What does EPC mean in engineering?
EPC (Engineering, Procurement, Construction) An EPC contract is a turnkey solution, which means that the construction company provides the complete package of services. Under an EPC contract, the owner hires the EPC contractor, who then supplies its own engineers, consultants, suppliers and other contractors.
What are the types of EPC contracts?
Types of EPC Contracts Engineering, Procurement and Construction (EPC) Complete single point responsibility. Lump-sum Turnkey (LSTK) EPC with no scope. Turnkey. Responsibility to implement complete project. Item Rate Contract. This is the most prevalent contractual mechanism in which:-
What is the most frequent contract type for construction?
Lump-Sum Contracts Lump-Sum contracts are the most frequently-used contract, particularly for building construction. The idea is that all aspects of the project are pre-determined and laid out in a fixed scope of work. The cost is known and upfront for the owner, and the contractor is able to manage expectations.
What are the different types of construction contracts?
The eight types of construction contracts include: cost-plus construction contract. design and build contract. guaranteed maximum price contract. incentive construction contract. integrated project delivery contract. lump-sum contract. time and materials contract. unit price contract.
What is EPC mode?
Engineering, procurement, and construction (EPC) contracts (a type of turnkey contract) are a form of contract used to undertake construction works by the private sector on large-scale and complex infrastructure projects.
What are the exempted services?
Exempt services include cultivation, harvesting, supply of farm labor, fumigation, packaging, renting or leasing of machinery for agricultural purposes, warehouse activities, and services by an Agricultural Produce Marketing Committee or Board that is provided by an agent for the sale or purchase of agricultural
How many main contracts Does the owner have in EPC?
Depending on the project type and contracting paradigm, a developer (owner) must align key EPC terms with some or all of the following: (1) power purchase agreement (PPA), (2) interconnection agreement, (3) major supply agreements, and (4) operations and maintenance (OM) agreement.
What are the 5 basic types of contracts?
Federal government contracts are commonly divided into two main types, fixed-price and cost-reimbursement. Other contract types include incentive contracts, time-and-materials, labor-hour contracts, indefinite-delivery contracts, and letter contracts.
Who is liable to pay service tax?
Person liable to pay service tax The tax is normally payable by the service provider. However law empowers the Government to notify a person other than the service provider to pay the service tax.. In some of the cases liability of payment of service tax has been shifted to the service provider.
What are the three types of construction contracts?
Three Common Construction Contracts FIXED PRICE. Fixed price construction contracts, also commonly referred to as lump sum or stipulated sum contracts, are the most common types of construction contracts. COST PLUS. GUARANTEED MAXIMUM PRICE.