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.

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