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ABSTRACT
This is the era of tough competition in Construction business. Stiff competition in turnkey Engineer, Procure, Construct (or EPC) business has given the Customers plenty of choices and, as usual, Customers are the kings. Increasing trend to go for competitive Lump Sum Turnkey Contracts has narrowed down the margins in EPC business. In Lump Sum Turnkey contracts, maximum risk being to the EPC Contractor, the risks are continually increasing to the contractor. It is, however, every contractor’s endeavor to minimize the risk and cost and maximize the gains. Through this paper, the author has suggested a balanced approach in this direction with main focus on Engineering. The author recognizes that Engineering is one of the most important activities for an EPC execution and hence has stressed on optimizing the engineering performance (and hence cost). Be it for Bidding, for Cost Reduction, for Procurement or for Construction, Engineering is the key to success for all of these.
