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The Art of Waiting: Patience and Capitalizing on Missteps
The 36 Stratagems offer a treasure trove of wisdom, and “Wait for your opponent to become overconfident and make a mistake” exemplifies the power of patience. Here’s a breakdown of this stratagem and its nuances: The 36 Stratagems teach that…
The Subtle Serpent: Infiltration and Undermining in the 36 Stratagems
The 36 Stratagems offer a range of tactics beyond brute force. “Slowly infiltrate and undermine your opponent’s positions” advocates a patient, covert approach to weaken your opponent from within. The 36 Stratagems teach that subtle maneuvering can be as effective…
Protecting Your Investment: The Care of the Works Clause in EPC Contracts
Building a new project is a significant undertaking. As a conservative investor, you want to ensure everything runs smoothly and unexpected costs don’t derail your plans. This is where the “care of the works” clause in an Engineering,Procurement, and Construction (EPC) contract becomes crucial….
Watertight Warranties: Ensuring Quality in EPC Contracts
Warranties act as a safety net in Engineering, Procurement, and Construction (EPC) contracts, guaranteeing the project’s quality and performance. Here’s how to express warranty obligations effectively. By incorporating these guidelines, EPC contracts establish clear expectations regarding warranty obligations. This protects…
Ensuring Project Performance in EPC Contracts: Guarantees and Consequences
Performance Guarantees and Liquidated Damages (LDs) are crucial elements in Engineering, Procurement, and Construction (EPC) contracts. They ensure the delivered project meets specified performance standards. Here’s how to effectively utilize them. By following these guidelines, both owners and contractors can…
Demystifying Liquidated Damages (LDs) in EPC Contracts: Striking a Balance
In Engineering, Procurement, and Construction (EPC) contracts, managing project delays is crucial. Liquidated Damages (LDs) play a vital role by establishing predetermined compensation for delays caused by the contractor. Here’s a breakdown of key LD provisions to ensure clarity and…
Weathering the Storm: EOT, Extra Costs, and Force Majeure in EPC Contracts
Construction projects are rarely immune to unforeseen delays and disruptions. A well-drafted Engineering, Procurement,and Construction (EPC) contract mitigates these risks through provisions for Extensions of Time (EOT), Extra Costs, and Force Majeure. Owner’s Risks: Force Majeure: Key Considerations: By incorporating these provisions, EPC contracts establish…
Building on a Solid Foundation: The Quality Assurance Plan (QAP) in EPC Contracts
A Quality Assurance Plan (QAP) acts as the cornerstone for ensuring a successful EPC (Engineering, Procurement, and Construction) project. It provides a framework to guarantee the project’s output meets required standards and specifications.Let’s delve into the essential elements of a…
Securing Your EPC Project: The Role of Insurance and Key Considerations
In Engineering, Procurement, and Construction (EPC) contracts, insurance plays a vital role in risk management. Consulting with insurance professionals early on and including key insurance considerations in the contract are crucial steps. Here’s why: Benefits of Early Consultation with Insurance…