When is final payment due?

Final payment is due after the completion of the project, which includes a final inspection and acceptance by the owner, along with the submission of any necessary documentation. This step is essential to ensure that the work has been completed according to the contract specifications and to the satisfaction of the owner. Proper documentation, such as lien releases or warranties, is typically required to protect both the contractor and the owner, confirming that all aspects of the project have been addressed satisfactorily before the final financial transaction takes place. This structured approach ensures accountability and provides a clear framework for the completion of contractual obligations.