What stage indicates that construction is nearly completed but still requires some minor tasks?

The stage that indicates construction is nearly completed but still requires some minor tasks is known as Substantial Completion. This stage is significant in construction projects as it marks the point where the principal components of the project are sufficiently finished for it to be used for its intended purpose. While the major construction activities have been completed, there may still be minor tasks remaining, often documented in a Punch List, which delineates the items that need attention before the project is fully complete.

Understanding Substantial Completion is essential as it often signifies the transition between construction and occupancy, allowing for potential tenants or owners to begin utilizing the space even if some final touches are pending. This stage is critical for project stakeholders because it typically triggers contractual obligations, such as the beginning of warranty periods and the release of final payments.