Assignment

To increase your knowledge of the field, write a two-page essay on project closeout. Most of what you need is located in Section 2: Identification and Analysis of Problems and the project closeout steps shown on pages 592-597 in the textbook.

As a whole, your essay should describe project closeout. At a minimum, be sure your essay answers the following questions:

• Why is it important on public projects for the contract to achieve that crucial and final step of construction contract closeout?

• How does execution of the Certificate of Completion or Substantial Completion affect what retainage may be held?

• What can become hot spots of dispute between the contractor and owner after the owner begins beneficial use of the project due to the parties not understanding their responsibilities?

• How is the owner's ability to collect liquidated damages affected by issuance of a Certificate of Substantial Completion?

• What certificates should be executed by the contractor and surety prior to the owner releasing final retainage funds?

This assignment must be a neat, professional presentation on this subject. Proper punctuation, spelling, and usage of grammar are imperative.