By Stephen Hess
“Substantial completion” is largely viewed as the contractor’s big payday when retention is released and the contractor finally collects a large share of its profits. At the same time, substantial completion has many other ramifications under most form contracts.
Many state laws use substantial completion as an important milestone as well for purposes of calculating statutes of limitations and statutes of repose (which in turn govern when lawsuits must be commenced) as well as lien rights. Read more.
The Hudson Yards Redevelopment is one of NYC's largest projects in history. The megaproject is located on Manhattan's middle west side, and will attract over 65,000 visitors a day upon completion in 2024. Read more.