What is the full form of EPC
EPC: Engineering, Procurement and Construction
EPC stands for Engineering, Procurement and Construction. It is a common form of contract in the construction industry. The contract is made between the contractor and client. It covers all the details about the construction project like the design of the project, procurement of material and the labor and equipment required for the project. It also includes the project deadlines and the amount to be paid to the contractor.
The client and the contractor should discuss each and every point in detail to avoid the confusion and mismatch from the requirement of the client.
Once the contract is made it is the responsibility of the contractor to keep the expenses within budget and complete the project within the specified timeframe. The agreement in which it is the responsibility of EPC contractor to complete the project within the given time and budget is commonly known as a Lump Sum Turn Key (LSTK) Contract.
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