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Financial security, when considered in the context of a contaminated site, attempts to mitigate the risk to government that a site will remain in an unremediated state and thus pose an ongoing risk to human health or the environment by requiring the person(s) responsible for a site to submit some form of financial instrument which may be forfeit if remediation requirements are not met.
By developing clear and consistent financial security policy and procedures for contaminated sites, the Ministry of Water, Land and Air Protection will ensure that site owners and operators are treated equitably. An easily definable province-wide process would allow for a uniform application of the Waste Management act and the Contaminated Sites Regulation. The policy and procedures are required to address the following questions:
1) What form should the security take?
2) When is the security required?
3) How should the security be calculated?
4) Should all or a portion of costs be secured?
5) When should the security be discharged?
In addition to answering the above questions, the policy and procedures will reduce the administrative time required to review the nature and amount of security necessary for specific sites.
Thornton, Grant. 2003. Security Policy Guidance for Contaminated Sites: Findings. BC Ministry of Water Land and Air Protection
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Keywords: security policy, contaminated site
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