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Turnkey Construction Contract

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Turnkey construction contract
A type of construction contract under which the construction firm is obligated to complete a project according to prespecified criteria for a price that is fixed at the time the contract is signed.

Turnkey Construction Contract
A construction contract in which the price is fixed at the time the contract is signed. As a result, the construction company is held responsible for exceeding the budget. Turnkey construction contracts reduce the risk to the buyer of the construction services and provide an incentive for the company to stay within budget.


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Awaiting completion towards the end of this year is the lumpsum turnkey construction contract with BassDril for a self-erecting, tender-assist drilling unit.
Britain's National Power will be responsible for building an associated 1,700MW power plant while CNNC will hold the turnkey construction contract for the smelter itself.
It has already signed a turnkey construction contract with Danish multinational Nordex.
 
 
 
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