Turnkey basis means the scheme of supply in which supplier shall be responsible for design, manufacture, supply, site preparation & services, installation and commissioning of equipment, tests and trials, training, maintenance and handing over to the Purchaser for operation.

What is the meaning of turnkey works?

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. ... 'Turnkey' is treated as merely signifying the design responsibility as the contractor's.

What is another word for turnkey?

In this page you can discover 13 synonyms, antonyms, idiomatic expressions, and related words for turnkey, like: turn-key, jailer, end-to-end, pre-integrated, prison-guard, warden, warder, gaoler, multi-utility, bespoke and free.

Why is it called turnkey?

A turnkey business is a business that is ready to use, existing in a condition that allows for immediate operation. The term "turnkey" is based on the concept of only needing to turn the key to unlock the doors to begin operations.

What does turnkey mean in real estate?

A turnkey property is a move-in ready home that doesn't require any major repairs or improvements before it is livable. ... In most cases, a turnkey property has already undergone all necessary updates, so it is likely to be significantly more expensive than a fixer-upper.

PBDI - Renewable energy on a turnkey basis

25 related questions found

What is a turnkey contract in construction?

What is Turnkey Construction? ... With this type of project, the contractor is given the responsibility for design and construction work. The owner need only wait for the contractor get the job done, and then when the project is finished, he or she is able to “turn the key” and start using the new building or facility.

What does turnkey finish mean?

Put simply, a turnkey house is a finished home that's ready for you to move into. To achieve this, you'll work with an integrated team of design and build experts to develop the concept of what you wish to build, deciding precisely how you'd love to live.

Who owns a turnkey project?

A 'turnkey' project is so called because (in theory at least), the employer, after taking over the project, has only to 'turn the key' to activate the plant or other project that has been constructed.

What is turnkey project example?

Example: Many government-owned public housing projects are turnkey projects. A private developer undertakes all activities necessary to producing the project, including land purchases, permits, plans, and construction, and sells the project to the housing authority.

What are the advantages of turnkey project?

Benefits of Turnkey Manufacturing

• One Company to Contact. Nothing kills the timeline of your project like having to communicate with multiple companies — and trying to get multiple companies to communicate with each other. ...
• One Company Sending Invoices. ...
• Design and Manufacturing in Sync. ...
• Costs are Cut. ...
• Greater Quality.

What is a turn key sale?

Turn-key is a term used by listing agents in marketing remarks to indicate that the home is move-in ready. This means that all appliances are in working condition and there are no obvious structural or electrical issues with the home.

What is included in turnkey?

Key Takeaways

Turnkey costs, which include both direct and indirect expenses, are involved in getting the item or property produced and ready for regular ownership and use. Turnkey costs present themselves in manufacturing, franchising, and real estate investment markets.

What is included in a turnkey package?

Turnkey pricing includes sitework costs for a new home build. These are the necessary earthworks for a new house and land package, like connections to power, water, sewerage and gas, and the installation of things like soak wells. All of these things need to be completed before your build takes place.

What is difference between turnkey and EPC contracting?

EPC is a contract comprising Engineering, Procurement and Construction. Turnkey is a contract comprising Engineering, Procurement and Construction.

Is turnkey a good idea?

Turn key homes are popular for home buyers and investors who have no time, ability or interest in setting up the home themselves. If you're looking for an easy source of passive income, turn key homes can be a great opportunity to earn returns without much effort.

What does turnkey package mean?

There are two main types of house and land packages – a turnkey package, and a standard package. Both are part of new build developments and are brand new homes, however a turnkey package is ready for you to 'turn the key' and move in straight away.

What is total turnkey?

A Full Turnkey home is pretty much what it sounds like – a home where all that's left for you to do is turn the key and move in. The tricky thing is that despite sounding quite straight forward each home builder uses the term differently.

What is the disadvantage of turnkey?

The first disadvantage of the turnkey project is that in case if the project exceeds the budget, the Construction Company has to cover the overages. However, this lessens the burden from the buyer's shoulders and encourages construction companies to stick to a plan and a schedule.

What are the disadvantages of turnkey projects?

Still, there are some disadvantages with this method: Longer decision making process, although once again this does not necessarily extend project execution. More changes during execution, because the contractor may want to add or change specifications or equipment and materials.

What is the opposite of turnkey?

Key Takeaways

Turnkey is a word that can be used to describe a solution, a business, or a property. A turnkey solution is the opposite of a custom-built solution.

How does a turnkey package work?

When you're building a new home, you're likely to come across turnkey house and land packages. These are a type of house and land package in which your brand new home is move-in ready when complete. All you have to do is turn the key in the lock and move right in.

Is turnkey profitable?

Turnkey properties require very little time and effort to rent out. ... You get a steady stream of income from the rent that helps to pay off the costs and return a profit. However, buying any type of property and specifically a property you plan to rent to others will come with risks.

How do turnkey companies make money?

First, turnkey companies often buy the property at a discount and sell it to you, the out-of-state owner, for a higher amount, essentially "flipping" the property to you for a hefty amount. Then, the turnkey provider makes a monthly income by managing the property for you.

What is PMC and EPC?

Project Management Consultancy (PMC) or Project Management Services is a contract where a consultant will oversee the EPC contractors' work to ensure compliance and execution of the project in accordance with the client's scope of work.

What are the types of contract?

On the basis of validity or enforceability, we have five different types of contracts as given below.

• Valid Contracts. ...
• Void Contract Or Agreement. ...
• Voidable Contract. ...
• Illegal Contract. ...
• Unenforceable Contracts.