What does EPC mean in procurement?

What does EPC mean in procurement?

Engineering, Procurement, Construction
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 is EPC contract India?

Engineering, Procurement and Construction (‘EPC’) is a particular form of contracting arrangement used popularly in many countries where the EPC contractor is made responsible for all the activities from design, procurement, construction, commissioning, and handover of the project to the end-user or owner.

What is the role of an EPC?

An EPC is intended to inform potential buyers or tenants about the energy performance of a building, so they can consider energy efficiency as part of their investment or business decision to buy or occupy that building.

Is EPC a type of contract?

Definition of EPC Contract. EPC contract is a type of construction contract between parties where the contractor is responsible for all the engineering, procurement, and construction activities to deliver the completed project to the employer or owner.

Who is responsible for an EPC?

Whose responsibility is it to obtain an EPC? If the building is being offered for sale, it is the responsibility of the seller to provide the EPC to the potential buyer. If it is being rented, then it is the responsibility of the landlord to provide the EPC to the potential tenant.

What are procurement contracts?

Procurement contracts are the agreements to use certain products and services on a project. The types of procurement contracts and are typically either fixed-price, cost-reimbursable, or time and materials. Some agreements can include more than one of these payment structures on a single procurement contract.