EPC contracts are, by their nature, different to traditional or design and build forms of contract and are intended for entirely different types of project.
The scope of the agreement also includes continuing pre-final investment decision engineering to better assure project cost and schedule certainty. It enables the users to understand key points when working on dispute cases and gain a thorough understanding of the clauses in the contracts.
If the outsourcing agreement includes some form of process transformation, consider whether all or part of that project could be delayed or canceled. With the direct impact on your bottom line and day-to-day functionality, effectively managing your companys procurement process is critical. Also to remaining apprised of pertinent business developments, managers must have a direct line to executives and key decision-makers and should be a part of your organization strategic planning process.
The method of pricing used is another important element of the procurement strategy for a project, being another way by which the parties allocate risk. Solutions to large-scale project management best practices for contract management. EPC consists of developing the design, delivering the materials, and constructing the project.
Take control of complex and large-scale projects from a single project phase to the entire project lifecycle.
Want to check how your EPC Contracts Processes are performing? You don’t know what you don’t know. Find out with our EPC Contracts Self Assessment Toolkit: