Lead Based Paint Disclosure Question

[Account Closed]

HI BP, 

My partner is looking to purchase a home and the contract includes a risk assessment contingency shown here http://i.imgur.com/y6Inpo8.png  "Contract of sale is contingent upon risk assessment or inspection by purchaser for presence of lead based paint/and lead based paint hazards" along with a disclosure stating no knowledge of lead based paint. 

My partner feels it's a major concern, and has never seen this type of contingency before but from what I've read its the law. Can someone confirm if this is standard language/practice?  Would opting out of this assessment be the best step forward?  What advice would you provide? 

[Jeff Copeland]

The language protects you as the buyer. 

If you choose not to have it inspected, the contingency expires after 10 days. It does not require you to do anything.