final completion

final completion
USA
As 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. . 2010.

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