a. The significance of substantial completion is:
– it is the end of the contract time (owner-contractor agreement)
– it begins the warranty/correction period
– it begins the period for statute of limitations on professional liability
– it signifies the work is complete enough for the owner to occupy the space for its intended use
b. When the contractor thinks that the project is substantially complete for the owner to occupy the building for its intended use, the architect/owner/contractor provide a site visit to verify the project’s accordance with the contract documents. A punch-list is created to note all items that must be completed or repaired, and if the architect agrees that the project is fit for occupancy they will issue a certificate of substantial completion including the punch list, the date that the punch list must be completed by, the responsibilities of both parties (contractor-owner) with respect to payment of utilities and security, along with all maintenance and warranty information.