Turnkey construction contract

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.
References in periodicals archive ?
Gamesa has won a turnkey construction contract for the 220MW Gulf of El Zayt wind farm on the Egyptian Red Sea coast.
Siemens will build the Bandirma II combined-cycle power plant in Turkey, under a turnkey construction contract from Enerjisa, a joint venture between Sabanci Holding and E.
Valerus was awarded the turnkey construction contract in 2011.
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.
The terms, conditions and obligations of the Turnkey Construction Contract support those conditions as contained in the PPA.
It has already signed a turnkey construction contract with Danish multinational Nordex.
As part of the turnkey construction contract, Siemens will provide two units of SGT-800 gas turbines, one SST-400 steam turbine, three 11-kilovolt (KV) generators as well as two heat recovery steam generators.
NYSE: ATW) announced today that one of its subsidiaries had entered into a turnkey construction contract with Daewoo Shipbuilding and Marine Engineering Co.
Lamprell, which has one of two primary facilities in the Jebel Ali Free Zone, is also executing a lumpsum turnkey construction contract with BassDrill Limited for two self-erecting tender assist drilling units, each vessel complete with living accommodation and a modular mast equipment package amounting to $204.
Golden Star has awarded a lump sum, turnkey construction contract to MDM for the new processing plant and associated facilities at Wassa.
the "Company"), entered into a turnkey construction contract with Daewoo Shipbuilding and Marine Engineering Co.