An engineering procurement and construction agreement is on that is entered into between an owner and a construction contractor for the purpose of complete procurement and construction as specified by the owner. The owner provides the finance for a specific project such as construction of s shopping mall, manufacturing unit etc and the contractor takes up the responsibility of procuring a suitable location and also undertakes construction of the same. In this agreement the owner retains the ownership of the property but passes on the power of attorney to the contractor until the project is completed and is ready for possession. The owner may at his discretion give the maintenance contract of the constructed building to the contractor.
Some of the important elements that are included in this agreement are contractor details, property details, construction and engineering specifications, responsibilities of contractor, cost details of the project, approvals for the construction project, enforceability of the construction project, legal respite available for the parties to the agreement etc.
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