Turnover
The formal handover of a completed project, or a completed phase of one on a project turned over in stages, from the contractor to the owner, transferring keys, operating responsibility, and usually insurance coverage for the space from the builder to the people who'll actually run it.
Why it matters
A building that's physically finished still needs someone to actually take responsibility for it: who's insuring it, who's paying utilities, who's on the hook if something breaks. Turnover is the specific moment that responsibility legally and practically shifts from the contractor to the owner.
On a real project
On a hotel renovated one floor at a time while the rest stays open, each finished floor is turned over to hotel management individually: keys handed over, systems demonstrated, and that floor placed back into service, well before the entire project reaches final [[concept-closeout|closeout]].
Who this matters most to
A Project Manager coordinates turnover, timing it against substantial completion and making sure the owner has what they need to actually take over. A Facilities Manager is often the one on the receiving end, since it's their team that starts running and maintaining the space the moment turnover happens.
Where this goes wrong
A hotel wing is turned over to management before the fire alarm system is fully commissioned, because the schedule called for it and everyone assumed the remaining punch list items were minor. Guests move in before the safety systems are fully verified, an outcome that should have blocked turnover entirely, regardless of how good the rest of the schedule looked.