Closing a Project

Properly closing a project in RIVET ensures all billing is complete, retainage is tracked, and records are preserved. Follow this guide to close out projects correctly.

Project Closeout Checklist

Before marking a project as Complete, verify:

Billing Complete

• All work is 100% billed (no remaining scheduled value)
• Final pay application has been submitted
• GC has approved the final pay application
• All approved change orders are included in billing

Payments Received

• All progress payments are marked as received
• Payment amounts match what was actually paid
• Any payment discrepancies are documented

Retainage Status

• Total retainage held is accurate
• Retainage release has been requested from GC
• Timeline for retainage release is known

Lien Waivers

• All progress waivers have been issued
• Final unconditional waiver is ready (pending final payment)
• All waivers have required signatures

Final Pay Application

Your final pay application should bill any remaining work and prepare for project closeout:

1. Complete all line items - Each line should be at 100% complete or adjusted if scope changed
2. Verify contract sum - The "Contract Sum to Date" should reflect all approved change orders
3. Check retainage calculation - Total retainage held should be accurate (Pro and Scale plans)
4. Review all previous billing - Ensure nothing was missed or underbilled
5. Generate and review documents - Check G702 and G703 for accuracy

Requesting Retainage Release

After the project is substantially complete, you can request release of retained funds:

1. Verify all work is complete and approved
2. Confirm punch list items are resolved
3. Generate a final unconditional waiver (conditional on receiving retainage)
4. Submit retainage release request to GC
5. Track retainage payment status in RIVET

Final Lien Waivers

The final pay application typically requires two lien waivers:

1. Final Conditional Waiver

Submitted with your final pay application. States you'll waive lien rights upon receiving final payment (including retainage).

2. Final Unconditional Waiver

Issued after receiving final payment and retainage. Confirms all payments received and releases all lien rights.

Marking the Project Complete

Once all closeout items are verified:

1. Open the project in RIVET
2. Go to Project Settings
3. Change status to "Complete"
4. Confirm the status change

After marking complete:

• You can still record retainage release payments (Pro and Scale plans)
• You can still generate final lien waivers
• You cannot create new pay applications
• You cannot add new change orders
• Project data becomes mostly read-only

Record Keeping

RIVET preserves all project data indefinitely, but you may want to download records for your own files:

Documents to Export

• All pay applications (G702/G703 PDFs)
• All lien waivers (signed copies)
• Change order documentation (Pro and Scale plans)
• Final retainage release record (Pro and Scale plans)
• Billing summary report

Archiving the Project

After a project has been complete for a while and you've received all payments, you can archive it to clean up your project list:

1. Go to Project Settings
2. Change status to "Archived"
3. Confirm the change

Archived projects:

• Don't appear in your main project list
• Can be found via search or the "Archived" filter
• Retain all data and can be unarchived if needed
• Still count toward your subscription project limits (Starter: 5, Pro: 20, Scale: unlimited)

Handling Incomplete Closeout

Sometimes projects don't close cleanly. Common scenarios:

Disputed Billing

If there's a billing dispute, keep the project Active until resolved. Document the dispute in project notes.

Withheld Retainage

If the GC is withholding retainage beyond normal terms, keep the project Active and continue tracking (Pro and Scale plans). Document communications in project notes.

Backcharges

If you receive backcharges, you may need to adjust your final billing. Create a negative change order to document the backcharge (Pro and Scale plans).

Warranty Period

Projects in warranty don't need special handling in RIVET since billing is typically complete. Mark as Complete once final payment is received.

Need Help?

If you have questions about closing projects or need assistance with project closeout, contact our support team at support@slpwlk.io.