EPC, Engineering, Procurement, and Construction, Contracts are quickly becoming one of the most appealing project delivery methods for larger industrial construction projects. Companies often use EPC contractors since these contractors can build an entire facility or plant without requiring the purchasing company to hire additional third parties. Once the project is complete, the contractor turns the site over to the purchasing company; this is also referred to as turnkey construction.
When considering EPC for your next project, answering the following questions will help more clearly define your process and determine your unique needs.
- Clearly define project performance goals – What are we trying to achieve overall?
- Clearly define project stakeholders – Who needs to be involved vs. who wants to be involved?
- Clearly define project budget parameters – How much should we spend to get X amount of product?
- Choose the right EPC contractors to compete for your project – How do we know who is qualified?
- Carefully write the Request for Proposals (RFP) or Request for Qualifications (RFQ) – How can we clearly convey our team intentions?
- Carefully review the RFP and RFQ responses and choose the best EPC Contractor – Who is the best choice for this particular project?
- Communicate a realistic project schedule with all parties involved – When do we need the project completed? What is our budget?
IAC’s expertise in EPC Contracting allows us to complete EPC projects throughout the world with our in-house project management, engineering, and construction teams. IAC’s unique structure as a complete solutions provider allows us to deliver EPC and Turnkey Projects faster than other providers.
Read the Blog Post: Understanding EPC Contracting and It's Advantages