Effects Of SRRA On Commercial Transactions

Law360, New York (October 26, 2009, 2:51 PM EDT) -- The Site Remediation Reform Act (SRRA) will have significant impacts on commercial transactions.

In addition to the learning curve in familiarizing sellers, buyers and lenders with new terminology and the loss of some of the familiar mechanisms, such as the No Further Action (NFA) letter issued by NJDEP and the signed Covenant Not to Sue set forth in a NFA, SRRA requires some new strategic thinking by parties to a transaction.

Particular issues include broader obligations to report and remediate contamination and an impact on funding...
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