What does certificate of substantial completion mean?
Substantial Completion Definition Substantial completion means the project, or a portion of the project, is fit for its intended use. The owner can then occupy and use the property. The owner must also pay the contractor the last portion of the monies owed for that project or portion of the project.
Who prepares the certificate of substantial completion?
If the project owner opts to issue a certificate of substantial completion or the contractor requests one, it is the responsibility of the architect on the project to inspect the site and issue the certificate.
What is an AIA certificate of substantial completion?
A term that is defined in the AIA Contract Documents and that has gained wide construction industry acceptance is “Substantial Completion.” This is defined as “the stage in the progress of the Work when the Work or designated portion thereof is sufficiently complete in accordance with the Contract Documents so that the …
What is the difference between substantial completion and final completion?
Construction projects typically involve two different stages of completion – Substantial Completion and Final Completion. Any work that remains to be completed after the project has reached Substantial Completion is generally referred to as punch list work and its completion usually constitutes Final Completion.
How does one determine when substantial completion has been achieved on a construction project?
The parties agree on using the certificate of occupancy issued by the local jurisdiction as the substantial completion milestone date. The owner makes the determination whether the building(s) can be used for its intended purposes and/or occupied.
What is the final completion in construction?
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).
What is CSC in property?
When you buy a new property that’s still under construction or yet to be developed, you won’t be able to move in until the developer receives the Temporary Occupation Permit, more commonly known as TOP, or Certificate of Statutory Completion, otherwise known as CSC.
What is AIA Document G703?
AIA Document G702®–1992, Application and Certificate for Payment, and G703®–1992, Continuation Sheet, provide convenient and complete forms on which the contractor can apply for payment and the architect can certify that payment is due.
What does substantial completion actually occur?
Substantial completion is the stage when a construction project is deemed sufficiently completed to the point where the owner can use it for its intended purpose. This definition of substantial completion is based on the language in the American Institute of Architects form contract AIA A-201: General Conditions.
What is substantial construction?
Substantial Construction means that a continuous on-site physical construction program has progressed to a point where 25% or more of the total project is completed or where 25% or more of the total cost of the project has been expended for materials which are at the site.
What percent is substantial completion?
What constitutes substantial completion of the Work? There is substantial completion when the Contractor completes ninety five percent (95%) of the Work, provided that the remaining work and the performance of the work necessary to complete the Work shall not prevent the normal use of the completed portion.
How to access your Certificate of completion?
Stage – if applicable this list the stage of course such as basic or refresher
Is an occupancy permit needed for substantial completion?
Occupancy permit. An occupancy permit is a document that confirms your building surveyor is satisfied the building is suitable for occupation. If you do need an occupancy permit, it is an offence under the Building Act 1993 to occupy the new building before you have received the permit. The owner or the builder may apply for the occupancy permit.
How do I obtain my completion certificate?
Approvals,final inspection letters and/or completion certificates. If the building control work was carried out by your local authority,you should contact them to obtain a copy of a completion
Why do I need a certificate of completion?
Why do I need a certificate of completion? Your certificate of completion proves you have successfully completed the online homebuyer course. Many first-time homebuyer and other affordable loans, as well as down payment assistance programs, require proof of homebuyer education. Many accept online courses; check with yours to be sure. Bonus: you