meet, subject

[Sepmre]

in the statment below:

Drastic action is necessary in situations where contractors are not meeting their payment obligations because such failures seriously
threaten the ability of the contractor to complete the project in a timely fashion, and may impede the owner’s right to use it for its
intended purpose even if it is completed.

Does " contractors are not meeting their obligations" mean that the contractors do not act based on their obligations?
2- Could anyone rewrite the underlined sentence like: ' The owner's right is impeded to be used for his [owner's] intended purpose...?
3- In the phrase "even it is completed", does 'it' refer to the project?

Thanks

 

[SoothingDave]

1. It means they do not do what they are obliged to do. What they are required to do. In this case they are obliged to make payments.
2. No. Why try to make it passive? The failure may impede the owner's right.
3. The "it" is not clear here. "It" would refer to the project, or, more properly, the end result of the project. If you are a contractor building me an apartment building, I may not be able to use it (i.e. rent out the apartments and make money) if you do not pay your bills. A court could hinder my use until your obligations are met. Or a city inspector may refuse to grant an occupancy permit until all obligations arising from the building's construction are met.