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What is meant by turnkey contract?

A turnkey contract is one in which the contractor is in charge of the facilitys design and construction. The fundamental idea behind a Turnkey Contract is that the contractor must deliver the finished product by the specified date and price.

What is difference between turnkey and EPC contracting?

What is the difference between turnkey and EPC contracting? Turnkey contracting is an EPC contracting that always includes the complete scope of project work, right from design to construction and, often, commissioning of the facility. On the contrary, EPC contracting may or may not include the complete project scope.

What are the 5 characteristics of turnkey contract?

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.

What are examples of turnkey companies?

Some examples of turnkey businesses include: National franchises. Apartment complexes. Independent stores or restaurants.

What is turnkey contract example?

A turnkey contract is one in which the contractor is in charge of the facilitys design and construction. The fundamental idea behind a Turnkey Contract is that the contractor must deliver the finished product by the specified date and price.

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What are the types of FIDIC contracts?

What are the FIDIC forms of Contract? FIDIC ContractTypeSilver BookConditions of contract for EPC/Turnkey Projects.Gold BookConditions of contract for design, build and operation project.Blue BookForm of contract for dredging and reclamation works.White BookFIDIC Client/consultant model service agreement.4 more rows Feb 27, 2021

What is an example of a turnkey project?

Examples of turnkey projects The airport will be turn over to the local government for operation after it has been fully construct. A turnkey property in the real estate industry is a fully furnish apartment or home that is available for purchase and rental right away.

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