What does final payment mean in construction?
Short definition
Final payment is the last payment made after required work, closeout documentation, releases, and contract conditions are satisfied.
Longer explanation
It often depends on final completion, lien waivers, affidavits, consent of surety, warranties, and other closeout submissions.
Example in context
“The project team reviewed the final payment during the construction phase.”
Common users
- Owners
- Architects
- Contractors
- Construction managers