EPC Stands for Engineering, Procurement, and Construction. It is a particular form of contracting arrangement that is used by some industries where the EPC contractor is handed over with the responsibilities of design, construction, commissioning, procurement and transferring the project to the end- user or owner. This form of the contract is covered by the FIDIC Silver Book containing the title words EPC.
What is Project Management in India?
Engineering, Procurement and Construction Management is a distinct form of contracting arrangement. In an EPCM arrangement, the client selects a contractor who provides the management services for the whole project on behalf of the client. The EPCM is a service based contract that is embedded in the activities like engineering, procurement, and construction management services. There is a person in the EPC Project management popularly known as the EPCM contractor who coordinates all the design work, procurement, and construction work and also keeps an eye on the project so that it gets completed on time. The EPCM contractor may or may not have the actual site work in his hand.
The execution phase of industrial projects such as oil and gas projects consists of detailed engineering, procurement, and construction is normally known as EPC and gets start only after the final investment decision by the owners. Companies that are engaged in integrated engineering, procurement, and construction services are the EPC contractors. Undoubtedly, getting control over the EPC contracts are usually complicated and requires special expertise and knowledge. In brief, the components of EPC business, EPC Project lifecycle, phases, and gates are detailed to give the complete knowledge of the project. Furthermore, the flow of engineering activities and the interconnection between engineering disciplines are discussed and the fundamentals of project procurement management and administration, bidding, logistics and contracting are reviewed. Into the bargain, the major construction management activities are specified and tools and techniques to monitor and control project performance are introduced.
The EPC project manager (PM) is aware of the two agreements that are equally important eventually. Whereas, one agreement is with the owner and is codified in a formal legal contract and the other agreement is with the leadership and stockholders of the EPC firm.
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Source By:- https://fssairegistration508978184.wordpress.com/2018/10/03/epc-project-management-in-india/
