The project manager supervises the close out process of the project. Some typical areas are:
Close out documentation: Warranty letter, maintenance bond, as-built plans and specs etc are part of the information for the owner to operate the building efficiently. This close out documentation has to be collected and submitted in a timely fashion if we are to collect our final check.
Close out outstanding change orders: Languishing change orders should be handled one way or another before the end of the job. In different parts of the country, some change orders are always paid at end of the job regardless of the project schedule. However, it is still very risky to leave this revenue uncollected after the firm has incurred the payroll, material costs, overhead etc for the work. Add interest cost to that and the risk is increased.
Post project review: Project managers have to be leaders in this area. The information they capture can be an invaluable and a leverage point. Mistakes made twice have no place in this industry. The business is unforgiving. Construction firms should know what went right (people, techniques, materials) and should repeat. What things went poorly and should not.
Submit final billing and collect the final check: In the construction business, your net profits reside in retention. Collecting them is paramount and should be given to the project manager. He knows the history of the job and can quickly fix any deficiencies that the client made be concerned about before final payment is made.