The point in time when the work is ready for use or is being used for the purpose intended and is so certified. [D01941] PMK87
The date upon which the units and the common property are declared to be ready for their intended purpose — that is, for residents to live in and use — and also the date upon which The Alberta New Home Warranty Program’s coverage on the common property begins. The date of Substantial Completion must be verified in writing. This is usually done by the prime consultant responsible for construction of the Condominium (i.e. the Architect or Engineer).
The point when construction is sufficiently complete in accordance with the contract documents, that the owner can occupy or utilize the building or space.
the end of a project or major phase of a project after which a contractor expects to be paid.
The point in the construction process when the contractor certifies that the majority of work has been completed, after which the tenant is expected to move in. To avoid unnecessary expense and confusion, a tenant should make sure his understanding of substantial completion is the same as the landlord's. Without a mutually agreed upon definition, a tenant may be expected to move in before long-lead-time items are complete (such as the installation of glass doors or special lighting), or before the tenant has had a chance to compile a punch list that identifies items needing repair or completion.
Generally used in reference to the construction of tenant improvements (TIs). The tenant's premises is typically deemed to be substantially completed when all of the TIs for the premises have been completed in accordance with plans and specifications previously approved by the tenant. Sometimes used to define the commencement date of a lease. Return To Menu
The date, certified by the design professional or CM or both, that a contractor has reached that stage of completion when the owner accepts use of the facility for its intended purposes, even though all work is not completed.
The point during construction where the contractor is ready to turn the property over to the tenant for acceptance and final punch list. Usually occurs upon the issuance of a certificate of occupancy.
the date on which project construction is complete and the treatment process is initiated or is capable of being put into operation. For purposes of the first principal payment on the EIF loan, the substantial completion date remains the date specified in the Financial Assistance Agreement and principal payments on the loan begin the May 1st after the Substantial Completion date.
The date at which a project is significantly complete, meaning the roadways and project area is fully functional. It is common for workers to have a few details of the project to complete, such as clearing the project area, following substantial completion of the project. (see punch list)
The point at which the contracted work is sufficiently completed to allow occupancy by the owner.
The point of completion of a project at which the owner can occupy the structure. The remaining items of work generally consist of minor finishing work.