CA Partners Chat 3/27/19 by Cole Bryant, Sr. Project Manager
At CA Partners, Inc we strive to stay up to date on current construction issues, within the AEC industry. This helps our Clients(Lenders) understand and be involved during the Construction Phase. Today in our in-house training we discussed, Contractual and Construction schedule dates. Three main documents effect the Contractual Completion date; Owner/Contractor Agreement, Notice to Proceed, and executed Change Orders. It is important to note that a Construction schedule cannot formally change the Contractual completion date and can only be change by a formal Change Order. Knowing the Contractual completion date helps identify possible liquidated damages, and or placed in service date issues. The Construction schedule; is used to determine how far ahead or behind a project might be during the Construction Phase. We request turn schedule be provided to evaluate when different building floors or blocks of apartment units are planned to come online and be available for rent which is important to the long-term financier. Identifying both the Contractual Completion and the Contractors Completion dates are important for each individual project and should both be addressed accordingly. Common mistakes are confusing these two terms and should be addressed accordingly.