Understanding and Negotiating EPC Contracts, Volume 1 The Project Sponsor's Perspective

In Understanding and Negotiating EPC Contracts, Volume 1, Howard M. Steinberg presents a practical and comprehensive guide to understanding virtually every aspect of engineering, procurement and construction (EPC) contracts for infrastructure projects. The 25 chapters in Volume 1 are supplemented with real-life examples and court decisions, and offer tactical advice for anyone who must negotiate or understand EPC contracts in connection with the implementation, financing or operation of infrastructure projects. Emphasizing current market practices and strategic options for risk sharing, the book contains a narrative explanation of the underpinning of all of the issues involved in EPC contracting. Exhaustive in scope, it clarifies the fundamental commercial principles and pitfalls of "turnkey" contracting for all types of capital investments ranging from electrical and thermal power generation (including combined heat and power, nuclear, wind, solar, natural gas and coal) to refining, to chemical processing to LNG liquefaction and re-gasification to high speed rail, bridging, tunneling and road building. Providing clear and thorough analyses of the issues and challenges, this volume will be of great value to all those involved in complex construction projects.

Introduction Chapter One A Historical Perspective Chapter Two Choosing a Development Chapter Three The EPC Contractor’s Approach Chapter Four Beginning the Evaluation Process Chapter Five Full Scale Development Chapter Six Philosophy of the EPC Contract Chapter Seven Subcontractors Chapter Eight Site or Route Survey Chapter Nine The Work Chapter Ten The Sponsor’s Obligations Under the EPC Contract Chapter Eleven Monitoring the Progress of the Work Chapter Twelve Unforeseen Circumstances, Adjustments and Change Orders Chapter Thirteen The EPC Contractor’s Failure to Perform Chapter Fourteen The Owner’s Failure to Discharge Its Responsibilities Chapter Fifteen Unexpected Market Conditions Chapter Sixteen Testing and Completion of the Work Chapter Seventeen Liquidated Damages for Delay and Impaired Performance Chapter Eighteen The EPC Contractor’s Warranties of the Work Chapter Nineteen Security for the EPC Contractor’s Performance Chapter Twenty Limitations on Overall Liability and Contract Expiration Chapter Twenty One Payment for the Work Chapter Twenty Two Title and Other Legal Matters Chapter Twenty Three Indemnification and Insurance Chapter Twenty Four Dispute Resolution and Governing Law Chapter Twenty Five Interested Third Parties Afterword

Howard M. Steinberg is of counsel and a retired partner in the law firm Shearman & Sterling LLP and has more than 25 years of legal experience in the infrastructure sector in more than 100 countries. He is named a leading lawyer in project finance by Chambers & Partners and IFLR 1000. He represents sponsors, offtakers, miners, suppliers, engineering firms, consultants, financial advisors, contractors, operators, underwriters, lenders, export credit agencies and multi-lateral institutions in the development, acquisition, restructuring and privatization of projects around the world. He holds bachelor’s and business degrees from Columbia University and a law degree from New York University.