In Understanding and Negotiating EPC Contracts, Howard Steinberg presents a practical and comprehensive guide to understanding virtually every aspect of engineering, procurement and construction (EPC) contracts for infrastructure projects.
Any project which involves an EPC contract is also likely to involve a number of other complicated contracts. The challenge of the parties to an EPC contract is not to try to eliminate risk but rather put into place a narrative structure that enables the parties to predict the contractual result that would obtain if a risk materializes. If the EPC contract does not allow the parties to determine the consequences of an unanticipated situation, they will have to look to an expert, mediator, tribunal, or court to impart guidance or pass judgment.
The 25 chapters in Volume 1 are supplemented with real-life examples and court decisions, and offer tactical advice for anyone who must negotiate or understand EPC contracts in connection with the implementation, financing or operation of infrastructure projects.
The sample forms of contract contained in Volume 2 of Understanding and Negotiating EPC Contracts are intended to serve as a guide to demonstrate how risks and responsibilities can be allocated among project sponsors, EPC contractors and the various other parties that may be involved in a project.
Collectively these two volumes offer an extraordinary resource that provides the benefit of lessons learned and priceless insight into any project being undertaken which can help assure the resilience of any EPC project.
Volume 1: Foreword; Introduction; a historical perspective; Choosing a development approach; The EPC contractors approach; Beginning the evaluation process; Full-scale development; Philosophy of the EPC contract; Subcontractors; Site or route survey; The work; The sponsors obligations under the EPC contract; Monitoring the progress of the work; Unforeseen circumstances, adjustments and change orders; The EPC contractors failure to perform; The owners failure to discharge its responsibilities; Unexpected market conditions; Testing and completion of the work; liquidated damages for delay and impaired performance; The EPC contractors warranties of the work; Security for the EPC contractors performance; limitations on overall liability and contract expiration; Payment for the work; Title and other legal matters; Indemnification and insurance; Dispute resolution and governing law; Interested third parties; Afterword; Table of case citations; Index; Glossary.
Volume 2: Readers note; Foreword; Introduction; How to use these sample contract forms. Part A Sample Form of Letter of Intent for Fixed Price, Lump Sum, Turnkey, Engineering, Procurement and Construction Contract. Part B Sample Form of Limited Notice to Proceed Agreement. Part C Sample Form of Fixed Price, Lump Sum, Turnkey, Engineering, Procurement and Construction Contract. Part C Supplemental Provisions for Certain Types of Projects: Power plant specific provisions; Electrical transmission facilities; Liquid natural gas terminals; Air separation units. Index.
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