What is the EPC F model
EPC is an abbreviation for Engineering, Procurement and Construction and stands in German for the process steps planning, procurement and construction in projects of e.g. tank terminals. It is a fixed term that describes a special form of project management and contract design in the construction industry.
In plant construction, this form of contract design for EPC services is a possible form of project management, within which the contractor undertakes to hand over the finished structure, such as a tank farm, to the client in a turnkey manner. Normally, the EPC service provider is obliged to complete the construction project at a certain point in time and within a specified budget. In this context, one speaks of lump sum turn key contracts (LSTK). All engineering services, the procurement and manufacture of all necessary building materials and parts as well as the construction and commissioning are the responsibility of the contractor with this type of contract.
An alternative to EPC processing is the outsourcing of construction work to individual trades, which is also used at various locations at e.g. tank terminals.
In the planning and construction of tank farms, a multi-year operating time following commissioning is often agreed between the contracting parties. In this case one speaks of a BOOT contract (Build-Own-Operate-Transfer).
Status: December 2015
All statements without guarantee
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