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Unlike the DBB approach, turnkey delivery methods consolidate aspects of project design, financing, procurement, subcontracts, and construction into an all-in-one solution with a single point of accountability.

For example, a turnkey contract would be used to construct airports, office buildings, malls, skyscrapers, etc. Thus, 3 types of enterprises take part in turnkey business activities: Manufacturers of engineering equipment; Construction companies; and.

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.

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.

Turnkey contracts often seek to regulate in great detail all issues which possibly might arise between the parties. The main clauses of a turnkey contract are: design of the project, the construction site, time for completion, price and payments, performance guarantees and the law governing the contract.

Reduced Costs: Turnkey projects often result in lower costs for clients as compared to traditional project delivery methods. This is because the company responsible for delivering the turnkey project can negotiate better prices with suppliers, utilize economies of scale, and reduce the need for multiple contracts.

As a noun, turnkey is one word and means the person who is in charge of the keys of a prison. In this form the word has been in existence since the mid-1600s. The plural is turnkeys. Turnkey can also be an adjective describing an object as completely finished and able to be used.

Definition of turnkey (Entry 1 of 2) : built, supplied, or installed complete and ready to operate a turnkey nuclear plant a turnkey computer system also : of or relating to a turnkey building or installation a turnkey contract turnkey vendors.

Designing and executing are completely into the hands of the contractor. This helps in producing a better quality of work. Turnkey projects deliver the cost savings to the customers because customers are responsible for the huge amount agreed upon during contract negotiations.

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 a completed product.