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A turnkey business may refer to a business that can be purchased without having to make any changes to the business model or products sold. For example, a franchise like Taco Bell is a type of turnkey business.
Turnkey Operation in the construction industry, the practice by contractors of building on speculation and then selling the completed project to a buyer.
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.
Turnkey. Turnkey is a traditional public sector procurement model for infrastructure facilities. Generally, a private contractor is selected through a bidding process. The private contractor designs and builds a facility for a fixed fee, rate or total cost, which is one of the key criteria in selecting the winning bid.
1) Turnkey is a product or service that is designed, supplied, built, or installed fully complete and ready to operate. The term implies that the end user just has to turn a key and start using the product or service. 2) In training, a turnkey is a employee who has been sent somewhere to learn a specific skill.
One of the special modes of carrying out international business is a turnkey project. It is a contract under which a firm agrees to fully design, construct and equip a manufacturing/ business/ service facility and turn the project over to the purchaser when it is ready for operation for a remuneration.
A turnkey project is a delivery method in which a single entitya contractorworks with a project owner under a single contract to complete all stages of a project from detail engineering through construction.
A turnkey project is a delivery method in which a single entitya contractorworks with a project owner under a single contract to complete all stages of a project from detail engineering through construction.
Some of the few examples of Turnkey Projects include Engineering Projects, large construction projects i.e Construction of Airports, Ports, skyscrapers, Bridges, In IT (turn-key implementation of information systems), and more.
A turnkey business may refer to a business that can be purchased without having to make any changes to the business model or products sold. For example, a franchise like Taco Bell is a type of turnkey business.