What is the full form of EPC:

EPC represents Engineering, Procurement, Construction.

It is a contract made in the construction industry in our country. The contract is made between the contractor and the customer who helps in knowing the design of the structure, the material which will be required to build the structure, the transportation required for bringing the material etc. It also mentions whether the contractor will complete the construction with his own labor or will subcontract the part of work, it also specifies the time period in which the construction will be completed and the amount which needs to be paid when the work is finished. The risks are also mentioned in detail in the contract. The risk of delay or exceeding the cost is the major risks which need to be mentioned in the contract. When the contract is made, the client and the contractor need to discuss each and every point very minutely so that at the time of construction there is no confusion or mismatch from the requirement of the client. It is the duty of the contractor to clearly describe each and every requirement of the client in the contract.