cost of completion

cost of completion

n. the amount of money (damages) required to complete performance (finish the job) when a contract has been breached by the failure to perform. Example: when a general contractor breaches by not completing a house, the cost of completion is the actual cost of bringing in a new builder to finish what is left to do. The actual costs become the measure of damages rather than an estimate of cost based on percentage of work to be done.

References in periodicals archive ?
One particular example is that of Neelum Jhelum project that was started back in the era of former President Parvez Musharraf yet due to neglect, especially in the era of PPP, frequent timelines were given for its completion that also pushed up its cost of completion.
Lyonpo Lekey Dorji also said that the cost of completion is currently being assessed and will be finalized after completion of the project and upon closure of all contracts.
1993 and respect a cost of completion of the work resulting from the works, and a conditional additional mission.
EGP 14m is the cost of completion of the main roads and the first stages of the internal roads pavement," said Abdel Aziz.
All too often as market conditions tighten and work becomes scarce, too many firms take on work at, or even below, the basic cost of completion in order to fill order books.
The company decided not to further develop the project due to final estimates of the likely ultimate cost of completion and said that all project development costs to date have been taken into account and the wind-down costs will be immaterial.
Currently, we are preparing the revised cost of completion with the main contractor and quantity surveyors," said Mr Janahi.
Similarly, the chief election commissioner was told that freezing of funds at this point in time will hinder the ongoing development projects and push up their cost of completion.
The cost of completion is estimated at $180m ([pounds sterling]112m).
But others supported the ministry's emphasis on safety at the cost of completion of projects.
Additional consultant and engineering fees, she said, bring the cost of completion to about $1.
Also, when a well is drilled it will be completed as a producing well if it can yield enough oil or gas to cover the cost of completion and on-going production costs.