EPC stands for ‘Engineering, Procurement and Construction’. Engineering, Procurement and Construction Contract or EPC contract is a type of construction contract between parties where the contractor is responsible for all the engineering, procurement, and construction activities to deliver the completed project to the employer or owner within a predefined time and cost. Role of an … Read more
Turnkey contract is typically a construction contract under which a contractor is employed to plan, design and build a project or an infrastructure and do any other necessary development to make it functional or ‘ready to use’ at an agreed price and by a fixed date. In trunkey contracts, most of the time employer provides … Read more
Project is a limited-time venture, planned with a set of tasks to achieve the desired goal or goals which are not available now. The desired goal could be a product, service, result, business model or a strategy. In today’s competitive and technological advanced business environment it could be anything. Project and routine operations are not … Read more
A time and materials (T&M) contract is a type of contract where the customer agrees to pay for the contractor’s services based on the amount of time spent working plus any additional costs incurred, such as materials. This type of contract can be used in a wide range of industries, but is most commonly seen … Read more
In project management, a Work Breakdown Structure (WBS) is a valuable tool that helps organize and define the scope of a project. To ensure the effectiveness of a WBS, it is crucial to understand and adhere to the 100% Rule. This article will provide an in-depth explanation of the 100% Rule, its significance in project … Read more
A Work Breakdown Structure (WBS) is a hierarchical decomposition of the project scope into smaller, more manageable components. It provides a visual representation of the project’s deliverables, tasks, and subtasks, enabling effective project planning, resource allocation, and progress tracking. Understanding the Work Breakdown Structure (WBS) A Work Breakdown Structure (WBS) is a foundational project management … Read more
In project management, a Work Breakdown Structure (WBS) is a valuable tool for organizing and planning project deliverables. However, to ensure effective project execution, it is crucial to create a WBS Dictionary, which provides detailed descriptions of key information for all Elements in the WBS. This article will explain what a WBS Dictionary is, provide … Read more
What is Build Operate Transfer or BOT? Build Operate Transfer or BOT model is a project financing and delivery method used in Public-Private Partnership or PPP agreement. Under the BOT model, the public entity or the government assigns a private entity that finances, builds, and operates a publicly-owned facility for a set period of time, … Read more
In the realm of the construction industry, the essence of a successful project lies in the robust and well-defined construction contract that governs the entire process. A construction contract serves as the bedrock on which the project’s scope, obligations, and responsibilities are established, ensuring a clear roadmap for all parties involved. Let’s delve into the … Read more