Construction glossary
Construction Glossary •
Project Closeout
What is Project Closeout?
Project Closeout in the construction industry refers to the final phase of a construction project lifecycle. It involves delivering the finished project to the client, settling all lined up financial matters, disposing project documents, and reflecting on what was learned during the project. A well-managed Project Closeout includes evaluating performance, capturing lessons learned for future projects, and ensuring the client is satisfied with the delivered work. As part of the process, Project Closeout usually includes a punch list, where minor repairs or modifications may need to be addressed even after the construction project has been generally completed. This ensures a high level of workmanship and customer satisfaction.
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Other construction terms
Payment Bond
What is a Payment Bond?
A payment bond is a type of surety bond commonly used in the construction industry to guarantee that subcontractors, laborers, and material suppliers will be paid for their work and materials on a pro...
Time-and-Material billing
What is Time-and-Material Billing?
Time-and-material billing is a method used in the construction industry where a client is charged based on the actual cost of labor and materials for a project, along with an added markup for the cont...
Float the Project
What is Floating the Project?
"Floating the Project" in the construction industry refers to a project management technique concerning the manipulation of the project schedule. This term refers to the amount of time that you can de...
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