A contract under which the contractor engineers, procures, installs and commissions [EPIC] the work, often an engineering project. In practice, this is a form of outsourcing most common to the oil and gas sector under which the client does not design the solution, but invites bidders to quote a price for designing the solution, procuring the materials, and installing and commissioning the project. This transfers the design risk to the contractor and is only possible where there are large integrated groups that have the capability to design, procure, fabricate and install large capital projects. See also Engineer, Procure, Install, Commission, Operate and Maintain.
« Back to Glossary IndexEngineer, Procure, Install and Commission
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.
