{"id":471,"date":"2020-07-01T08:10:31","date_gmt":"2020-07-01T08:10:31","guid":{"rendered":"https:\/\/enggpro.com\/blogs\/?p=471"},"modified":"2022-03-15T03:56:41","modified_gmt":"2022-03-15T03:56:41","slug":"engineering-procurement-and-construction-epc","status":"publish","type":"post","link":"https:\/\/www.enggpro.com\/blogs\/engineering-procurement-and-construction-epc\/","title":{"rendered":"Engineering, Procurement, and Construction (EPC)"},"content":{"rendered":"

What does EPC stand for?<\/strong><\/p>\n

EPC Full Form: <\/strong>EPC is an acronym for \u201cEngineering, Procurement, and Construction<\/a>\u201d<\/p>\n

\"EPC\"<\/p>\n

What does EPC mean?<\/strong><\/p>\n

EPC Engineering Company is a construction industry wherein the project company enters into a contract with a single EPC Contractor ( a company who delivers an EPC project is called EPC Contractor) who in turn will be solely responsible for the design, procurement, construction, commissioning, and handover of the project to the project owner.\"\"<\/p>\n

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\u00a0<\/strong>EPC Contract:<\/strong><\/p>\n

EPC Contracts are commonly used for large scale resource developments like oil and gas projects, companies under the renewable energy industry and the power sector.<\/p>\n

An EPC contract<\/a> is a project document that binds the owner and contractor into a contractual framework by clearly transferring the risk responsibility related to designing, procuring, and constructing to the contractor. It also documents the performance standards the completed project is required to meet. EPC contractor then hires his own team of suppliers, sub-contractors, engineers, and consultants to complete the project.<\/p>\n

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These types of contracts are mostly preferred by Project Finance Lenders who carry minimum risk due to the fixed prices and fixed dates for completion of the projects.<\/p>\n

Advantages of EPC Contracts<\/strong>:<\/strong><\/p>\n