Off Site Contamination Clauses: Contract for Real Property
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FAQ
Specific performance is the legal enforcement of a contract, typically after one party has breached the agreement. For example, a seller of a property executes a purchase agreement with a buyer and then decides they do not want to sell the property shortly thereafter.
Specific performance is a remedy in contract law that is most often applied in real estate litigation and disputes where a court issues an order requiring a party to perform a specific act, and to specifically perform ing to the terms of a contract.
A contractual remedy in which the court orders a party to actually perform its promise as closely as possible, because monetary damages are somehow inadequate to fix the harm. Most commonly ordered in cases involving real property and rare chattels.
Historically, under the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA, commonly known as Superfund), the owner or operator of a contaminated property could be held responsible for the property's cleanup, based solely on their current ownership of the property.
Adverse Environmental Condition means any violation of Environmental Laws applicable to the Properties including, without limitation, contamination or condition exceeding regulatory limits and not otherwise authorized by permit or law, resulting from any discharge, release, production, storage, treatment, seepage,
Remediation stands quite apart from restoration. This term applies to the thorough removal of pollutants or other potential contaminants from various types of location, to ensure ongoing safety. For example, mold remediation is a common solution sought out to tackle mold growth for lasting results.
A specific performance example is when a party defaults on its contractual obligation and is ordered by the court to fulfill said obligations. An alternative to the much more common award of monetary damages, specific performance is an injunction on a contract dispute often involving sensitive material or real estate.
Requirements for Specific Performance For a court to award specific performance as a remedy, several conditions must be met: A valid and binding contract must be in place. Monetary damages must be inadequate. Mutual obligation must be present, meaning both parties had duties to the other under the contract.
