Understanding EPC Contracts: A Deep Dive into Turnkey Solutions

Description

This Skill Bit shows that an EPC contract lays out the entire project lifecycle, from design (engineering) to building (construction) and ensuring everything works (commissioning). A well-defined scope of work in this contract avoids misunderstandings and delays by clearly outlining everyone’s responsibilities and deliverables. An EPC contract simplifies complex construction projects. One contractor handles everything from design (engineering) to building (construction) for a set price and timeline. This reduces risk for the owner but can be complex for the contractor. Common in large-scale projects like power plants and renewable energy.

Duration approx. 5 Min.

Tier: advanced