Common use of Transfer of Liability Clause in Contracts

Transfer of Liability. 4.2.1 From Settlement, all liability for any contamination (including Site Contamination) in, on, under or emanating from the Land will transfer to the Purchaser. 4.2.2 Within twenty (20) Business Days of Settlement, the Purchaser must execute the Notice of Legal Effect and the Section 103E Agreement to assume liability for Site Contamination and cause the executed Notice of Legal Effect together with the Section 103E Agreement to be lodged with the Environment Protection Authority (EPA) in accordance with section 103E(2)(ii) of the EP Act. 4.2.3 The Purchaser must provide evidence of lodgement of the Notice of Legal Effect and the Section 103E Agreement with the EPA to the Vendor within thirty (30) Business Days of Settlement. 4.2.4 Notwithstanding the existence of the Notice of Legal Effect and the Section 103E Agreement from Settlement, the Purchaser will be responsible at its cost for any Remediation of contamination (including Site Contamination) present in, on, under or emanating from the Land required by any Authority or in order to change the use of the Land or develop the Land for any purpose.