The New ASTM Standard — A Catch-22 for Property Transactions Needing a Phase I Site Assessment
On November 6, 2013, ASTM International (“ASTM”) issued its revised Standard Practice for Phase I Environmental Site Assessments (“Phase I site assessments”) or “audits,” used in most commercial property transactions. While the new standard is generally a good development, it has created a true catch-22 for prospective purchasers.
About Davis Graham & Stubbs LLP
Davis Graham & Stubbs LLP, one of the Rocky Mountain region’s preeminent law firms, serves clients nationally and internationally, with a strong focus on corporate finance and governance, mergers and acquisitions, natural resources, environmental law, real estate, and complex litigation. Our lawyers have extensive experience working with companies in the energy, mining, technology, hospitality, private equity, manufacturing, asset management, and aviation industries. As the exclusive member firm in Colorado for Lex Mundi, the world’s leading network of independent law firms, DGS has access to in-depth experience in 100+ countries worldwide.