How is substantial completion determined?
The California Legal Definition of “Substantial Completion” Occupation or use by the owner after the labor has been completed; 60 days after all labor on the project has ceased; or. As soon as all work on the project has completely ceased for at least 30 days and a notice of cessation is filed.
What is the substantial completion?
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.
What percentage is substantial completion?
Final Completion. Substantial completion and final completion are the two final phases of a project. Substantial completion refers to when the building can be used for its intended purpose. Final completion occurs when the project is 100% complete and requires no additional work.
What does substantial completion date mean?
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.
Who prepares the certificate of substantial completion?
Architect
Architect will prepare the Certificate of Substantial Completion after inspection or will notify Contractor of items, either on Contractor’s list or additional items identified by Architect, that must be completed or corrected before certificate will be issued.
What is the difference between substantial completion and beneficial occupancy?
The terms “substantial completion” and “beneficial occupancy” are both often used interchangeably to indicate the same thing: the time or date when a construction site becomes useable for its intended purpose. The beneficial occupancy date (BOD) serves as the cutoff date for assessing Liquidated Damages.
What constitutes substantial performance?
Performance of the primary, necessary terms of a contract that fulfills the essential purpose of the contract so that, even if the performance does not precisely match the terms of the agreement, the performance will be considered complete.
What does substantial mean in a contract?
Substantial performance is a contract law doctrine that allows parties to be paid under a contract and to retain the benefit of a contract even if they technically failed to comply with the precise terms of the agreement.
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 beneficial occupancy?
Beneficial Occupancy is the term used to describe the procedure when the University occupies or makes use of any part of the work prior to Substantial Completion (see 17.2) or, if no Notice of Substantial Completion has been issued, then Final Completion (see 18.4).
What is beneficial occupancy date?
Beneficial Occupancy Date (BOD), CC850 – BOD is the date the customer can expect to receive useful occupancy of the facility or construction work.