On today’s show we are talking about two words. These two words are so simple. We hear them in everyday language. But their meaning can have profound financial implications for you on your projects.

The two words are "substantial completion".

The American Institute of Architects defines substantial completion as,”the stage in the progress of the Work when the Work or designated portion thereof is sufficiently complete in accordance with the Contract Documents so that the Owner can occupy or utilize the Work for its intended use.”

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