10 Things to Remember About Phase I Environmental Site Assessments

During the past few months, there have been encouraging signs that the United States economy has begun to emerge from the recession that, at least according to the National Bureau of Economic Research, began in December 2007. As previously frozen cash reserves stockpiled by many businesses begin to thaw, the pace of acquisitions has begun to quicken. For environmental lawyers, the mobilization of cash and the reinvigoration of the transactional market translates into a sudden and welcome flow of environmental due diligence requests and responses and, in particular, a rush of Phase I Environmental Site Assessments (also referred to simply as “Phase I’s”). With these Phase I’s have come a variety of related issues—some new and some old—that can complicate or, in a worst case, derail a transaction. In light of this, now seems an appropriate time to reflect upon ten issues we encounter in the Phase I process.

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