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EPC\TOT\BOT\BT and other project types definition and differences

Date: 2019-06-11
ClickCount: 106

'EPC' is an English Engineer, Procure, the abbreviation of the Construct.


Its meaning in Chinese is responsible for a project for the design, procurement, construction, similar to usually say the meaning of the general contractor, general is responsible for the engineering design, equipment procurement, transportation, insurance, civil engineering, installation, commissioning, test run, the final unit handed over to the owner to commercial operation, the whole process is called engineering general contracting.


Design-procurement-construction, also known as turnkey project general contracting, refers to the general contracting enterprise that undertakes the design, procurement, construction, commissioning service and other work of the project according to the contract, and is fully responsible for the quality, safety, time limit and cost of the contracted project.


BOT is the abbreviation of build-operate-transfer, namely construction -- operation -- handover.



      BOT means that the government grants private enterprises (including foreign enterprises) with a franchise right for a certain period of time through contracts, allowing them to finance the construction and operation of specific public infrastructure, and allowing them to recover investment and earn profits by charging users or selling products to repay loans. When the concession expires, the infrastructure is handed over to the government free of charge.


      In the field of international financing, BOT not only includes the process of construction, operation and transfer, but also is a method of project financing with limited recourse.


      BOT project financing mode is a project financing mode mainly used for public infrastructure construction developed under the background of world economic recession and third world debt crisis. The so-called project financing refers to the financing based on the credit of the project itself, which is corresponding to the enterprise financing. When financing through project financing, the bank can only rely on project assets or project income to recover loan principal and interest. In this way of financing, the bank takes a much higher risk than the enterprise financing, and if the project fails, the bank may not be able to collect the loan principal and interest, so the project results are often complicated. In order to achieve this complex structure, a lot of upfront work needs to be done, and upfront costs are high.


      The above mentioned concept that only the principal and interest can be recovered by project assets or project income is the concept of no recourse. In the actual operation of BOT projects, the shareholders of the government or the project company provide a certain degree of support to the project more or less, and the bank's recourse to the shareholders of the government or the project company is limited to the extent of such support, but not unlimited recourse. Therefore, project financing is often financing with limited recourse. Due to the limited recourse characteristic of BOT project, the debt of BOT project is not included in the balance sheet of the project company's shareholders, so that the shareholders of the project company can raise construction funds for more projects, so it is welcomed by the bidders of share capital and widely used.

    There are three specific forms of BOT: BOT (construction-operation-transfer), BOO (construction-owner-operation) and BOOT (construction-owner-operation -- transfer). There are also variations. BT (build-transfer, build-transfer); BOOST (build-own-operation-subsidy Transfer); (rehabilitation -Transfer); BLT (build-lease-transfer, build-lease-transfer); Tear t (rehabilitation - rehabilitation - maintenance -Transfer, rehabilitation - operation - maintenance - rehabilitation);


     ROO (rehabilitation - own-rehabilitation); TOT (transfer-transfer-transfer, operation-handover);


     SOT (supply-operation-transfer); DBOT (design-build-operate-transfer, design-build-operate-transfer);


     DOT (develop-operate-transfer, develop-operate-handover);


     OT (operation-transfer, operation-handover); OMT (operate-management-transfer, operation-management-handover);


     DBFO (design-construction-financing-operation); DCMF (design-construction-management-financing).


BT(build-transfer) mode: namely, construction-transfer mode, is a financing mode in which the government USES non-governmental funds to carry out basic non-operating infrastructure construction projects. The investor shall be responsible for the investment and financing of the project, and shall implement the investment, construction and management of the project. work


After the completion of the project, the assets shall be delivered to the government after the completion and acceptance inspection organized by the government; The government pays investors in installments under repurchase agreements.


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