Due Diligence Can Minimize Unexpected Environmental Issues
Raymond Papperman, Chair of the Environmental Law Group, was featured in Don't Buy an Eco-liability Nightmare in the August 28 issue of NJBIZ magazine. It discusses the recent discovery of New Jersey day care center that had been unknowingly operating on the site of a former thermometer factory. The day care had to close after high levels of mercury were found in the air and the water.
Papperman said, "The biggest thing you can do is due diligence. If DEP is satisfied you've done all you can do, you are protected from future claims." The article goes on to discuss steps businesses need to take to find out about a property's past and the possibilities of environmental contamination.
I loved the article and appreciate the growing emphasis on completing due diligence as part of every transaction. While a growing portion of the legal and general professional/consulting community have done this since the late 1980s, it has been an interesting time since 2002 and the clarification of "All Appropriate Inquiry" - or rather which rocks do we look under - and who does it? I have a handbook on the subject if anyone wants more detail (info at www.trammgroup.com), but just wanted to applaud the article. All the best. kt