EPC contracts are also called turnkey contracts, because the concept is that, once the project is finalized and ready to be handed over to the user, only the “key rotation” is necessary for the user`s operation. Normally, the EPC contractor must execute and deliver the project within an agreed time and budget, generally known as a flat-rate turn key contract. A key contract essentially contains provisions relating to the transfer of risk, the contractors` commissions and the rights and obligations of the project owner and the contractor. In addition to technical and operational terms, standard platform clauses such as party names, effective date, waivers, remedies, modifications, communications, dispute resolution, choice of law, and salvatorial clauses should be included. This model contract contains certain general conditions of the contract that are normally applied in the vast majority of turnkey contracts, although there are other conditions that must be modified to take into account the circumstances of each contract and that are qualified as special conditions; The Annex to the Treaty contains a guide for the elaboration of these special conditions which modify the general conditions. In addition to this guide, several documents are included in the annexes: tender letters, contractual agreement and model dispute resolution agreements. All these documents are part of the documentation that must be submitted by companies applying for a turnkey project, especially when it is carried out in an international environment. This standard turnkey project contract must be suitable for all industrial and industrial projects, large and small, especially for E&M (Electrical and Mechanical) and other process plant projects implemented worldwide by all types of employers who wish to implement their turnkey projects at a fixed price and with a strict two-party approach. In accordance with the usual approach of turnkey contracts, the contractor carries out all engineering, purchasing management and construction (EPC – Engineering, Procurement and Construction) and provides a fully equipped and operational (“turnkey”) installation. The following guidelines should be followed when designing a turnkey contract: Although there are many types of construction contracts (1) used in project financing, the majority of project sponsors and all project promoters prefer turnkey contracts. Turnkey contracts are based on the idea that when construction is complete, all you need to do is the key, and the project will work as expected, which induces the nature of the business and is therefore a preferred type of contract for big budget long-term projects.