Synonyms for the term turn-key project are turn-key solution, turn-key delivery, or ready-to-use. ), The Secret Science of Solving Crossword Puzzles, Racist Phrases to Remove From Your Mental Lexicon. in IT (turn-key implementation of information systems), engineering, large construction projects, civil engineering and a number of other areas. … A turnkey project is one that is fully operable when it is handed over to the project manager. In fact, the client should be able “just to turn the key.” The supplier of a turn-key project is called the general contractor (or main supplier, direct supplier or main contractor). Turnkey contract is typically a construction contract under which a contractor is employed to plan, design and build a project or an infrastructure and do any other necessary development to make it functional or ‘ready to use’ at an agreed price and by a fixed date. They will be able to do everything from the design of the project to the minor details. Turnkey (or turn-key) project is a term typically used with reference to construction projects for which the developer undertakes the whole responsibility from design to completion so that the building is available to the buyer in a ready-to-use condition. Festival of Sacrifice: The Past and Present of the Islamic Holiday of Eid al-Adha. 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. They can expect a turnkey project to be returned to them and fully operable when they are ready. Turn-key is a term used by listing agents in marketing remarks to indicate that the home is move-in ready. Another way to define it is as a real estate development project characterized by the builder absorbing all risk until a specific point has … The term turn-key project (Turn-key delivery) describes a project (or the delivery of such) in which the supplier or provider is responsible to the client for the entire result of the project and presents it to the client completely finished and ready to use. This project is then handed over to the project manager, who functions as a customer or client in this situation. Turnkey means that the project manager will only have to turn a key to have the business or project up and running. The project manager or client will only have to do very minimal work. Turn-key projects in practice: In a turn-key project, the supplier takes on complete responsibility for the adherence to delivery dates, the scope and the cost of the entire subject of delivery to the customer. Although not every project has a literal key, it is figurative. A turnkey project can exist within a business setting or can be the actual business. Will 5G Impact Our Cell Phone Plans (or Our Health?! The customer thus is not affect by any risks inside the project and the result of the project is covered by one agreement. Deliveries in the form of turn-key projects are used in many areas, e.g. Fact Check: What Power Does the President Really Have Over State Governors? They can expect a turnkey project to be returned to them and fully operable when they are ready. What Is the Meaning of a Turnkey Project. In a business setting, a turnkey project is generally produced by a team of contractors and project leaders who have experience with the type of project that is being produced. These contractors will do everything needed for the project. The termturn-key project (Turn-key delivery) describes a project ( or the delivery of such) in which the supplier or provider is responsible to the client for the entire result of the project and presents it to the client completely finished and ready to use. You cannot contribute to the discussion because it is locked, Unless stated otherwise, the text on this website is licensed under. The project manager or client will only have to do very minimal work. Should You Look for a Turn-Key Property? This is contrasted with build to order, where the constructor builds an item to the buyer's exact specifications, or when an incomplete product is sold with the assumption that the buyer would complete it. Is the Coronavirus Crisis Increasing America's Drug Overdoses? A project idea is often handed over to them and they are expected to produce the project up to the standards set by the company they are contracted with. 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what is turnkey project

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