Turnkey

From Academic Kids

A turnkey or a turnkey project is when a seperate entity is responsible for setting up a plant or equipment (e.g. trains/infrastructure) and putting it into operations. It can include contractual actions at least through the system, subsystem, or equipment installation phase and may include follow-on contractual actions, such as testing, training, logistical, and operational support. It is often given to the best bidder in a procurement process.

Turnkey projects can also be extended, known as turnkey plus, where there is perhaps a small equity interest by the supplier and it will later on continue its operation through a management contract or licensing.

Turnkey projects are usually very complex, and involve a mix of technical, financial, political and social factors. It is also special in that there is a definite start/end date and it consists of a bundle that is unique to each client.

Note: Precise definition of the types of allowable contractual features are contained in the Federal Acquisition Regulations (FAR).

See also

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