Transaction Screen Process
What is Transaction Screen?
- A Transaction Screen offers the user a limited environmental due diligence assessment that is essentially a scaled down version of a Phase I Environmental Site Assessment (Phase I ESA). The goal of a Transaction Screen is to to assist in identifying Potential Environmental Concerns (PEC's) in connection with a Property.
When would I use a Transaction Screen?
- The Transaction Screen is typically used for low risk environmental due diligence where a Phase I ESA is initially deemed to be unnecessary by the user and the parties involved do not seek Comprehensive Environmental Response, Compensation and Liability Act (CERCLA) Landowner Liability Protections (LLPs). If the driving force behind the environmental due diligence is a desire to qualify for one of the CERCLA LLPs, this practice should not be utilized. Instead, the most current ASTM E 1527 Standard for Environmental Site Assessments—Phase I Environmental Site Assessment Process—should be used.
Transaction Screen Scope of Work
- The Transaction Screen scope of work is limited to a site visit, regulatory records review, key personnel interviews, limited historical research, and completion of the Environmental Transaction Screen questionnaire. Aside from the Phase I Environmental Site Assessment (Phase I ESA), the Transaction Screen Assessment is the only other environmental due diligence product that is governed by an ASTM Standard Practice. The ASTM standard for the Transaction Screen is E1528-22 Standard Practice for Limited Environmental Due Diligence: Transaction Screen Process. However, unlike the Phase I ESA, a Transaction Screen does not meet the requirements of the EPA’s All Appropriate Inquiry and will not offer the user protection from CERCLA liability.