So I was just listening to schiff hardin lectures.
My understanding is that, after contractor submits the application for substantial completion, architect reviews and fill in missing items to the punch list prepared by contractor. and then contractor fixes items on the punch list and re-apply. After certificate of substantial completion, owner pays contractor the application for payment and previous retainage (10% of each payment?)
So, what will contractor work on after substantial completion and before final payment? Wasn't everything unfinished on the punch list, and then accomplished by contractor in order to get the certificate of substantial completion? is this stage just regarding insurance, bonds, waivers of liens?
I got a bit confused because I remember in amber's video he said substantial completion means there's usually minor things that are still not finished, such as asphalt on drive way, the lawn, or some finishes in public areas and so forth. But to me it looks like these items should be on punch list and finished by contractor before substantial completion.
Please help! Thanks!
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