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Engineering, procurement, and construction (EPC) contracts (a type of turnkey contract) are a form of contract used to undertake construction works by the private sector on large-scale and complex infrastructure projects.
Procurement is the process of locating and agreeing to terms and purchasing goods, services, or other works from an external source, often with the use of a tendering or competitive bidding process. [1] The term may also refer to a contractual obligation to "procure", i.e. to "ensure" that something is done.
Construction Managers help to inform good decision making on behalf of the owner through planning, design, permitting, construction contract procurement, and during construction. A primary role of the CM is to ensure the terms of the Construction Contract are fulfilled by the Contractor.
Contract management or contract administration is the management of contracts made with customers, vendors, partners, or employees. Contract management includes negotiating the terms and conditions in contracts and ensuring compliance with the terms and conditions, as well as documenting and agreeing on any changes or amendments that may arise ...
t. e. Government procurement or public procurement is the procurement of goods, services and works on behalf of a public authority, such as a government agency. Amounting to 12 percent of global GDP in 2018, [1] government procurement accounts for a substantial part of the global economy.
Construction bidding is the process of submitting a proposal ( tender) to undertake, or manage the undertaking of a construction project. The process starts with a cost estimate from blueprints and material take offs . The tender is treated as an offer to do the work for a certain amount of money (firm price), or a certain amount of profit ...
Business administration. Materials management is a core supply chain function and includes supply chain planning and supply chain execution capabilities. Specifically, materials management is the capability firms use to plan total material requirements. The material requirements are communicated to procurement and other functions for sourcing.
In the United States, the processes of government procurement enable federal, state and local government bodies in the country to acquire goods, services (including construction), and interests in real property.
Construction engineering, also known as construction operations, [1] is a professional subdiscipline of civil engineering that deals with the designing, planning, construction, and operations management of infrastructure such as roadways, tunnels, bridges, airports, railroads, facilities, buildings, dams, utilities and other projects. [2]
A request for proposal (RFP) is a document that solicits a proposal, often made through a bidding process, by an agency or company interested in procurement of a commodity, service, or valuable asset, to potential suppliers to submit business proposals.