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The EPC contractor coordinates all design, procurement and construction work and ensures that the whole project is completed as required and in time. They may or may not undertake actual site work. EPC companies are often used in large-scale projects, such as power plants, refineries, chemical processing facilities, infrastructure projects, and ...
The company was awarded a series of EPC contracts by Abu Dhabi National Oil Company in 2019, with some projects being due for completion in 2020. yuttana Contributor Studio/Shutterstock.com 14.
In EPCI contracts, the contractor rarely carries the project risk unconditionally. Rather, contractor and customer have detailed discussions on the division of the risk. Risk of delays and cost overruns due to lacking weather windows is an example of a typical risk that may be borne by the customer rather than the contractor. [citation needed]
In traditional construction contracts (known as design–bid–build contracts) the principal contractor is only engaged when a detailed design is complete. An invitation to tender is published and a number of contractors will price the construction of the design, from which a single winner will be chosen to complete the works. Contractors are ...
Establish a construction company as a separate corporation that signs a separate construction contract, so they are able to insure and simplify liability insurance coverage; Either they have, or are able to acquire, the skills of a design–builder; Recognize the parties' different incentives
The FEED package is used as the basis for bidding for Engineering, Procurement and Construction contracts (EPC, EPCI, etc) and is used as the design basis (or Basis of Design). A good FEED will reflect all of the client's project-specific requirements and avoid significant changes during the execution phase.
The EPC contract is quite complicated in terms of legal issue, therefore the project company and the EPC contractor need sufficient experience and knowledge of the nature of project to avoid their faults and minimize the risks during contract execution. The terms EPC contract and turnkey contract are interchangeable. EPC stands for engineering ...
The New Engineering Contract (NEC), or NEC Engineering and Construction Contract, is a formalised system created by the UK Institution of Civil Engineers that guides the drafting of documents on civil engineering, construction and maintenance projects for the purpose of obtaining tenders, awarding and administering contracts.