Construction · Defined
Final payment
The payment intended to settle the remaining contract balance after the applicable payment conditions have been satisfied.
Why it matters
Check closeout, approved adjustments, retainage, and required supporting records. Occupancy alone does not establish that final payment is due.
In practice
A project example
Most work is complete, but missing closeout documents remain relevant to the contract’s final-payment conditions.
General educational guidance from KOW Building Consultants. Examples are illustrative, not project records. The applicable contract, standard, program, and jurisdiction control the requirements for a specific assignment.