In the context of project financing, the state in which the project has reached physical completion and has delivered product or generated revenues in satisfaction of a sales completion test.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.
In project finance, the time at which a project has been finished, functions, and has generated the expected revenue. Sales completion applies especially to construction and other infrastructure projects. For example, an oil company may build a series of oil pumps. The time of sales completion occurs not when the oil pumps are completed and are working, but when they have pumped enough oil to meet revenue expectations. Another example is a new apartment building that has collected enough rent to meet expectations for the owner(s). See also: Physical completion.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved