AIArchitect, January 27, 2006 - Best Practices | Substantial Completion, Where Art Thou?

Enlightening article on what the American Institute of Architects says about "substantial completion" - a phrase that we heard a lot about at last Tuesday's City Commission work session.  Click title for link.  From the article:

"Substantial completion also triggers payments to the contractors. When a project reaches this milestone, it is customary to release all retainage except for an amount that can safely cover the cost of work remaining for correction or completion. In many cases, this remaining money equates to the contractors’ profit. This occasion also allows the contractor to reassign team members to other projects, leaving only a skeleton crew to complete the work and administer closeout, thus reducing overhead and general conditions costs."

Reading the entire article (highly recommended), it would seem as though the architect would have a role in preparing a "punch list" that accompanies the letter announcing the project's "substantial completion."  It seems that the city - owner - prepared the punch list for the project in late July - two months after this letter.  A question that really wasn't answered is whether the city is retaining any money still - or did this letter of substantial completion release any money that was held?  Has Morganti been paid in full?  Did the warranty period begin in May of this year?