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Substantial completion refers to the stage in a construction project when the work is sufficiently complete, allowing the owner to occupy or use the building for its intended purpose, even if some minor tasks remain unfinished. Final completion, on the other hand, occurs when all contractual obligations, including any punch list items, are fully completed, and all necessary documentation and approvals are obtained. Essentially, substantial completion allows for occupancy, while final completion signifies the end of the project and the contractor's obligations.

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