remediation
Definition
Remediation refers to the process of fixing or cleaning up a problem, most commonly used when someone must remove pollution or hazardous materials from a property. A court or regulatory agency can order the party responsible for the contamination to pay for and carry out this cleanup work.
Example
If your business accidentally spills chemicals that seep into the soil, the EPA could require you to fund and complete full remediation of the affected land before you can sell the property or continue operating.
Watch Out
Remediation costs can run into the hundreds of thousands or even millions of dollars, so always get an environmental inspection before purchasing any commercial property.
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This definition is for informational purposes only and does not constitute legal advice. Please consult with a licensed attorney for legal guidance.