Legal Insights
Is a site audit statement worth the 'paper' it is written on?
In many transactions, site audit statements have become de facto certificates that a condition precedent or condition subsequent in an agreement has been satisfied (or not).
Multiples parties often rely on a site audit statement, such as vendors, purchasers, financiers, directors and decision makers within a company. However, are these parties entitled to rely on them? What does a site audit statement that confirms the land is suitable for a particular use actually tell them?
Maddocks partner and leading environment and planning lawyer Patrick Ibbotson examines the issues that may arise in transactions that rely on site audits.
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