Construction Corner - What does Final Completion mean?
Final Completion in construction is the stage when a project is fully finished and all contractual obligations have been met. At this point:
Final Inspection: A thorough inspection is usually conducted to ensure that all aspects of the project meet the required standards and specifications.
Punch List Items: Any remaining minor issues or punch list items identified during the substantial completion phase have been addressed and resolved.
Documentation: All necessary documentation, such as as-built drawings, operation manuals, warranties, and maintenance instructions, has been provided.
Final Payment: The final payment is typically made to the contractor, and any retention funds held back during the project are released.
Final completion signifies that the project is entirely ready for its intended use, and all aspects of the work have been completed to the satisfaction of the client and in accordance with the contract.