Engineer, Procure, Install, Commission, Operate and Maintain

A contract under which the contractor engineers, procures, installs, commissions, operates and maintains [EPICOM] the work. For example a manufacturer of a piece of capital plant not only designs and assembles the plant, but also operates the equipment and provides a service instead of simply supplying an asset. The approach is similar to ‘power by the hour’ and allows the client to buy the output of the asset rather than the asset and moves the risk of downtime to the asset manufacturer. See also Engineer, Procure, Install and Commission.