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Is punch list before or after substantial completion?
Punchlist means a list of items of Work to be completed or corrected by Contractor after Substantial Completion. Punchlists indicate items to be finished, remaining Work to be performed, or Work that does not meet quality or quantity requirements as required in the Contract Documents.
What is the purpose of a punch list?
A punch list is part of the project closeout portion of the construction process in which a contractor prepares a document that lists any work that has not been completed, or not been completed correctly.
What is substantial completion?
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 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.
What do you mean by punch list in construction?
In short, a punch list (or snag list, if you’re in the U.K., Ireland, Australia, or New Zealand) is a list of items that need to be completed before a project can be considered finished and in compliance with the terms of a contract.
When does contractor certify completion of punch list?
He will also certify when the project has reached “final completion” once all punch list items are completed and all contract terms are fulfilled. At that point, the final payment is due. If you are on your own, you will have to mutually agree with the contractor on when the project is substantially complete.
Who is responsible for completing a punch list?
Everyone on a construction project has a role to play in the execution of a punch list. Typically, it’s the responsibility of the GC to ensure that all these line items are taken care of before a final completion certificate can be issued on the project. The GC may assign punch work to the subcontractors responsible for particular areas of work.
When to release final payment on punch list?
In most contracts these days, final payment is released when the punch list items have been completed to meet the contract specifications. Once “punched,” the list is then typically attached to the Certificate of Substantial Completion. However, we have one key takeaway here: Retainage does not extend your mechanic’s lien deadlines!