Event Name: Engineering, Procurement and Construction (EPC) Turnkey: Project Risk, Contract and Insurance
Date: 2 – 3 December 2013
Location: Bangkok, Thailand
As the financing of construction projects becomes increasingly difficult, so the EPC model is increasingly being turned to as a mechanism for completing construction works on time and within budget. This is particularly so in large scale infrastructure projects such as telecommunications, power, gas, water and transport contracts.
While EPC contracts are becoming the norm for delivering these large scale infrastructure projects, they are not without risk for both employer and contractor. Contractors in particular may be unwilling to assume the increased risk which EPC contracts place on them. Or, if they do assume this risk they may well price the risk into their contract, leading to increased costs for all.
A complicating factor in any discussion of EPC contracts is that there are various names given to these contracts, sometimes inaccurately. Terms like EPC, Turnkey, EPCM, Design-Build, Management Contract and other terms are often used differently in different jurisdictions, by different writers and in different contracts.
For these and other reasons it is vital that all parties understand the exact nature of the risk they are assuming when they embark on an EPC contract.
Organizer: InVida Events Pte Ltd