What is EPC and Turnkey Contract ?| Reinforce Institute : Difference between EPC & Turnkey Contract

Reinforce Quantity Surveyors and Training Pvt. Ltd.
In this video we are discussing about the EPC and Turnkey contract , In detail EPC stands for Engineering Procurement and Construction .
EPC : ( Engineering Procurement Construction ) - In this EPC contract , Client allows to contractor to do from beginning of work ( Design , drafting and all types drawing ) till the completion of project i.e Engineering , Procure of Resource at the site and execute and finalize the project.
The EPC contractor has all right to design the drawings , prepare the budget and schedule of works on which client and EPC contractor dully agreed to do and implement the project .
Turnkey contract is almost similar to EPC contract with significant difference :
In EPC contract, Client will fixed the cost and time depending upon the duration and cost budgeted by the final EPC contractor those selected to do the particular EPC project.
In turnkey Contract, Client will prefixed the cost and time with their own under which client ask to all the eligible contractors to follow the same while Quoting the tender.
In EPC contract, client will allow the final EPC contractor to hire the subcontractor to execute some part of their works
In Turnkey Contract , the final contractor has to complete the project with their own without any subcontractor.
In EPC contract, Contractor and client will do agreement on the sequence and stages of works and activities which are to be performed at the site where as in Turnkey contract , there is not such type of discussion or agreement between client and contractors to execute the project . Turnkey Contractor will execute and run the project with their own sequence but should be in time limit which was prefixed by the client.
Advantage of EPC and turnkey contract for clients :
1. Client has no need to concern with any PMC for drawing preparation etc.
2. Client has no worry about quality audit or checking of bill prepared by the contractor.
3. Since the time is fixed so work will be executed within time limit.
4. NO disputes between any parties .
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