Directions: Be sure to make a copy of your answer before submitting it to Ashworth College for grading. Unless otherwise stated, answer in complete sentences, and be sure to use correct English spelling and grammar. Sources must be cited in APA format.
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.