Common use of Removal and Remediation Clause in Contracts

Removal and Remediation. Within five (5) days from the date hereof, SVG will solicit bids from qualified, licensed and bonded contractors for the removal of the underground storage tanks and remediation of any contaminated soil on the Property ("Removal and Remediation"). The Removal and Remediation shall be performed in strict accordance with the provisions of the Pennsylvania Storage Tank and Spill Prevention Act (the "Act") and the regulations promulgated by the Pennsylvania Department of Environmental Resources (the "Department") thereunder. If SVG is able to obtain bids with estimated Removal and Remediation costs of less than One Hundred Ten Thousand Dollars ($110,000) from qualified, licensed and bonded contractors, SVG shall enter into such contracts of Removal and Remediation provided Resource has approved all of the terms and.conditions, of such contracts. SVG agrees to file an application for removal of the tanks with the Department if required under the Act within five (5) days after the receipt of an acceptable bid. SVG agrees to furnish Resource with a copy of all applications, reports, and correspondence relating to such Removal and Remediation within five (5) days after the receipt of filing of such documents.