Billd Teams Up with American Express to Help Suppliers Extend Flexible Finance Terms Across U.S. Construction Industry
The date an owner can occupy the building for its intended use. For example, if there’s a long lead time on carpet that isn’t available to install in a conference room, the lack of carpet in that room doesn’t prevent the office building from being used.
The Substantial Completion Date marks the point at which a construction project is sufficiently complete for the owner to occupy and utilize the building for its intended purpose. This date is significant because it often triggers various contractual obligations, including the start of warranties and the final payment process. It represents a key milestone in the construction timeline, indicating that only minor touch-ups or finishing work remains to be completed.
The substantial completion date could be when a commercial building is finished enough for the owner to start moving in and using the space.
