Project and Financial Close-Out

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Project and Financial Close-Out

Project and Financial Close-Out

  1. Every project needs to come to an end. Project Close-out is all about making sure the project has been delivered in accordance with the contract documents and making sure that all Client, Municipal, and Tenant expectations are satisfied and all acceptance criteria has been met.
  2. Project Close-out is often the most neglected phase of all the project lifecycle phases. Once the project is over, it’s easy to pack things up, throw some files in a drawer, and start moving right into the initiation phase of the next project. Hold on! You’re not done yet! COR Consulting, LLC is dedicated to close-out the project efficiently and correctly in three basic phases:
  3. Project Close-Out Administration
  4. The key activities in project closeout are conducting final inspections, gathering project records, and disseminating information to formalize acceptance of the project. COR will assist in final processes and the procurement of the final project documents including:
  5. Advise the Client with respect to substantial completion, final payment, and warranty periods.
  6. COR will prepare and Invoice for Tenant Recapture Costs and work with municipal and/or financial agencies for the return/reduction of Letters of Credit or Bond that where put in place at the onset of the construction process.
  7. Assist and accompany the Client, Architect, and Tenant in developing punch-lists and warranty inspections for Project completion.
  8. Schedule One-Year Warranty Inspections
  9. Coordinate the receipt of Maintenance, Warranty, Operation Manuals to be provided by the Contractor and Manufacturers.
  10. Special Inspection Reports
  11. Maintenance Agreements
  12. Required Sample Warranties
  13. Contractor and Sub-Contractor 1-year material and labor from Date of Substantial Completion and acceptance of Client.
  14. Paving - Parking Lot – 2-year
  15. Roof Manufacturer – 15 year
  16. EIFS – 5-year
  17. HVAC – 5-year Compressor
  18. Landscaping – minimum 1-year
  19. Coordinate the receipt of Record (as-built) Documents to be provided by the Contractor and Consultants.
  20. Civil Engineering (site utilities, grading, etc...)
  21. Site Lighting Photometric Readings
  22. Mechanical (HVAC), Electrical, and Plumbing
  23. Sprinkler and Fire Alarm
  24. Coordinate with Contractor the training of Client's employees on the operation of new equipment.
  25. Coordinate transfer of stock supplies of materials to the Client as indicated in construction agreements.
  26. Submit documentation at the end of the project to reconcile final budget with a record of construction expenditures.
  27. Contract Closure
  28. Completing and settling the contracts is an important process to determine if the work described in the contract was completed accurately.
  29. COR Consulting, LLC will assist in the reconciliation of outstanding change orders, credits to the contract, and final payment applications.
  30. Lessions Learned
  31. Project Close-out Meeting / Exit Interview – COR can assist in coordinating a meeting between key project members to determine their effectiveness and to document lessons learned during the process. The meeting is an open communication as to the successes and failures of the project and how to improve to minimize risk on future ventures. 
  32. Celebrate
  33. The project team should celebrate their accomplishment to officially recognize their efforts and thank them for their participation. A celebration helps team members formally recognize the project end and brings closure to the work they’ve done. It also encourages them to remember what they’ve learned and to start thinking about how their experiences will benefit them during the next project.
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