What is an EPC Contract? Here's What You Need to Know
An EPC (Engineering, Procurement, and Construction) Contract in the construction industry is a contractual agreement between a project owner and the contractor. The contractual framework in an EPC contract enables the owner to transfer the complete risk of design, procurement, and construction to the contractor. The contractor is solely responsible for completing the project and handing it over to the owner in a turnkey condition. This is why EPC contracts are sometimes called turnkey construction contracts or simply turnkey contracts.
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