Advantages and disadvantages of the Lump Sum (or Fixed Fee) contract are examined including the Lump Sum Contract with Price Adjustment.
Technip has been awarded an engineering, procurement and construction management (EPCM) lump sum contract by PKN Orlen for a hydrogen plant, to be located at its refinery in Plock, Poland.
Petrobras has awarded Technip, working with JGC Corp and Modec Inc, a lump sum contract for the front-end engineering design (FEED) of a proposed floating liquefied natural gas unit (FLNG).
In sum, contracting is found to be instrumental for improving honey production, sales and income.
There are four principal methods of chartering a tramp ship voyage charter, time charter, bareboat charter, and "lump-sum" contract.
This paper aims to review the prevailing practices of GMP/TCC in general, and explore the motives and benefits of implementing the GMP/TCC scheme in comparison with the traditional fixed-price lump-sum contract in particular.
A complete set of documents, plans, and specifications prepared and reviewed by the design consultant — the architect and consulting engineers — before being issued for bidding purposes is a critical component of the lump-sum contract approach.
Total E&P Congo has awarded Technip a major lump-sum contract covering engineering, procurement, supply, construction, installation (EPSCI) and pre-commissioning for the Moho Nord development project, located approximately 75 km off the Congo coast.
Foster Wheeler Iberia SA has been awarded a lump-sum contract by Compañía Española de Petróleos SA (CEPSA), one of the main Spanish refining companies, for the front-end engineering design (FEED) and early procurement services for new crude, vacuum and gas concentration units at La Rábida Refinery at Huelva, in Spain.
Depending on the type of contract to be awarded, a slightly different set of bid documents will be required: one for a lump-sum contract award, one for a cost-plus contract, one for a construction-manager contract, and one for design-build.
Bechtel has, since 1996, tripled the number of jobs it performs under lump-sum contracts, meaning that any cost or schedule overruns above a fixed price are swallowed by Bechtel.
