Environmental Damages: This definition is a convenient place to collect all the possible liabilities and damages arising from the presence of hazardous materials on the property in violation of, or requiring remediation under, any Environmental Requirements. It can then be used in the indemnity and cost sharing provisions.
a. The typical damages and liabilities included would be responsibility for remedial actions, personal injury and property damage, fees of counsel, experts and consultants, liabilities to third persons or governmental agencies.
b. Issues to be addressed include whether the definition should include settlement of a claim, damages to natural resources, consequential damages such as lost profits or business opportunity costs, occupational injury or illness, loss of the ability to dedicate a property to its highest and best use, far of cancer, diminution in property value, penalties and interest, and other possible damages.
