ABSTRACT
Closing out the construction contract is a critical phase of the project. It is the final opportunity for the owner to ensure that it receives all the deliverables to which it is contractually entitled. Many owners will attest that this process can be difficult, contentious, and annoying. The closeout process becomes adversarial if the contractor fails to stay focused on the project till it is completed. When approaching closeout of the contract, it is important for the owner to remember that the contractor's work is not just the physical construction. It also includes all the services required by the construction contract. There are four important aspects to closing out a construction contract. These include administering the punch list, awarding substantial completion, determining and assembling the required documentation, and determining and releasing final payment. The submission at closeout is the contractor's lien waiver and the lien waivers of each subcontractor.
