Global Megaprojects by Greiman Virginia A.;

Author:Greiman, Virginia A.; [Greiman, Virginia A.]
Language: eng
Format: epub
Publisher: John Wiley & Sons, Incorporated
Published: 2022-11-16T00:00:00+00:00

As illustrated, there are a multitude of ways in which contracts can be developed. Many megaprojects are built on a turnkey basis, implemented by way of an engineering, procurement, and construction (EPC) contract. Commonly used in power and water projects but less so in oil and gas projects. Under an EPC contract, the project sponsors will seek to shift as many of the risks as possible on to the turnkey or EPC contractor such as cost and schedule risk. An EPC contract also creates a single point of responsibility which is important on megaprojects where there are complex interactions and interdependencies.

Best‐value procurement (BVP) (and its variations) as illustrated in Box 7.1 is an innovative means by which owners select their design‐builders and is presently being used by the government of New Zealand in their procurement process (Ying et al. 2022).

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