An engineering, procurement and construction (EPC) contract is the most common form of contract used to undertake construction works by the private sector on large-scale and complex infrastructure projects. Under an EPC Contract, a contractor is required to deliver a complete contract for a fixed price by a fixed date.
An EPC Contract is sometimes referred to as a “turnkey” construction contract because a contractor is required to deliver a complete facility so that the recipient only needs to turn a key to start operating the facility.
For more information on EPC Contracts, particularly in the power sector, see here.
For an explanation of the differences between EPC and EPCM Contracts, see here.