X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

A combination of legal and technical tools offers a new solution to developing brownfield land, say Stephen Sykes, Paul Connell, Paul Davies and Michael Green

The development of brownfield land provides opportunities and risks for everyone involved. By its very nature, brownfield land has risks (and potential upsides) but these risks, once understood, can be technically and legally managed. Therefore, the key to the sale, purchase or development of brownfield land is the understanding and minimisation of risk.

When it comes to buying or selling brownfield land or businesses with known contamination issues, the market has been stubbornly slow in embracing innovative solutions, choosing to rely on due diligence of limited usefulness to their client and standard contractual protection.

However, solutions that combine legal and technical tools and which can better address the needs of the client are now available. Liability buy-outs, originally developed in the US, aim to reduce concerns over the allocation of liabilities and provide purchasers/developers with increased operational flexibility and greater confidence to achieve their commercial objectives. A prime example is Active Transfer, a contamination liability buy-out solution designed by WSP Environmental and Energy (WSP) with legal assistance from Macfarlanes. Active Transfer has a global application and aims to evaluate, quantify and eliminate the risk to the parties concerned with the transaction.

In the UK the main liabilities that owners/developers of brownfield land face are:

This premium content is reserved for
Legal Week Subscribers.
Subscribe today and get 10% off.

A PREMIUM SUBSCRIPTION PROVIDES:

  • Trusted insight, news and analysis from the UK and across the globe
  • Connections to senior business lawyers within the leading law firms and legal departments
  • Unique access to ALM's unrivalled, market-leading reporting in the US and Asia and cutting-edge research, including Legal Week's UK Top 50 and Global 100 rankings
  • The Legal Week Daily News Alert, Editor's Highlights, and Breaking News digital newsletters and more, plus a choice of over 70 ALM newsletters
  • Optimized access on all of your devices: desktop, tablet and mobile
  • Complete access to the site's full archive of more than 56,000 articles

Already have an account?

For enterprise-wide or corporate enquiries, please contact Paul Reeves on Preeves@alm.com or call on +44 (0) 203 875 0651

 

Legal Week Newsletters & Alerts

Sign Up Today and Never Miss Another Story.

As part of your subscription, you can sign up for an unlimited number of a wide range of complimentary newsletters and alerts. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2018 ALM Media Properties, LLC. All Rights Reserved.