Specifying Contractor’s Remedies in EPC Contracts

Description

This Skill Bit shows that contractual remedies in EPC contracts offer a structured approach for addressing breaches and seeking compensation. They include suspension or termination of the contract, allowing the contractor to halt work or end the agreement in severe cases. The recovery of sums due covers direct costs, delayed payments, and additional expenses resulting from breaches. Specific remedies vary depending on the breach type, such as non-payment or material breach. Specifying these remedies ensures clarity, protects interests, facilitates dispute resolution, and incentivizes compliance, fostering a balanced and secure contractual relationship.

Duration approx. 5 Min.

Tier: advanced