substantial completion


Also found in: Financial.

certificate of substantial completion

A certified statement, prepared by an architect on the basis of his inspection, (a) stating that the work, 1, or designated portion thereof, is substantially complete and ready for occupancy for its intended use; (b) establishing the date of substantial completion; (c) defining the interim responsibilities of the owner and the contractor for the provision of heat, maintenance, and security, and for possible damage and insurance; and (d) fixing the time within which the contractor shall complete the items on the inspection list (see punch list).
References in periodicals archive ?
23, 2015 /PRNewswire-USNewswire/ -- The Foothill Gold Line Construction Authority (Construction Authority) announced substantial completion of the third and final design-build contract for the $1 billion Foothill Gold Line from Pasadena to Azusa during a press conference at their headquarters this morning.
She said that under the amendment that the Economic Development Committee endorsed, instead of the payment being due upon the substantial completion of the underground garage, it would be changed to substantial completion of a 200,000-square-foot office building that is programmed on what is known as "Parcel F.
Edison Place received notice in February 2001 of a second-half 2000 tax year supplemental tax assessment on the property that was triggered by substantial completion of the improvements.
Subject to the completion of the compulsory purchase process, development is expected to start on site in late 2005 for substantial completion by Christmas 2008.
Construction started in March, 1996 and substantial completion was marked by the opening of the terminal by deputy prime minister John Prescott in July last year.
Additionally, the IRS says that acceptance of the property generally is governed by a contract, usually occurring in stages, and usually is not dependent on the subcontractor's substantial completion of the work.
It is the elements of substantial completion and the crafting of the tenant delay language that owners need to examine more closely.
CB&I says it would receive cash payments from WEC of $229 million, of which $161 million is expected to be received upon WEC's substantial completion of the nuclear projects and $68 million is anticipated to be received upon the achievement of certain milestones related to CB&I's continued supply of discrete scopes of modules, fabricated pipe and specialty services to WEC on a subcontract basis for the nuclear projects.
Included in the discussion will be reference to preliminary information received from the Consortium in August indicating that the substantial completion of Unit 2 is expected to occur in late 2018 or the first half of 2019 and that the substantial completion of Unit 3 may be approximately 12 months later.
It had been slated for completion in April 2015, but the revised substantial completion date is August 2015, Ms.
The policy will be reevaluated by staff upon substantial completion of current partial upgrades to the Mount Pleasant Water Facility (treatment, pumps, instrumentation and stand-by power) and/or additional capacity is made available for consumption prior to Dec.
Implement equitable retainage terms, such as 5% for the first 50% of the contract; no additional retainage thereafter; then, promptly reduce the retention by half upon substantial completion.

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