"There it sits on your bookshelf—the Phase I Environmental Site Assessment (ESA) report for the property you just purchased. It looks impressive. It conforms to the ASTM Standard for Phase I ESAs (you hope), and an Environmental Professional signed off on it. At the least, it was good enough to allow your deal to go through. So you’re done with your environmental issues, aren’t you?
Not yet. Although the deal has been consummated, you have additional obligations, if you wish to qualify for one of the liability protections offered by the federal government. These obligations, known as continuing obligations, can result in loss of your liability protections if not performed."