The ubiquitous Phase I environmental report is hopefully familiar to everyone involved in commercial property development. As an initial evaluation of potential environmental conditions on a property, it obviously serves as a valuable tool for a prospective purchaser of commercial real estate. The Phase I also serves an additional – critical – function. It is the foundation and first step of establishing liability protection for any known or unknown environmental contamination on the property. But while it is the foundation, it is not the sole requirement needed to establish liability protection, and the developer who forgets that proceeds at its peril. (Continue reading).