Virgin Islands Contractor's Final Punch List
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A punch list is a document prepared during key milestones or near the end of a construction project listing work that does not conform to contract specifications that the general contractor must complete prior to final payment.
How to Make your Punch List a Done ListFree the Specifications. If drawings show how things go together, specifications tell what things to use.Get Transparent with Quality.Activate Technology to Improve Your Punch List Processes.Getting to a Near-Zero-Item Punch List.Improve Your Punch List Process.
Final payment. noun C or U FINANCE. the last in a series of payments, or the amount needed to pay off a debt: final payment of sth Final payment of the balance must be made at least 60 days prior to closing the account.
Final Completion and Final Payment.. 1.1"Final Completion" is the point at which all Work on the Project, including all punch list and Close-out Requirements, have been completed by the Contractor in strict compliance with the Contract requirements and the Contractor is ready to receive its Final Payment.
Most contracts define substantial completion as the date upon which the work is sufficiently complete so as to allow the owner to occupy and fully use the project for its intended purposes. Punch list items will not prevent substantial completion.
As used in project finance, occurs when: The project has achieved all the technical and performance requirements set out in the construction contract. All punch list items have been completed (unless the parties otherwise agree).
Q From Ellen Smithee: A comment in the February issue of Angie's List Monthly says that the term punch list gets its name from a period when contractors would punch a hole next to each completed item on a project list. The hole would go through two sheets, creating a copy for the customer.
It describes all incorrect installations, damage, and any faulty finishes. The contractor must ensure all the issues are resolved before they can receive payment. Punch lists are usually written into the contract itself, so the contractor and subcontractors will be bound to meet the requirements in the list.
In regards to construction today, the Business Dictionary defines a punch list as, Listing of items requiring immediate attention and as a Document listing work that does not conform to contract specifications, usually attached to the certificate of substantial completion.
