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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 ...
PROCUREMENT AND CONTRACTING REQUIREMENTS GROUP: Division 00 — Procurement and Contracting Requirements; SPECIFICATIONS GROUP. General Requirements Subgroup. Division 01 — General Requirements; Facility Construction Subgroup. Division 02 — Existing Conditions; Division 03 — Concrete; Division 04 — Masonry; Division 05 — Metals
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.
OCIMF – Oil Companies International Marine Forum; OCI – oil corrosion inhibitor (vessels) OCL – quality control log; OCM – offshore construction manager; OCS – offshore construction supervisor; OCTG – oil country tubular goods (oil well casing, tubing, and drill pipe) [23]
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 ...
Whilst the traditional method of construction procurement dissociates the designers from the contractors' interests, design–build does not. On these grounds it is considered that the design–build procedure is poorly adapted to projects that require complex designs for technical, programmatic or aesthetic purposes.
The 16 Divisions of construction, as defined by the Construction Specifications Institute (CSI)'s MasterFormat, is the most widely used standard for organizing specifications and other written information for commercial and institutional building projects in the U.S. and Canada.