4. Environmental Liabilities

Environmental Liabilities
 

Given the risk of significant liability, the PSA should provide a clear mechanism of risk allocation between the Buyer and Seller with regard to environmental defects (or claims) arising out of, or relating to, the oil and gas assets—both before and after closing. Buyers often request, as part of their diligence, the right to conduct nonintrusive environmental reviews related to the assets prior to closing. Results from any such reviews should be delivered to the Seller and otherwise prohibited from disclosure, but should assist the parties in risk allocation.

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