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.
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.
NORDIC BUSINESS REPORT-22 October 2007-Peab wins SEK302m turnkey construction contract in central Stockholm(C)1994-2007 M2 COMMUNICATIONS LTD http://www.
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.
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.
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.