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 ?
The tender consist of a turnkey construction contract for building mobile Passenger Boarding Bridges (PBB) with Docking Guidance System (DGS) incl.
in April 2016, with the turnkey construction contract awarded to Durat Al Sahil llC, an excellent grade construction company.
Gamesa has won a turnkey construction contract for the 220MW Gulf of El Zayt wind farm on the Egyptian Red Sea coast.
Bechtel is building the project under a turnkey construction contract. EthosEnergy will operate the facility and Advanced Power will remain as the construction and asset manager.
The shipyard delivery cost is expected to be USD630m and includes the turnkey construction contract, furnished equipment, project management and spares and is designed for operations in waters of up to 12,000 feet.
Awaiting completion towards the end of this year is the lumpsum turnkey construction contract with BassDril for a self-erecting, tender-assist drilling unit.
Swedish construction group Peab AB announced on Monday (22 October) that it has won a turnkey construction contract in Stockholm, Sweden from Deamatris Forvaltnings AB.
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.
* Reflection of obligations of the project company under the PPA, IA, FSA and the Turnkey Construction Contract.
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.ON.
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 $204.5 million.