completion
Definition
Completion is the moment when a contract has been fully performed and all parties have done everything they agreed to do. In real estate and construction, this word carries extra weight because it marks the official point when ownership transfers or a project is considered finished and ready for final payment.
Example
If you hire a contractor to renovate your shop, completion is the day the work is done to the agreed standard and you hand over the final payment in exchange.
Watch Out
Make sure your contract spells out exactly what 'completion' means, because disputes often arise when one party thinks the job is done and the other disagrees.
See which terms appear in your contract?
This definition is for informational purposes only and does not constitute legal advice. Please consult with a licensed attorney for legal guidance.