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 ?
If prior to initiating or during the performance of the work, the Engineer determines that the cost of completion of all work specified in the Contract will exceed the limits of the budgeted funds, the Contractor will be notified immediately.
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.
reported that the log data on the Sroda-5 well indicate the well does not have a sufficient gas column to warrant the cost of completion and will be plugged.
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.
We have taken the full cost of completion on the chin and will put it through on the half-year so that our construction and services division will be down by pounds 10 million,' said a spokesman.
The cost of completion, however, may rise with the delay.
93-1268 of 29 November 1993 and in respect of cost of completion of the work resulting from the works, and a conditional additional mission.
These factors include, but are not limited to, uncertainties in the strategic alternatives process, the timing and cost of completion of properties under development or redevelopment, the timing of lease-up and occupancy of properties, and the availability and timing of financing, as well as other factors discussed in the Company's periodic reports filed with the Securities and Exchange Commission, including the risk factors that were disclosed in our Form 10-K that was filed with the SEC on March 30, 2000.