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Various abbreviations used for this type of contract are LSTK for lump sum turn key, EPIC for engineering, procurement, installation & commissioning and EPCC for engineering, procurement, construction and commissioning. Use of EPIC is common, e.g., by FIDIC and most Persian Gulf countries. Use of LSTK is common in the Kingdom of Saudi Arabia.
EPCI stands for Engineering, Procurement, Construction and Installation, a common form of contracting arrangement within offshore construction. The acronym EPIC for Engineering, Procurement, Installation & Commissioning is also used. Under an EPCI contract, the contractor will design the structure(s), procure the necessary materials, undertake ...
The Common Procurement Vocabulary (CPV) has been developed by the European Union to facilitate the processing of invitation to tender published in the Official Journal of the European Union (OJEU) by means of a single classification system to describe the subject matter of public contracts.
EPCM/I – engineering procurement construction and management/installation; EPCU – electrical power conditioning unit; EPIDORIS – exploration and production integrated drilling operations and reservoir information system; EPL – EPL log [clarification needed] EPLG – epilog; EPLPC – EPL-PCD-SGR log [clarification needed]
Contract management or contract administration is the management of contracts made with customers, vendors, partners, or employees.Contract management includes negotiating the terms and conditions in contracts and ensuring compliance with the terms and conditions, as well as documenting and agreeing on any changes or amendments that may arise during its implementation or execution.
Ke – Is used as an abbreviation for Cost of Equity (COE). Ke is the risk-adjusted, theoretical rate of return on a Company's invested excess capital obtained through external investment s. Among other things, the value of Ke and the Cost of Debt (COD) [ 6 ] enables management to arbitrate different forms of short and long term financing for ...
In the US, the Construction Management Association of America (CMAA) states the most common responsibilities of a Construction Manager fall into the following 7 categories: Project Management Planning, Cost Management, Time Management, Quality Management, Contract Administration, Safety Management, and CM Professional Practice. CM professional ...
The traditional procurement method is the most common construction delivery method. This process begins with an owner selecting an architect to prepare construction documents. These are prepared using drafting standards such as the NEC Engineering and Construction Contract or (formerly) the Institution of Civil Engineers ' (ICE) Conditions of ...