Substantial Completion Milestone Clause Samples

The Substantial Completion Milestone clause defines the point in a project when the work is sufficiently finished to be used for its intended purpose, even if minor tasks or corrections remain. In practice, this milestone is often marked by an inspection or certification, after which responsibilities such as maintenance or insurance may shift from the contractor to the owner. Its core function is to clearly establish when the project's main obligations have been met, providing a basis for final payments and the transition of risk and responsibility.
Substantial Completion Milestone. Construction of the Unit shall be understood to be substantially completed for purposes of occupancy and enjoyment (the “Substantial Completion Milestone”), when all of the following conditions have been met: (i) construction and finishing of the Unit is fully finished and the Unit can be used and fully enjoyed, (ii) all sanitary, electrical, and water systems are complete and in good order and operating conditions; (iii) any architectural (i.e touch-up painting or minor wall repairs, installation of decorative elements or trim, completion of non-structural aesthetic features), mechanical (i.e calibration or adjustment of HVAC systems, testing and fine-tuning of plumbing fixtures, installation of minor mechanical components) and electrical items (i.e finalization of lighting installations, testing and adjustment of electrical outlets, installation of minor electrical fixtures) that are incomplete are minor in character and will not materially interfere with Purchaser use’s or enjoyment of the Unit, and (iv) the Unit is fully furnished and with all electrical appliances duly installed and in good operating conditions. The Unit will undergo inspections by both the Inspector and by the Purchaser as outlined in Sections 5(c) and 5(e) to certify the Substantial Completion of the Unit and the Condominium. Any remaining construction works (Punch List Items) shall be completed in accordance with Section 5(e) hereof.
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Related to Substantial Completion Milestone

  • Substantial Completion Date Substantial Completion of the Work as defined in Article 6.1.2 of the General Conditions to the Continuing Contract for Construction Management shall be achieved by July 31, 2022.

  • Substantial Completion 9.8.1 When the Contractor considers that the Work, or a designated portion thereof which has been accepted in writing to by the State, is substantially complete as defined in Subparagraph

  • Final Completion The full and final completion of all Work in accordance with the Contract Documents.

  • Upon Substantial Completion of the Work or designated portion thereof and upon application by the Contractor and certification by the Architect, the State shall make payment, reflecting adjustment in retainage, if any, for such Work or portion thereof, as provided in the Contract Documents.

  • Project/Milestones Taxpayer provides refrigerated warehousing and logistic distribution services to clients throughout the United States. In consideration for the Credit, Taxpayer agrees to invest in a new refrigeration and distribution facility in the ▇▇▇▇▇▇▇▇▇ Park area of Sacramento, California, and hire full-time employees (collectively, the “Project”). Further, Taxpayer agrees to satisfy the milestones as described in Exhibit A (“Milestones”) and must maintain Milestones for a minimum of three (3) taxable years thereafter. In the event Taxpayer employs more than the number of full-time employees, determined on an annual full-time equivalent basis, than required in Exhibit A, for purposes of satisfying the “Minimum Annual Salary of California Full-time Employees Hired” and the “Cumulative Average Annual Salary of California Full-time Employees Hired,” Taxpayer may use the salaries of any of the full-time employees hired within the required time period. For purposes of calculating the “Minimum Annual Salary of California Full-time Employees Hired” and the “Cumulative Average Annual Salary of California Full-time Employees Hired,” the salary of any full-time employee that is not employed by Taxpayer for the entire taxable year shall be annualized. In addition, the salary of any full-time employee hired to fill a vacated position in which a full-time employee was employed during Taxpayer’s Base Year shall be disregarded.