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G7042017 Certificate of Substantial Completion AIA Contract Form
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People also ask
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Is substantial completion part of the contract close out?
Substantial completion refers to the stage when a project or portion of a project is deemed sufficiently complete ing to the contract documents. This means the contractor informs the architect that the work is ready for inspection.
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What is the difference between contract completion and substantial completion?
Key Differences While substantial completion triggers certain financial and legal events, such as partial payment and the start of warranty periods, final completion marks the conclusive end of the project, releasing the remaining retainage and initiating the final payment.
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What is another word for substantial completion?
26 other terms for substantial completion. beefy finish. main works. substantial performance. substantially completed.
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Who prepares 704?
Instructions for G704–2017, Certificate of Substantial Completion, is used to record the date of substantial completion of work or a portion of it. The contractor prepares a list of items to be completed or corrected, which is verified and amended by the architect.
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What is a certificate of substantial completion?
When a certificate of substantial completion is issued and signed, it marks the point when the building, property, or final product can be used as intended, but minor work still remains. It serves as an official stamp indicating when the project is mostly–or substantially–completed.
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What is an certificate of substantial completion?
Certificate of Substantial Completion Contents Following that, the owner or architect specifies what is substantially completed. They then list the items the contractor must complete or correct including any costs they will pay for the work and when the work will start and finish.
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What is the difference between completion and substantial completion?
While the statutory definition of substantial completion varies from state to state, most agree that a project is substantially complete when it can be used for its intended purpose. A construction project need not be absolutely complete; however, any remaining work or defects must be relatively minor and unimportant.
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What is the meaning of contract completion?
Contract Completion means the confirmed point when all contractual obligations are fully executed, approved, and all due payments are authorized.
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