A contract under which the contractor engineers, procures, installs, commissions, operates and maintains [EPICOM] the work. For example a manufacturer of a piece of capital plant not only designs and assembles the plant, but also operates the equipment and provides a service instead of simply supplying an asset. The approach is similar to ‘power by the hour’ and allows the client to buy the output of the asset rather than the asset and moves the risk of downtime to the asset manufacturer. See also Engineer, Procure, Install and Commission.
« Back to Glossary IndexEngineer, Procure, Install, Commission, Operate and Maintain
Discover the world’s largest Glossary of Procurement terms
With over 800 Procurement specific terms (and growing) you will find everything you need to know or thought you knew about the Procurement function. Our aim is to provide you with a comprehensive list collated from the Comprara Groups hub of training and procurement consulting source materials.The Procurement Glossary has been compiled by industry expert Paul Rogers.
