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What is the difference between EPC and turnkey contract?

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2014-11-19 16:57:00
2014-11-19 16:57:00

EPC is a contract comprising Engineering, Procurement and Construction.

Turnkey is a contract comprising Engineering, Procurement and Construction.

If you look at the definition , you may find no difference between two concepts, but there are some differences between two concept as follows;

1- In EPC, an employer will provide basic engineering to a contractor and the latter shall perform detailed design based of received basic design.

2- In Turnkey , Employer will only provide certain technical specifications of the project and it is the responsibility of the contractor to prepare basic and detail design of the project.

3- In turnkey, contractor is responsible to perform construction and commissioning, start-up and take over of the plant to employer, but in EPC, it may be the responsibility of other third person to do commissioning and start-up.

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Both EPC and turnkey engineering, procurement, and construction contracts. The difference is that In turnkey, thee contractor is responsible in performing construction and commissioning, but in EPC, construction and commissioning is the responsibility of a third person.


TURNKEY CONTRACT A TURNKEY project is an EPC Contract with total responsibility of Engineering, Procurement and Construction on the EPC Contractor. Owner/Client simply provides the contract specification for the project to be completed within budgeted time limits and quality requirements. EPC contractor is the sole power over the project within project specifications. EPC ~ LOOSE TURNKEY CONTRACT An EPC contract is a LOOSE TURNKEY project wherein owner/client must share some of the technical/engineering/EPC part with the contractor. Both owner and client share responsibility for project completion though majority responsibility lies with the EPC contractor. Here, owner/client wants to have some direct control over quality/timeline/budgeted resources over EPC contractor.


The objectives of EPC contract is to define the goals and expectation of a project. This is the same as with any other form of business contract. EPC refers to Engineering Procurement Construction.


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Engineering, Procurement and Construction contract Engineering Procurement Construction ("EPC") contracts typically pass all design development and construction risks to the contractor. The developer acquires a "bankable" turnkey project and, at least theoretically, pays a premium for the assumption of risk by the contractor. In other words, in an EPC contract, the EPC contractor (EPCC) agrees to deliver the keys of a commissioned project to the owner for an agreed amount, just as a builder hands over the keys of a flat to the purchaser. An owner decides for an EPC contract for several vital reasons. Some are: · The owner puts in minimum efforts for his project and, so, has less stress · EPC gives the owner one point contact. It is easy to monitor and coordinate · It is easy for the owner to get post-commissioning services · EPC way ensures quality and reduces practical issues faced in other ways · Owner is not affected by the market rise · Investment figure is known at the start of the project


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http://en.wikipedia.org/wiki/EPC


http://en.wikipedia.org/wiki/EPC


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