What amount signifies the point of substantial completion in the given contract?
Understand the Problem
The question asks which amount corresponds to the point of substantial completion specified in a contract, looking for a precise numerical answer from the provided options.
Answer
Substantial completion releases a sizable payment minus retainage, as the project is fit for use.
Substantial completion often leads to the release of a sizable payment or remaining balance minus retainage, as it signifies the point when a project is fit for its intended use.
Answer for screen readers
Substantial completion often leads to the release of a sizable payment or remaining balance minus retainage, as it signifies the point when a project is fit for its intended use.
More Information
Substantial completion allows owners to start using the facility, but there may still be minor corrective work pending.
Tips
Sometimes there might be confusion about what constitutes substantial completion; ensuring documentation and clear criteria can help.
Sources
- Substantial Completion: What Owners & Contractors Should Know - bigrentz.com
- What Is Substantial Completion? What Contractors Need To Know - levelset.com
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