What are the steps involved in closing out each project?

Closing out a project involves several important steps to ensure that everything is completed satisfactorily and that all parties are fulfilled in their contractual obligations. The correct answer encompasses all necessary actions that contribute to this process.

An onsite inspection is a crucial step, as it allows the contractor to verify that the work meets the required specifications and quality standards before finalization. This ensures that any issues or defects can be addressed prior to the project being considered complete.

Owner's final payment is another key part of project closure. The contractor must receive this payment as it often signifies that the owner is satisfied with the work done. It also typically involves a review of any pending work or punch list items that may need resolution before final payment is processed.

Certificate submission, such as a Certificate of Occupancy or a final inspection certificate, is essential as it may be required to formally indicate that the project has been completed and complies with local regulations and codes. Providing these documents signifies due diligence and legal compliance, which protects both the contractor and the owner.

Taken together, these steps form a comprehensive approach to closing out a project, ensuring that all legal, financial, and quality assurance aspects are appropriately addressed. This holistic process is crucial for the successful and professional conclusion of any construction project.