Epic Contract Management in Offshore and Marine
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Epic Contract Management in Offshore and Marine Course
Introduction:
The Engineering, Procurement, Construction, Installation & Commissioning (EPCIC) contract is widely used in the construction industry, particularly for complex projects. It has become the preferred contract module due to its comprehensive coverage. Mastering the intricacies of EPCIC contracts is crucial for driving effective contracting strategies that minimize delays, cost overruns, and liability issues. This specialized training course, "EPCIC Contracts Management in Offshore & Marine," is specifically designed for professionals in the offshore and marine sectors. It addresses the key issues that arise among all parties and stakeholders involved in contract execution, focusing on the best practices for risk allocation and management.
Under the EPCIC model, the main contractor assumes the project risks. However, they must also employ effective contracting strategies to minimize these risks. This training course provides participants with a comprehensive understanding of the EPCIC contract framework, enabling them to navigate its complexities and optimize risk management strategies. Through practical exercises and real-world case studies, participants will learn how to allocate and manage risks and liabilities effectively.
The course covers essential topics such as contract administration, risk assessment and mitigation, project scheduling, and performance evaluation. Participants will gain insights into the roles and responsibilities of each party involved in an EPCIC contract, including the main contractor, subcontractors, and clients. By mastering the principles and best practices of EPCIC contract management, participants will be equipped to drive successful project outcomes while minimizing potential risks and liabilities.
Whether you are a project manager, contracts professional, or involved in the offshore and marine industry, this training course will provide you with the tools and knowledge to excel in EPCIC contract management. Join us and enhance your skills in driving effective contracting strategies, mitigating risks, and ensuring successful project execution in the offshore and marine sectors.
Course Objectives:
After completion of the course participants will be enabled to:
- Understand the current global, local and financial environment for EPCIC contracts and assess operational, commercial, legal, and financial risks in EPCIC contracts
- Examine and analyze the difference between EPCIC contracts & EPCM and appreciate the underlying legal principles
- Appreciate the essential element of the different contract stages from pre to post tender to completion and delivery of project
- Address key issues faced during the project lifecycle and how to tackle these through enforceable contractual clauses
- Avoiding drafting pitfalls and ambiguous contractual terms
Who Should Attend?
This EPCIC Contracts Management in Offshore & Marine training course is suitable to a wide range of professionals but will greatly benefit Contracts Professionals and Project Managers operating in complex offshore and onshore projects in marine and shipyard construction and engineering, whether a beginner or intermediate levels and also:
- Commercial Contract Professionals
- Commercial Operation Professionals
- Contract Engineers
- Procurement Supply Chain Professionals
- Risk Manager / Contract Risk Professionals
Course Outlines:
EPCIC Overview, Legal Framework & Contract Structure and Risk Allocation
- EPCIC, EPC. EPCM Contract Structure and Strategy
- Maximizing Parties’ Rights and Interests
- Contractor’s Single Point of Responsibility and Its Effects on Parties
- Fixed Price Lump Sum Contracts
- Split Contract Structures to Minimize Tax and Legal Exposure
- EPCIC used in Shipbuilding Contracts for “Floaters” and Floating Platforms
- Collaborative Contract Strategies to Avoid the “Blame Game”
Tender Process Leading to an EPCIC Contract
- Legal, Technical and Commercial Pre-qualification of Tenderers
- Best Practices in Tender Evaluations and Selection of Tenderer
- Important of Scope of Work and Specifications and Terms and Conditions
- Exceptions – What to accept and what to deny
- Finalizing Tender Negotiations & Award
- LOI and LOA Essential Terms and Legal Effects
- Exercise on the Selection Process and Main Elements to Ensure a Successful Tender Exercise
Negotiating Essential Contractual Terms of EPCIC Contracts
- Identifying Critical Issues in the Project Life-cycle
- Managing Cost Impact Clauses like Delay, Price Fluctuations
- Indemnities and Other Liabilities, MAC Clauses, HSE
- Changes in Law and Regulations in Host Country & Stabilization Clauses
- Political Risk Insurance
- Force Majeure & Termination for Cause and without Cause
Essential Aspects of Risk Management Strategies
- Design, Technology & Process Risk
- Procurement & Specification risk
- Variations and Cost Impact
- Payment and Multi-currency Contracts
- Delay, Liquidated Damages and Extensions of Time (EOT)
- Completion and Testing & Effects of Acceptance
- Using Contractual Clauses to Manage Liabilities and Risks
Contract Completion – Critical Issues
- Acceptance of Punch List of Defects - What is the effect?
- Passing of Tile and Risk - Safety & Insurance
- Warranties and Guarantees
- Passing of Intellectual Property Rights
- Defects - Exculpatory Clauses
- Dealing with Disputes – Considering the Different Options
- Discussion on Issues Participants have Faced and How It was Handled