The Notice of Completion (NOC) in Oregon is governed by O.R.S. §87.045(2) & (3). This states that an owner or any original contractor may post a NOC in a conspicuous place on the job site once all the "original contractors" have substantially performed their obligations under their contracts. An original contractor is any contractor who was hired directly by the owner.
Once posted on the site, the contractor has five days to record the NOC in the county recorder's office along with an affidavit stating when and where the notice was posted.
A Notice of Completion in Oregon isn't required, but it does come with its benefits. It will accelerate the timetable for potential claimants to file a mechanics lien. The deadline to file a lien in Oregon is 75 days from the last date they furnished labor or materials to the project, or completion of the construction; whichever is earlier.
Completion of the project in Oregon can occur in one of three ways; (1) substantial completion (meaning the property is being used for its intended purpose), (2) when a Notice of Completion is recorded, or (3) when the project has been abandoned (75 consecutive days of work cessation). The substantial completion date can sometimes be hard to pin down. While project abandonment will just extend the time a potential claimant can file.
So from an owner or lender perspective, filing a Notice of Completion is beneficial as it jumpstarts the lien deadline clock as soon as its filed, hoping any potential claimants will miss their opportunity to file.