Covenants

{
  "id": "MLC-T-ENV-006824",
  "term": "Covenants",
  "field": "Environment",
  "definition": "1. A risk allocation tool used in property transactions which may involve a promise or agreement by seller or buyer to do, or refrain from doing, an act. For example, a covenant may allocate responsibility for tasks, particularly elements of the cleanup, transferring permits, continued operations of assets, and compliance with environmental laws.\n\n2. A promise by one landowner to another made in connection with a conveyance of property. Generally, a covenant is a promise by the holder of a possessory interest in property to use or refrain from using the property in a certain manner. Covenants are similar to easements but have been traditionally subject to somewhat different formal requirements.",
  "subject": "Land, waste and cleanup",
  "references": [
    "Environmental Insurance and Risk Management Tools Glossary",
    "Superfund and RCRA Corrective Action Institutional Controls Glossary"
  ],
  "url": "https://mlchart.com/terminology/environment/covenants/"
}