Lead Based Paint Disclosure Question

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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?