Understanding and Negotiating EPC Contracts

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.