All you need to know about EPC Companies
You may have heard about EPC Companies but do you really know what they are and how they can help you? EPC stands for Engineering, Procurement, and Construction. An EPC company focuses on providing the three aspects of a project in order to deliver value. This can be done through several different methods such as a turnkey contract or by using a modular approach.
The EPC company will identify what needs to be done in order to build the project and then find suppliers who are able to provide those services at an agreed-upon cost.
The EPC company will also work with engineers and other professionals who are needed to complete the project. They will oversee these professionals’ work and make sure that they are working efficiently and effectively. The EPC company will also manage purchasing costs by negotiating with suppliers on behalf of the client.
What is an EPC contract?
An EPC contract is a contract between a company and another company, where the first company agrees to provide engineering, procurement, and construction services for the second company. The first company is known as an EPC contractor.
This type of contract can be useful when there is a need for a project that requires many different types of expertise. For example, if you need to build a new house, you might need an architect, builders, plumbers, and electricians all working together. If you had to hire each of these professionals separately it would be very expensive and time-consuming. In this situation, it would make sense to hire an EPC company that could bring together all of these different professionals under one roof so that they can work together as efficiently as possible.
EPC Contractors can also provide other services such as project management or risk management which saves time and money for companies who don’t have the resources in-house or don’t want to take on these responsibilities themselves.
Some prominent EPC Companies include Reliance Infrastructure Ltd, Shapoorji Pallonji Group, Ambuja Cements Ltd, and UltraTech Cement Ltd.
Originally published at http://realestateandepc.wordpress.com on May 13, 2022.
