Turnkey Contract Agreement

The term turnkey is also often used in the technology industry, most often to describe prefabricated “packages” in which everything needed to perform a certain type of task (e.g.B. audio editing) is compiled by the vendor and sold as a bundle. [Citation required] It is often a computer with pre-installed software, different types of hardware and accessories. These packages are usually referred to as appliances. A website with prefabricated solutions and certain configurations is called the turnkey site. A turnkey project or contract, as described by Duncan Wallace (1984), is:[1] In real estate, turnkey is defined as a house or property ready to be purchased for its purpose, i.e. a house that is fully operational, does not need modernization or repair (ready to move into). In case of commercial use, a building designed for car repairs would be defined as turnkey if it was fully equipped with all the machines and tools necessary for that particular business. [Citation required] The turnkey process includes all the steps of opening a site, including site selection, negotiations, land use planning, work coordination and complete installation. “Turnkey real estate” also refers to a type of investment. This process includes the purchase, construction or repair (of existing land), leasing to tenants, and then selling the property to a buyer.

The buyer buys an investment property that generates a stream of income. With respect to drilling, it is an agreement in which a contractor must complete drilling to a milestone to obtain payment (in exchange for higher compensation after completion). [3] A turnkey computer system is a complete computer, including hardware, operating system and application, designed and sold to meet certain business requirements. In the same way, this term can be used to promote the sale of an established business, including all the equipment necessary for operation, or by a business-to-business provider that offers complete packages for business creation. [2] An example would be the creation of a “turnkey” hospital, which would be the construction of a complete medical center with medical equipment installed. .. a contract in which the essential project emanates from or is provided by the contractor and not by the owner, so that legal responsibility for the design, adequacy and execution of the works is suspended once completed. with the contractor .. “Turnkey” is only called the contractor`s responsibility for design. Turnkey refers to something that is immediately operational and is typically used when selling or delivering goods or services. The word refers to the fact that after receiving the product, the customer only has to turn the ignition key to make it operational, or that the key must be handed over to the customer.

[2] For example, Turnkey is often used in the construction industry, referring to the pooling of equipment and work by the client or general contractor to complete the house without the participation of the owner. The word is often used to describe a house built on the developer`s land, with the developer`s funding being ready for the client to move in. When a contractor builds a “turnkey house”, he frames the structure and completes the interior; everything is closed down to the cabinets and carpets. Turnkey is also often used in motorsport to describe a car sold with a powertrain (engine, gearbox, etc.) to stand opposite a vehicle that is sold without one, so other components can be reused…