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•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
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What is the difference in non turnkey and turnkey project?
Non-turnkey and turnkey projects are the opposite of each other. Turnkey projects are those that contract a firm to fully design, construct and equip a project and then turn it over to the purchaser.
What are turnkey projects in telecoms?
In telecom,the process of installing a new cell site is a turnkey project.
What is turnkey project in project management?
A turnkey project is one that is very self contained and has almost no way to expand in scope or that has any dependencies. But this is also one of the fallacies in project management and why so many projects fail.
How does a Turnkey contract differ from EPC contract?
TURNKEY CONTRACT A TURNKEY project is an EPC Contract with total responsibility of Engineering, Procurement and Construction on the EPC Contractor. Owner/Client simply provides the contract specification for the project to be completed within budgeted time limits and quality requirements. EPC contractor is the sole power over the project within project specifications. EPC ~ LOOSE TURNKEY CONTRACT An EPC contract is a LOOSE TURNKEY project wherein owner/client must share some of the technical/engineering/EPC part with the contractor. Both owner and client share responsibility for project completion though majority responsibility lies with the EPC contractor. Here, owner/client wants to have some direct control over quality/timeline/budgeted resources over EPC contractor.
Comment dit-on turnkey project en français?
Un projet clé en mains
Examples of turnkey projects used in business?
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 and disadvantages of a turnkey contract?
A turnkey contract is one in which an independent agent agrees to furnish materials and labor to finish a project and then turn it over to the owner for a fixed price. Advantages for the business owner: No outlay of cash until the project is done. Advantages for the one making the project: Gets a lump sum payment when the project is turned over to the owner. Disadvantages for the owner: Trusting someone else to deliver a quality project. Disadvantages for the maker of the project: Outlay of cash for materials at the start.
What is the difference between lump sum contract and turnkey contract?
A lump sum contract is an agreement to make a one time payment for goods and services as specified by the purchaser in the agreement. A turnkey contract is an agreement to deliver a completed ready to use service or project without any specifications made by the purchaser.
What is advantages and disadvantages of turnkey project?
advantages - it allows countries to share technological know-how, like middle eastern companies do not want USA and other countries to take part in their oil refining and want to profit from it themselves, but do not have the knowledge of the process, the middle east enters into a turnkey project to gain the technological know-how.disadvantages - you are automatically creating a competitor, if your technology is a source of advantage over competitors, allows this information is providing it to the competitor.
What is opposite for turnkey?
bespoke
What is the difference between EPC and turnkey contract?
EPC is a contract comprising Engineering, Procurement and Construction. Turnkey is a contract comprising Engineering, Procurement and Construction. If you look at the definition , you may find no difference between two concepts, but there are some differences between two concept as follows; 1- In EPC, an employer will provide basic engineering to a contractor and the latter shall perform detailed design based of received basic design. 2- In Turnkey , Employer will only provide certain technical specifications of the project and it is the responsibility of the contractor to prepare basic and detail design of the project. 3- In turnkey, contractor is responsible to perform construction and commissioning, start-up and take over of the plant to employer, but in EPC, it may be the responsibility of other third person to do commissioning and start-up.
What are turnkey internet businesses?
The Turnkey internet business is a business that you can buy and start immediately. However, it is important to watch out for scams when purchasing these turnkey businesses.
