Today’s video looks at how to deal with practical completion, click here to check it out, or you can read this short burst.
Construction had three stages…
1. Pre Award
Which is before you get awarded the project and contract.
So…
You bid for a tender -> Submit your proposal -> Negotiate the terms and price -> Then you’re awarded the contract and provide security
2. Post Award
Once you’ve gone through the Pre Award steps
The job commences.
You complete the job but it’s not over until
Practical Completion
Practical completion is the end date of the contract.
Any delays that happen after the designated Practical Completion date means you’ll get hit with liquidated damages.
Here’s what a lot of people forget.
To reach Practical Completion you need a Practical Completion Certificate.
Louder for those at the back…
And in order to get that all-important Practical Completion Certificate you need to follow the procedure as set out in the contract. Once you get a PC you’ll get 50% of your security back
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