write a short note on turnkey projects
Answers
Answer:
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.
Answer:
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Explanation:
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. 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).
Synonyms for the term turn-key project are turn-key solution, turn-key delivery, or ready-to-use.
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. 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. in IT (turn-key implementation of information systems), engineering, large construction projects, civil engineering and a number of other areas. Turn-key project are usually very complex and may involve the development and design, the production and the delivery and set-up or installation of the project.