The Revised ASTM Environmental Site Assessment Standard

6 Pages Posted: 12 Mar 2014

Date Written: March 10, 2014

Abstract

On December 30, 2013, the United States Environmental Protection Agency (EPA) gave final approval to a Rule which allows for the use of the American Society for Testing and Materials (ASTM) "Standard Practice for Environmental Site Assessments: Phase I Environmental Site Assessment Process" (Standard E1527-13 or Standard) to satisfy the requirements for conducting All Appropriate Inquiries under the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA). According to the EPA, "'All Appropriate Inquiries,' or AAI, is the process of evaluating a property's environmental conditions and assessing the likelihood of any contamination." Following the protocols in the revised Standard will satisfy the AAI requirement, which is crucial in establishing certain defenses to CERCLA liability associated with contaminated properties. Because ASTM Standard E1527-13 establishes a new baseline for completion of a Phase I Environmental Site Assessment, which is used to determine if any Recognized Environmental Condition exists on a property, it should become the focal point of the environmental due diligence process. Going forward, those seeking to acquire commercial real estate and those whose work includes corporate transactions that involve real estate would be wise to utilize the revised Standard when evaluating the environmental exposures associated with the subject property.

Suggested Citation

Geisler, Barry, The Revised ASTM Environmental Site Assessment Standard (March 10, 2014). Available at SSRN: https://ssrn.com/abstract=2406961 or http://dx.doi.org/10.2139/ssrn.2406961

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