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…
An EPC contract outlines roles, responsibilities, and expectations for a successful project. But what happens if the contractor falls short? A well-defined “Contractor Default” clause empowers you, the owner, to address breaches and protect your investment. Here’s a breakdown of key…
EPC contracts involve significant investment. While you choose a reputable contractor, safeguarding your project with additional security measures is wise. Here’s how bonds, guarantees, and parent company guarantees can provide peace of mind: Remember: Consulting a legal professional is recommended…
When entering an EPC contract, you expect the contractor to deliver a project with competence and care. But what happens if their actions (or lack thereof) cause serious harm? This is where understanding “gross negligence” becomes crucial. Remember: Don’t…
EPC contracts are complex, but clear provisions can minimize surprises and protect your business. Here’s a breakdown of two key clauses that promote clarity and limit liability: By including these clauses in your EPC contract, you promote…
In an EPC contract, both parties share risks. But what happens if someone gets hurt or property is damaged? Indemnity clauses define who is financially responsible for such situations. Here’s how to ensure these clauses protect your business…
EPC contracts offer efficiency, but unexpected events can disrupt timelines and budgets. Here’s how to ensure your contract protects your interests: By incorporating these provisions into your EPC contract, you take a conservative approach. It protects you from…
EPC contracts offer a streamlined approach to construction projects, but even the most meticulous plans can encounter unforeseen issues. Here’s why involving an insurance broker early on is a wise, conservative move. Insurance acts as a safety net, minimizing…
Imagine this: you’ve signed an EPC contract for a new building, excited to get started. Then, halfway through construction, you encounter unexpected soil contamination or buried utilities. Who’s responsible for the extra time and cost? In EPC contracts, it’s common for contractors…
