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    • Join Date: Jun 2008
    • Posts: 1
    #1

    Smile Plz help- Really urgent

    Could anyone pls help me to rephrase this sentence:

    Such unexpected condition created economic risk since cleaning up an area could be more costly than anticipated and contracted for, exposing a company to potentially heavy losses on a project.

    Thank you very much

    LEO

  1. Barb_D's Avatar
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    • Join Date: Mar 2007
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    #2

    Re: Plz help- Really urgent

    Ah, I've written extensively on this topic.

    Such unexpected condition created economic risk since cleaning up an area could be more costly than anticipated and contracted for, exposing a company to potentially heavy losses on a project.

    Do you need the rephrasing so you can understand it?

    It can be risky for a company to agree to clean up a site because there could be more contamination than they expect. If this happens, it may cost a lot more money than expected. The overall effect could be a large net loss.

    Let's say you buy a property for $4 million and expect that it will take $2 million to clean it up, and then you plan to sell it for $8 million. That would be a $2 million profit. But then you start the clean up and realize that there are other types of contamination than expected, or that it's much worse. Instead of costing $2 million, it will cost $5 million. Now your purchase price and clean up price are greater than what the land is worth.

    (This can be addressed with insurance and transfer of liabiltiy to a third-party, by the way. But there's no excuse for not doing thorough due diligence to start with.)

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