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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References in periodicals archive ?
Construction will begin in April 2018 after initial mobilisation, with substantial completion expected in the third quarter of 2019.
She said that under the amendment that the Economic Development Committee endorsed, instead of the payment being due upon the substantial completion of the underground garage, it would be changed to substantial completion of a 200,000-square-foot office building that is programmed on what is known as "Parcel F.
Project owners can curtail problems associated with determining substantial completion by filing a Notice of Substantial Completion of the Project.
Work is expected to begin in April 2013 with substantial completion expected by April 2015.
The policy will be reevaluated by staff upon substantial completion of current partial upgrades to the Mount Pleasant Water Facility (treatment, pumps, instrumentation and stand-by power) and/or additional capacity is made available for consumption prior to Dec.
The ratings factor in substantial completion of the firm's real estate projects in Mumbai, high revenue visibility and comfortable profitability and solvency parameters.
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.

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