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An EPC, LSTK, or EPCC all are the same types of contracts. This form of contract is covered by the FIDIC (International Federation of Consulting Engineers) Silver Book [2] containing the title words EPC/turnkey. The initials EPCM are also encountered frequently on international projects, but this is very different from EPC.
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.
This contract is still between the employer and contractor but does not use all of the processes of the ECC making it simpler and easier to manage and administer. The Engineering and Construction Short Subcontract (ECSS) Allows the contractor to sub-let a simpler lower risk contract down the line to a subcontractor.
In Australia, the common building contracts in use also have a "superintendent". This is a person who represents the owner or principal and administers the contract terms and conditions. The responsibilities include: assessing and certifying claims for payment, extensions of time and variations to the contract.
When using the Percentage of Completion Method you start with the contract price in this example is $10,000,000 for the entire job. The job is to be completed in three years. To record the first years revenue you start with computing the 2018 actual cost to date divided by the total estimated cost to get the percentage of completion for 2018 ...
the Silver Book covers projects which will follow the engineering, procurement and construction (EPC) and turnkey approach. [10] [12] the Green Book created a short form of contract. [10] The Yellow Book and the Silver Book effectively superseded the Green Book, as it is common for them to be used in the relevant circumstances. [11]
Accounting for long term contracts can be done in two ways: through the completed-contract method and the percentage of completion method. The choice between the two depends on the provisions of SOP 81-1 from the AICPA. The completed-contract method recognizes income only when the contract is completed or substantially completed. [1]
The exact provisions will depend on the specific form of contract being is adopted. For example, in the Joint Contracts Tribunal (JCT) Design and Build Contract, the base date determines the allocation of risk in relation to changes in statutory regulations, changes to VAT exemptions and changes to definitions of dayworks. Under the JCT's ...
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