- final completion
USAAs used in project finance, occurs when:• The project has achieved all the technical and performance requirements set out in the construction contract.• All punch list items have been completed (unless the parties otherwise agree).• The contractor has paid to the owner of the project any delay or performance liquidated damages that may be payable.• The contractor has transferred to the owner of the project title to all materials and equipment used in the construction of the project.• The final payment has been made to the contractor.Failure to achieve final completion:• By a specified date, typically results in the payment of delay liquidated damages.• At all (meaning the project has ongoing performance deficiencies), typically results in the payment of performance or buy-down liquidated damages.For a discussion of completion targets and liquidated damages, see Practice Note, Understanding Project Finance Construction Contracts (www.practicallaw.com/1-422-1870).Glossary
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.