EPC/턴키 프로젝트 리스크를 고려한 해외발전 플랜트 입찰프로세스 개선방안 연구

Abstract

With growing of mega-projects in overseas power plant construction industries which needs large scaled funding from the lender, EPC/Turnkey projects by the project financing method are increasing gradually. Project financed EPC/Turnkey projects are earning revenues from cash flow after the Works are taken-over to the Employer. Most of the risks associated with construction contract are allocated to the EPC/Turnkey Contractor in order to ensure the increased certainty of the final cost and the completion date.Major risk factors on the Condition of Contract for the EPC/Turnkey Project (FIDIC Silver Book) have to be identified by the Contractor and managed from the project planning stage which is most effective of the risk management activities and the tendering process to analysis and control of the major risks should be reconsidered accordingly. Based on some study in this report, the results of study and analysis summarized as follows.First, the major risk factors which are very unfavorable terms to the Contractor in the FIDIC Silver Book are studied and confirmed as

site data, and the fitness for the purpose of the Works, and design liability, and Employer’s excessive interferences, and unforeseeable difficulties.Second, tendering process are studied and improvement of the tendering process considering stage-gate process are proposed to response and control of the major risks and to support go/no-go decision-making at the tender and contract stages.Third, checklists for the Contractor are recommended to support the Contractor’s identification between the Tender Documents and FIDIC Silver Book such as Employer's Requirements, and Particular Conditions, and Employer’s and Contractor’s claims, and notice period requirements.In conclusion, project financed EPC/Turnkey projects allocate most of the risks to the Contractor to obtain a certainty of final price and completion date and the Contractor therefore should identify and manage of the major risk factors from the tendering stage before the signing of the contract. This study acknowledged that the proposed tendering process with stage-gate control support the Contractor’s decision making whether the project will go or no go on the early stage of project.It is expected that the suggested process in this study can be used as a decision making tool in the planning stage for project financed EPC/Turnkey projects. However, due to the limited factors of identified risk which are based on the FIDIC Silver Book and the variety of risk appetite of the Contractor, the proposed process require further study to adopt objective criteria for the decision making.