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Turnkey refers to something that is ready for immediate use, generally used in the sale or supply of goods or services. The word is a reference to the fact that the customer, upon receiving the product, just needs to turn the ignition key to make it operational, or that the key just needs to be turned over to the customer. [4]
Various abbreviations used for this type of contract are LSTK for lump sum turn key, EPIC for engineering, procurement, installation & commissioning and EPCC for engineering, procurement, construction and commissioning. Use of EPIC is common, e.g., by FIDIC and most Persian Gulf countries. Use of LSTK is common in the Kingdom of Saudi Arabia.
Lump sum turnkey (LSTK) is a combination of the business-contract concepts of lump sum and turnkey.Lump sum is a noun which means a complete payment consisting of a single sum of money while turnkey is an adjective of a product or service which means product or service will be ready to use upon delivery.
From online shopping carts to payment processing to internet marketing to customer management tools, Shopify's suite of solutions means it's a turn-key option for almost any kind of business ...
The flexible TrueTouch solution allows customers to rapidly develop leading-edge solutions without having to buy turnkey modules. They have a choice of using touch sensors (glass or film) and LCDs ...
The TurnKey Linux Virtual Appliance Library is a free open-source software project which develops a range of Debian-based pre-packaged server software appliances (also called virtual appliances). Turnkey appliances can be deployed as a virtual machine (a range of hypervisors are supported), in cloud computing services such as Amazon Web ...
FNRP, which specializes in grocery-anchored retail with historically strong return potential, offers a turnkey investment solution for account holders. As a private equity firm, FNRP acts as the ...
A value-added reseller (VAR) is a company that adds features or services to an existing product, then resells it (usually to end-users) as an integrated or complete "turn-key" product. This practice occurs commonly in the electronics or IT industry, where, for example, a VAR might bundle a software application with supplied hardware.