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ArticleWorlds Apart: EPC and EPCM Contracts: Risk issues and allocationBy Phil Loots and Nick Henchie November 2007 Worlds Apart: EPC and EPCM Contracts: Risk issues and allocationBy Phil Loots and Nick Henchie2 IntroductionFor many years now it seems that the most desired way for an Owner to procure a major construction project, particularly one being project financed, was via a fixed price, lump sum turnkey route; the so called engineering, procurement and construction contract ( EPC contract ).

The Project Participants In addition to the Owner there are a number of other main participants in major projects. Where a patented process is involved there may be the process supplier, who is usually

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