What is the definition of certificate of final completion?

Answer 1

Upon the architect's satisfactory final inspection and favorable review of the contractor's final payment request, the architect will issue a certificate indicating that the final payment is due. This constitutes the architect's certificate of final completion. Although it is referred to as the final payment, there is usually at least one more payment to release the retainage required by most contracts. If any sums had been temporarily held back to guarantee completion of punch list work, they would be certified for payment when that work is satisfactorily completed.

According to the AIA general conditions, the contractor must submit a number of documents as a condition precedent to the final payment. These consist generally of proof that construction bills have been paid from previous payments, that specified insurance is in effect and will be renewable, consent of surety (if any) to the final payment, and data providing lien indemnification. Although the architect will usually facilitate the collection of these documents from the contractor, it is the owner's responsibility to engage legal and accounting consultation to review their adequacy.