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A turnkey project is a delivery method in which a single entity—a contractor—works with a project owner under a single contract to complete all stages of a project from detail engineering through construction.Meaning of turnkey contract in English
a contract in which a company is given full responsibility to plan and build something that the client must be able to use as soon as it is finished without needing to do any further work on it themselves: The stadium is being built under a turnkey contract.Example: Many government-owned public housing projects are turnkey projects. A private developer undertakes all activities necessary to producing the project, including land purchases, permits, plans, and construction, and sells the project to the housing authority.
- One Company to Contact. Nothing kills the timeline of your project like having to communicate with multiple companies — and trying to get multiple companies to communicate with each other. …
- One Company Sending Invoices. …
- Design and Manufacturing in Sync. …
- Costs are Cut. …
- Greater Quality.
What is the meaning of turnkey contract?
Meaning of turnkey contract in English
a contract in which a company is given full responsibility to plan and build something that the client must be able to use as soon as it is finished without needing to do any further work on it themselves: The stadium is being built under a turnkey contract.
What is an example of a turnkey project?
Example: Many government-owned public housing projects are turnkey projects. A private developer undertakes all activities necessary to producing the project, including land purchases, permits, plans, and construction, and sells the project to the housing authority.
What is TURNKEY? What does TURNKEY mean? TURNKEY meaning, definition explanation
Images related to the topicWhat is TURNKEY? What does TURNKEY mean? TURNKEY meaning, definition explanation
What are turnkey projects typically?
Turnkey (or turn-key) project is a term typically used with reference to construction projects for which the developer undertakes the whole responsibility from design to completion so that the building is available to the buyer in a ready-to-use condition.
What are the benefits of turnkey project?
- One Company to Contact. Nothing kills the timeline of your project like having to communicate with multiple companies — and trying to get multiple companies to communicate with each other. …
- One Company Sending Invoices. …
- Design and Manufacturing in Sync. …
- Costs are Cut. …
- Greater Quality.
What is another word for turnkey?
…
What is another word for turnkey?
| warden | guard |
|---|---|
| keeper | gaolerUK |
| prison officer | sentry |
| jailor | captor |
| wardress | custodian |
What does turnkey mean in business?
Key Takeaways
A turnkey business is a for-profit operation that is ready to use as-is the moment it is purchased by a new owner or proprietor. The term “turnkey” is based on the concept of only needing to turn the key to unlock the doors to begin operations, or to put the key in the ignition to drive the vehicle.
Why is it called turnkey?
Common usage
The word is a reference to the fact that the customer, upon receiving the product, just needs to turn the ignition key to make it operational, or that the key just needs to be turned over to the customer.
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What is Turnkey contract? Meaning, definition and usages
Turnkey contract is typically a construction contract under which a contractor is employed to plan, design and build a project or an infrastructure and do …
What is a Turnkey Contract? (with pictures) – Smart Capital Mind
A turnkey contract is a business arrangement in which a project is delivered in a completed state. Rather than contracting with an owner to …
Turnkey – Wikipedia
A turnkey, a turnkey project, or a turnkey operation (also spelled turn-key) is a type of project that is constructed so that it can be sold to any buyer as …
Turnkey contract | Practical Law
In construction and engineering, a contract under which, when a project is complete and handed over to the user, the user only has to “turn a key” to …
What is turnkey contract in project management?
Turnkey contract is typically a construction contract under which a contractor is employed to plan, design and build a project or an infrastructure and do any other necessary development to make it functional or ‘ready to use’ at an agreed price and by a fixed date.
What is a Turnkey Project What does Turnkey Mean ?
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What is a disadvantage of a turnkey project?
The first disadvantage of the turnkey project is that in case if the project exceeds the budget, the Construction Company has to cover the overages. However, this lessens the burden from the buyer’s shoulders and encourages construction companies to stick to a plan and a schedule.
Is turnkey the same as design and build?
Turnkey projects offer project owners the same control as the design-build solution but with a slight difference. With a turnkey project, the contractor supplies the project management service. They will determine schedules and budget allocation.
Why is Turnkey Contract important?
A Turnkey Contract is one under which the contractor is responsible for both the design and construction of a facility. The basic concept is that in a Turnkey Contract the contractor shall provide the works ready for use at the agreed price and by a fixed date.
What is the opposite of turnkey?
Turnkey is a word that can be used to describe a solution, a business, or a property. A turnkey solution is the opposite of a custom-built solution.
What is a turn key purchase?
A turnkey property is a property that is ready for someone to move into immediately following construction without any extra work or time required.
What is a word for ready to go?
| all set | at the ready |
|---|---|
| prepared | ready |
| ready and waiting | standing by |
Is a turnkey business a good idea?
It’s a model proven to be effective
A turnkey business is a proven model that you, as a business person, can leverage to your advantage. Turnkey businesses offer a setup that eliminates the guesswork common with new entrepreneurs who are unsure of which strategy to use to maximize profit.
Turnkey Contract | What is Turnkey Project
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What are turn key costs?
Turnkey cost (sometimes referred to as turnkey pricing) is the total cost that must be covered before a product or service is ready to be sold and used by consumers. A turnkey cost may involve a direct cost, such as materials, or an indirect cost, such as administrative expenses and product engineering.
How do I start a turn key business?
- Understand Why Your Business is Valuable. Each of these company traits may be attractive to a potential buyer: …
- Formalize a Marketing Plan. …
- Create a Procedures Manual. …
- Work With a Business Broker. …
- Gather Other Documents. …
- Make a Compelling Case.
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