESA report. You will get practical advice of what to look for in a Phase I ESA report and what to look for in the environmental professional who will conduct it.
- You will be able to describe the origin and intent of the ASTM Phase I ESA standard practice.
- You will be able to identify the components of a Phase I ESA.
- You will be able to discuss the concept of a recognized environmental condition.
- You will be able to explain the liability protections offered by the Phase I ESA.