Sagnik Bhattacharjee is a 3rd year civil engineering student at Kalyani Shilpanchal studying construction management. EPC contracts have the contractor take responsibility for designing, procuring materials, and building a project for a fixed price, taking on schedule and budget risks. Owners choose EPC contracts for benefits like single point of contact, availability of post-commissioning services, quality assurance, and protection from changing material and labor costs. Key aspects negotiated in an EPC contract include scope, specifications, quality, duration, cost, and payment schedule.