As we write this alert, new legislation is in its final stages of becoming law in New York State, which will address the longstanding abuse of the substantial completion schedule milestone in project closeout.
Few words have had as much impact in construction contract disputes as "substantial" and "completion." Taken together, "substantial completion" is the major schedule milestone in all public construction contracts. Substantial completion (should) mark the end of all but a de minimis amount of contract work, allowing for the issuance of a final punchlist, the release of retainage funds being withheld, and the curtailment of the running of the risk of substantial liquidated damages being assessed for late project completion.
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