Depends on if your contract requires a certain amount of the fleet 'refreshed' by a certain date - the franchise agreement says:
"The Franchisee shall: (a) use all reasonable endeavours to modify and refresh all Class 444 and Class 450 rolling stock vehicles comprised in the Train Fleet by no later than 31 December 2018, provided that the Franchisee shall not be in breach of the Franchise Agreement if it has not done so by such date if it has used all reasonable endeavours to do so. Under such circumstances the Franchisee shall continue to use all reasonable endeavours to comply with such obligation as soon as reasonably practicable and in any event shall modify and refresh all Class 444 and Class 450 rolling stock vehicles comprised in the Train Fleet by no later than 31 March 2019"
And that appears to be a changed date from the original agreement! Either way, the halfway-house refurbishment of the 450s covers a number of the points required in the agreement (Power sockets, replacing seat covers, squabs and cushions, refreshing toilets(?)) leaving the first class reconfiguration, inductive charging in first class, media server, and a new better PIS for the full refurbishment - as well as neatening up things like grab poles and stickers.
If the franchise were to have only done half of the fleet to the full specification, I would personally argue that they haven't used all reasonable endeavours to meet it - if they've halfway-house refurbished half the fleet and fully refurbished the other, that is more likely to be viewed by the SoS as reasonable endeavour, even if it does take longer to complete overall. Do also bear in mind that getting more trains done sooner is better from the passenger point of view if half of the fleet is running around with collapsed cushions and worn covers than waiting for all of the problems with the prototype full refurbishment to be ironed out.