Closeout
What do I need before I make final payment?
Final payment is the last leverage you will ever have. Spend it carefully.
By Salt & Oak Development Group•
Short answer
Before final payment, collect the certificate of occupancy, all final lien waivers, as-built drawings, O&M manuals, warranties, commissioning reports, keys and access credentials, and a completed punch list signed by both parties.
Closeout package
- Certificate of occupancy and all final inspection approvals
- Unconditional final lien waivers from the contractor and every subcontractor and supplier
- As-built drawings and approved submittals in usable digital format
- Operation and maintenance manuals, equipment warranties, and start-up reports
- Commissioning or testing reports for mechanical, electrical, and life-safety systems
- Signed punch list with completion dates, plus a written warranty start date
The warranty year
Calendar an eleven-month walkthrough before the one-year warranty expires. Systems that only run seasonally — heating, irrigation, dehumidification — often fail in their first full cycle, and a documented walkthrough while the warranty is live turns a repair bill into a warranty claim.
Common questions
- Can I withhold money for an incomplete punch list?
- Yes, if your contract allows it — most do, typically at 150–200% of the estimated value of the remaining work. Withhold a defined amount tied to defined items rather than the entire final payment, which invites a dispute.
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