The Impact of Force Majeure and Economic Sanctions on Engineering, Procurement, Construction and Financing (EPCF) Contracts - An Examination of Contractual Liabilities
Article from: OGEL 2 (2019), in Contract Management, International Petroleum Contracts
Abstract
In an Engineering, Procurement, Construction and Financing ("ECPF") contract, the client is often faced with challenging circumstances such as force majeure, in dealing with the Engineering, Procurement and Construction ("EPC") contractor on one side, and the financier, on the other. This paper examines the above relationships and investigates the impact of force majeure on contractual obligations. The main hypothesis is that any force majeure event occurring in the main EPCF contract has inevitable impacts on the financier's interest. Due to the hybrid nature of EPCF contracts - ...