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Simple English definitions for legal terms
turnkey contract
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A quick definition of turnkey contract:
A turnkey contract is an agreement between two or more parties that creates obligations that are enforceable by law. It is a type of engineering, procurement, and construction contract. The contract can refer to the series of actions taken by the parties, the physical document that records the agreement, or the legal relations resulting from the agreement. In simpler terms, a turnkey contract is a promise that the parties involved will fulfill their obligations, and if they don't, there will be consequences.
A more thorough explanation:
A turnkey contract is a type of engineering, procurement, and construction contract. It is an agreement between two or more parties that creates enforceable obligations. The turnkey contract is a type of contract where the contractor is responsible for the entire project from start to finish. This includes design, construction, and commissioning. The contractor is responsible for delivering a completed project that is ready to use.
An example of a turnkey contract is when a company hires a contractor to build a new factory. The contractor is responsible for designing the factory, procuring the necessary materials, constructing the building, and commissioning the equipment. The company only needs to provide the funds and the specifications for the factory. Once the project is complete, the company can start using the factory.
Another example of a turnkey contract is when a government hires a contractor to build a new road. The contractor is responsible for designing the road, procuring the necessary materials, constructing the road, and commissioning the traffic signals. The government only needs to provide the funds and the specifications for the road. Once the project is complete, the road is ready for use by the public.
These examples illustrate how a turnkey contract works. The contractor is responsible for the entire project, from start to finish. The client only needs to provide the funds and the specifications. The contractor delivers a completed project that is ready to use.