What does the date of Substantial Completion signify?

The date of Substantial Completion is significant because it indicates that the project is ready for occupancy, meaning it meets the required standards to be used for its intended purpose. At this point, most of the construction work has been completed, allowing the owner or client to take possession of the property, even if some minor work remains unfinished. This date also facilitates the beginning of the warranty period for the construction, which provides assurance regarding the quality of the work performed.

While the end of the construction phase could be anticipated at this stage, Substantial Completion specifically designates that the project is usable, which is a critical milestone in the construction timeline. It's also important to note that final payments and the commissioning process occur at later stages, and the mere completion of construction does not imply that the project is ready or certified for occupancy.