What is the Full form of EPC?
The EPC full form is Engineering, Procurement, and Construction. In the construction industry, EPC contracts are prevalent. Here, the contractor-client relationship is defined. It includes all information regarding the construction project, including project design, material procurement, and labor and equipment requirements. It also includes the construction process’s schedule constraints and the contractor’s compensation.
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Few points regarding EPC
- To avoid ambiguity and deviation from the client’s specifications, the contractor and client will discuss each phase in detail.
- When the contract is signed, the contractor must keep expenses within budget and complete the assignment within the stipulated timeframe.
- An LSTK (Lump Sum Turn Key) Contract is the arrangement under which an EPC contractor is accountable for finishing the project within the given budget and timeline.
