substantial completion


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substantial completion

The point at which a construction contract has been completed to the point that the owner or tenant may use the property in the manner in which it was intended,even though some work may remain undone. As used in leases for the start date of rent, construction loans for the maturity of the loan,and construction contracts defining the timing of draw schedules, the term may be defined someplace else in the document. That definition, if it exists, will control the rights and responsibilities of the parties, even if the definition is completely different from the normal understanding of the parties.
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If the Contractor shall fail to complete the Works within the time for completion prescribed in the Contract, or any extended time for completion in accordance with the Contract, then the Contractor shall pay to the Employer the sum specified in the Contract as liquidated damages, for the delay between the time prescribed in the Contract or the extended time for completion, as the case may be, and the date of substantial completion of the Works as stated in the Certificate of Substantial Completion, subject to the applicable limit stated in the Contract.
With Today's Announcement of the Third and Final Design-Build Contract Reaching Substantial Completion, the $1 Billion, Six-Station Light Rail Project is Completed On Time and On Budget
Of the balance, the development agreement calls for that to be paid in three equal installments ($333,334) -- when construction of the residential component begins, when construction of the hotel begins and upon substantial completion of the underground parking garage, Ms.
Federal funding for the Paris Community Pool is contingent on a substantial completion date of Mar.
Work is expected to begin in April 2013 with substantial completion expected by April 2015, the firm said
The agreement should provide milestone dates for substantial completion and final completion, as well as scheduling alternatives and options for collecting financial damages if delays occur.
A supplemental assessment of the increased value of land upon substantial completion of new construction could not include the increased land value as the result of the improvements because such changes to land valuation can only occur via a scheduled general assessment, according to the District of Columbia Court of Appeals.
At a briefing at the stadium, managing director Martin Tidd said Multiplex and the subcontractors were "fully committed to substantial completion by March 31".
Cardiff's high profile St David's 2 retail development scheme is on track for substantial completion by Christmas 2008.
According to the suit, the ``city has refused to acknowledge substantial completion of project'' and that Glendale officials have refused to grant work extensions it allegedly agreed to in March 2000.
5 million of the principal upon substantial completion of the building.
The Alaska Industrial Development land Export Authority and Alaska Seafood International recently announced the substantial completion of the restructuring and refinancing plan for ASI.

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