Procurement and Construction Agreement is also known as the EPC or the engineering, procurement and construction agreement. It is chiefly used to refer to contracting or contractual agreements within the field of engineering. There are a lot of technical details which have to be incorporated within the agreement but most of it is usually unknown to laymen.As a result, all of this must be done by a qualified legal expert. Under this agreement, the contractor builds, installs, procures and sets up all the necessary components of an engineering project and helps to bring it to its completion or fruition as the case may be.
The terms and conditions as well as the issue of money must be mentioned in the document and all efforts must be applied to ensure that both parties understand it well. In case of any defaulting, the legal penalties that will be imposed must also be indicated in the procurement and construction agreement.
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