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Practical completion typically refers to the stage of a construction contract when the works are determined to be fit for use and/or occupation in accordance with the relevant contract.
In this phase you will assess and determine practical completion and issue the notice of practical completion. There are a number of contractual obligations that need to be completed by the architect, client and contractor at this time, including partial release of the security in accordance with the contract. Refer Acumen note Security – bank guarantees and cash retention.