The Punch List and Other Close-out Requirements
Most construction contracts include a provision to withhold 10 percent from each requisition submitted by the contractor, and this retainage, which often represents the contractor’s entire overhead and profit for the job, is not to be released until all of the close-out requirements included in the contract have been met. Human nature being what it is, at the end of a project everyone is thinking about that new job starting in a few weeks, and the pressure applied all through the current project seems to level off as construction activity winds down. But an extra effort must be exerted to clean up all loose ends and obtain final payment before moving on to another project, leaving a satisfied owner on the just-completed building.
KeywordsUtility Cost General Contractor Construction Contract Final Payment Specification Book
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