How long does it take to complete the ISRA process for a transaction to proceed?
This again will depend on the complexity of a particular site. However, the transaction may proceed earlier by executing a Remediation Agreement, which is handled by the Responsible Party Cleanup Element. In addition, the Voluntary Cleanup Program provides parties with the opportunity to obtain approvals prior to triggering ISRA. Once approvals have been granted, an applicant could then proceed through with a expedited review process. If a party waits for a triggering event and the site needs little or no sampling, it takes an average of four months to complete the case. On the other hand, if the site requires extensive sampling to determine the extent and degree of any contamination and the possible development of a RAW, it could take a year or more to complete the remediation.
