CLIENT MANAGEMENT DOCUMENTS --
The purpose of the Notice of Acceptance is to document that, at certain points in the construction process, the project was acceptable to the Buyer in terms of quality, products, and timeframe. In my contracts, we selected "Substantial Completion of Framing", "Substantial Completion of Drywall" and "Substantial Completion of Project". At these points, the Buyers are responsible for walking the project, identifying any problems they see, and deciding what is to be done about them.
Any problem found and noted on the Notice of Acceptance becomes an interim punch list.
The concept of three interim punch lists is far superior to just one final punch list. Framing problems caught in the framing stage are much easier to deal with. The same can be said about insulation or wiring or plumbing issues being easier to repair or change before the finishes are in the house. By the time the final walk is conducted, the Buyer has already accepted the framing and all the trades through drywall, so all that is left to talk about are the final finishes.
The Draw Requests for the project are tied to the Notices of Acceptance. Once the Buyer has accepted the work to a certain point, there should be no argument that the draw tied to that Notice of Acceptance is due. Neither the Buyer nor the Buyer's Lender should have any problem with the Draw Request.
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