What is the meaning of turnkey basis?
adjective. Also turn-key . of, relating to, or resulting from an arrangement under which a private contractor designs and constructs a project, building, etc., for sale when completely ready for occupancy or operation: turn-key housing, turnkey contract. fully equipped; ready to go into operation: a turnkey business.
What does turnkey estimate mean?
Turnkey cost (sometimes referred to as turnkey pricing) is the total cost that must be covered before a product or service is ready to be sold and used by consumers. A turnkey cost may involve a direct cost, such as materials, or an indirect cost, such as administrative expenses and product engineering.
What does turnkey contract mean in business?
A turnkey contract is a business arrangement in which a project is delivered in a completed state. Rather than contracting with an owner to develop a project in stages, the developer is hired to finish the entire project without owner input.
Why is turnkey contract important?
A Turnkey Contract is one under which the contractor is responsible for both the design and construction of a facility. The basic concept is that in a Turnkey Contract the contractor shall provide the works ready for use at the agreed price and by a fixed date.
Can I buy a turnkey business?
Buying a turnkey business can be as simple as investing in direct sales or MLM opportunities. However, certain franchises, or any established business that’s ready to open its doors and start making sales, can also be considered a turnkey business. Learn to use your IRA/401K to buy a business: Guidant Financial (min.
What is turnkey contract example?
An agreement under which a builder agrees to complete a facility so that it is ready for use when delivered to the other contracting party. A contractor may agree, for example, to build a fully equipped ad operational factory under the turkey contract.
What are the benefits 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.