Engineering, Procurement, Construction and Financing Contract (EPCF) in the Iranian Petroleum Legal System
Article from: OGEL 5 (2013), in Contract Management, International Petroleum Contracts
Abstract
The introduction of "Finance" in 1994 into Iran's legal system as a source of financing petroleum projects is an important change in Iran's petroleum sector since "Buyback" was the common contractual framework in Iran until that time. This new concept led to the introduction of various contractual arrangements such as Engineering, Procurement and Construction (EPC), Engineering Procurement Construction and Financing (EPCF) and (EPC & F). By concluding an EPCF contract, companies in Iran's petroleum sector face some challenges. The necessity of demanding a "Performance ...