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Optimising EPC Contracts in COVID-19 Crisis

June 10, 2022

Optimising EPC
The coronavirus outbreak (COVID-19), the prolonged quarantine responsesand the enormous economic uncertainty are affecting the normal development of EPC contracts. EPC stands for Engineering, Procurement and Construction and is a prominent
form of a contracting agreement in the construction industry. They are not only carried out in the construction sector, but also in other industries such as power generation, oil & gas, petrochemical, chemical, water treatment, mining, among other sectors. The EPC model is used where an owner or employer wishes to engage a contractor to undertake the engineering, procurement and construction of a project. Normally the EPC Contractor has to execute and deliver the project within an agreed time and budget, commonly known as a Lump Sum Turn Key (LSTK) Contract.

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