Skill Bits Collection
Basics about Contracts Contract Administration Contract Compliance and Ethics Contract Drafting Contract Management Contract Negotiations Contract Risk Management Contracts Digital Contract Management Solutions EPC Contracts Financial Management for Contracts International Contracts Managing Contracts
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…
Safeguarding Your Project: The “Care of the Works” Clause in EPC Contracts
The “Care of the Works” clause acts as a safety net in Engineering, Procurement, and Construction (EPC) contracts. This clause outlines the Contractor’s responsibilities for maintaining and protecting the completed project until a specified period, often called the “Defects Liability…
Navigating Delays: The Role of Liquidated Damages in EPC Contracts
In large-scale projects, the EPC contract is the cornerstone, outlining the rights and responsibilities of both the Owner and Contractor. A critical element of this contract is Liquidated Damages (LDs) for delays. These are enforceable financial compensations meant to address…
Keeping Things on Track: Performance Liquidated Damages in EPC Contracts
Performance Liquidated Damages (LDs) are a key tool in Engineering, Procurement, and Construction (EPC) contracts. They act as a pre-determined financial compensation for the Owner if the Contractor misses project deadlines. These LDs incentivize the Contractor to complete the project…
Capping the Risk: Understanding Liability Caps in Contracts
A “liability cap” acts as a safety net in contracts, limiting the maximum amount a party (usually the contractor) can be forced to pay for breaching the contract or facing other legal claims. This cap, often a percentage of the…
The Murky Waters of Consequential Damages in EPC Contracts
In the intricate world of Engineering, Procurement, and Construction (EPC) contracts, consequential damages can be a source of confusion and dispute. These are financial losses that arise not directly from a breach of contract, but from the secondary effects of…
Safeguarding Your EPC Project: The Power of Sureties and Bonds
In the world of EPC (Engineering, Procurement, and Construction) contracts, sureties and bonds act as a financial shield for project Owners. These instruments serve as a safety net, offering protection against the risk of contractor non-performance. Understanding Sureties and Bonds:…
Building a Solid Foundation: Essential Clauses for Every Contract
A well-drafted contract is the cornerstone of any successful business relationship. By including essential clauses, you can ensure clarity, minimize disputes, and protect your interests. Here’s a breakdown of key provisions to consider for every contract: Clear Communication and Record Keeping: Language and Communication…
Protecting Innovation on Both Sides: Balancing Confidentiality and Information Use in EPC Contracts
EPC contracts necessitate sharing information, but it’s crucial to strike a balance between safeguarding confidential details and granting the owner necessary rights to the project. Here’s how to achieve this balance: Confidentiality: A Two-Way Street Contractor Retains Ownership: Sole Title for…