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Creative Director » Turnkey Agreement Define

Turnkey Agreement Define

December 19, 2020

Similarly, this term can be used to promote the sale of an established business, including all equipment needed for operation or by a business provider that provides complete packages for business creation. [2] An example would be the creation of a “turnkey hospital” that would create a complete medical centre with medical equipment installed. A turnkey project or turnkey process (also written turnkey) is a type of project designed to be sold to any buyer as a final product. This runs counter to the Build-to-Order in which the designer builds an item to the precise specifications of the buyer or when an incomplete product is sold on the assumption that the buyer would finalize it. A turnkey computer system is a complete computer with hardware, operating system and applications specially designed and sold for certain commercial requirements. The tender file contains the scope of the project, price details, product details, what is necessary if necessary, penalty, payment plan, etc., from the oil and gas organization to the contractor. Based on the details of the survey, projects can be either a turnkey project, or projects in the green meadow, or publishing projects. A turnkey contract is a type of contract or agreement between oil and gas organizations and contractors that stipulates that if the work is entrusted to a contractor determined on the basis of the tendering procedure, that contractor must meet all the requirements of the project, order it and return it to the oil and gas organization in an operational state. Turnkey refers to something that is immediately ready to use, usually used for the sale or delivery of goods or services. The word is an indication that the customer, after receiving the product, must simply turn the contact key to make it operational, or that the key must be handed over to the customer. [2] Turnkey is often used in the construction industry, for example when it comes to the pooling of materials and work by the builder or general contractor to complete the house without the owner`s involvement.

The word is often used to describe a house built on the developer`s land, with developer funding ready to move in for the client. When a contractor builds a “turnkey house,” he frames the structure and finishes the interior; It`s all over to the cabinets and carpets. Turnkey is also commonly used in motorsport to describe a car that is sold with a powertrain (engine, gearbox, etc.) unlike a vehicle that is sold without a vehicle, so that other components can be reused. Real estate is defined as a ready-to-use home or property for the intended purpose, i.e. a home that is fully functional, does not need modernization or repair (a recommissioning). In the commercial field, a building designed for car repair would be defined as turnkey if it were fully equipped with all the machinery and tools necessary for this specific trade. [Citation required] The turnkey process includes all stages to open a site, including site selection, negotiations, land use planning, work coordination and complete installation. “Turnkey-Real Estate” also refers to a type of investment.