What does Engineering Procurement Construction mean?
EPC ( Engineering , Procurement , Construction ) An EPC contract is a turnkey solution, which means that the construction company provides the complete package of services. Under an EPC contract, the owner hires the EPC contractor, who then supplies its own engineers , consultants, suppliers and other contractors.
What does EPC mean in construction?
engineering, procurement and construction
What is Procurement Construction Management?
In construction management , by definition procurement encompasses securing all of the goods and services needed to bring the construction project to completion in a timely and satisfying manner.
What is the difference between EPC and turnkey contracts?
EPC is a contract comprising Engineering, Procurement and Construction. 3- In turnkey , contractor is responsible to perform construction and commissioning, start-up and take over of the plant to employer, but in EPC , it may be the responsibility of other third person to do commissioning and start-up.
What is O&M contract?
Management contracts and Operation and Maintenance ( O&M ) contracts are contracts governing a type of public-private partnership (PPP) agreement . This section explains key features of this type of arrangement, provides sample contracts , bidding documents and checklists.
What does procurement mean?
Procurement is the act of obtaining goods or services, typically for business purposes. Procurement generally refers to the final act of purchasing but it can also include the procurement process overall which can be critically important for companies leading up to their final purchasing decision.
What is EPC in finance?
The most common project finance construction contract is the engineering, procurement and construction ( EPC ) contract. The terms EPC contract and turnkey contract are interchangeable. EPC stands for engineering (design), procurement and construction.
What is procurement in civil engineering?
They are design, build, management, finance and operation. It can be understood that, a procurement system defines scope or responsibilities of each parties (Client, Consultant & Contractor). In other words, procurement system is very important term to understand properties of construction contract.
What is EPC stand for?
Engineering, Procurement and Construction
What are the types of procurement in construction?
The principal procurement methods are: General contracting; Design and build ; Construction management ; and. Management contracting .
What are the types of procurement methods?
Procurement methods include competitive bidding, competitive proposals, requests for qualifications, and direct purchases. Competitive bidding is typically used for procurement of materials, supplies and equipment, maintenance and non-professional services, and construction.
What is types of procurement?
Procurement contracts are categorized into the following types and subtypes: Fixed price contracts. Firm fixed price. Fixed price plus incentive. Fixed price with economic price adjustment. Cost-reimbursable. Cost plus fixed fee. Cost plus award. Cost plus incentive. Time and materials.
What are turnkey projects typically?
Traditionally, turnkey , as a term, is commonly applied to construction projects , such as warehouses, other purpose-built buildings, or houses. The idea is that the building contractor finishes a product that the buyer can utilize immediately.
What is the meaning of turnkey contract?
Meaning of turnkey contract in English a contract in which a company is given full responsibility to plan and build something that the client must be able to use as soon as it is finished without needing to do any further work on it themselves: The stadium is being built under a turnkey contract .
What is a turnkey project in engineering?
A turnkey , a turnkey project , or a turnkey operation (also spelled turn-key ) is a type of project that is constructed so that it can be sold to any buyer as a completed product. ‘ Turnkey ‘ is treated as merely signifying the design responsibility as the contractor’s.