Environmental Counterparty Tracking Services
In today`s world, with a seemingly endless series of mergers, acquisitions, and divestitures, not only do companies change hands, but all of the properties owned by these companies also change hands. Over the course of a property`s history, a complex web of Potentially Responsible Parties (PRPs) can develop, including numerous owners, operators, lessees, arrangers of disposal or treatment of hazardous substances, and transporters of those substances. It is not unusual for there to be hundreds of PRPs for a single contaminated property. In addition, current legislation imposes joint and several liability and treble damages to a property`s respective group of PRPs. Therefore, a PRP contributing only a fraction of the waste at a site could conceivably be liable for significantly more than their fair share of clean-up costs, should other PRPs fail to remain financially solvent.
The bankruptcy processes allow for PRPs to discharge environmental liabilities (known or unknown) to other PRPs without notice or compensation. These situations arise most frequently with Superfund or similar multi-PRP sites.
ERCI`s Environmental Counterparty Tracking service enables clients to proactively understand the financial health of related entities and properties so as to create the lowest possible financial risk.
- Management of counter-party risks
- Prevention of cost escalations due to peer bankruptcies
- Understanding the complex web of PRPs, and their respective corporate entities, involved at a site
- Recognition of the financial condition of PRPs involved
- Energy
- Chemical
- Manufacturing
- Government
- Automotive
- Academic Institutions
- Transportation
- Waste / Landfill Management
