You are probably familiar with the term EPC. This is sometimes called a “Turnkey” contract. This is typically the project delivery system of choice with Owners for their large complex projects. With this project delivery system, the Owner hires a contractor to engineer, procure, and construct a facility and once complete and operating, turns it over to the Owner. The facility has to operate to specified levels as outlined in the EPC contract.
This video looks at the Engineer, Procure, and Construct or (EPC) project delivery system and why Owners like it.