What are two key payments the Owner must complete during project Close Out?

The final payment to the Architect and Contractor is crucial during the project closeout because it signifies the completion of their services and obligations under the contract. By settling these payments, the Owner not only fulfills contractual obligations but also ensures all parties are compensated for their contributions, which is essential for maintaining good relationships and promoting a successful project handover.

In the context of project closeout, these final payments often happen after all work has been completed, inspections have been made, and any necessary documentation has been submitted. This stage often includes the verification that all contractual terms have been met to the satisfaction of the Owner, including any conditions precedent that needed to be fulfilled before the final payment is released.

While other payments like those to subcontractors, suppliers, or for permits may be important in the project's lifecycle, they do not represent the final administrative closure of the primary agreements held with key professionals like the Architect and Contractor.