What is an EPC Contract? All About Procurement & EPC Contractor
EPC stands for Engineering, Procurement, and Construction and is a popular project delivery model. It is a contract-based project and is very commonly used in large-scale infrastructure and industrial projects. One of the key benefits of an EPC contract is that it provides a comprehensive framework where a single contractor is responsible for designing, procuring materials, and constructing the entire project. This "turnkey" approach simplifies project management for the owner while ensuring that the contractor handles every stage, from planning to completion. This blog will dive into the different aspects of an EPC contract so that you can make an informed decision before getting into one. Engineering: The Foundation of an EPC Contract The first phase of an EPC contract is engineering, where the contractor designs the project to meet the owner's specific requirements. This involves creating detailed plans, drawings, and specifications, ensuring that the project adhere...