Ad
related to: what is a turnkey contract in real estate
Search results
Results from the WOW.Com Content Network
A website with a ready-made solutions and some configurations is called a turnkey website. In real estate, turnkey is defined as a home or property that is ready for occupation for its intended purpose, i.e., a home that is fully functional, needs no upgrading or repairs (move-in ready). In commercial use, a building set up to do auto repairs ...
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.
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.
The language of real estate contracts is typically written to protect buyers. And in many cases, a home seller who reneges on a purchase contract can be sued for breach of contract. A judge could ...
A real estate contract typically does not convey or transfer ownership of real estate by itself. A different document called a deed is used to convey real estate. In a real estate contract, the type of deed to be used to convey the real estate may be specified, such as a warranty deed or a quitclaim deed. If a deed type is not specifically ...
An EPC contract generally provides for the obligation of the contractor to build and deliver the project facilities on a fixed price, turnkey basis, i.e., at a certain pre-determined fixed price, by a certain date, in accordance with certain specifications, and with certain performance warranties.
The second contract is the owner-contractor contract, which involves construction. An indirect third-party relationship exists between the designer and the contractor, due to these two contracts. An owner may also contract with a construction project management company as an adviser, creating a third contract relationship in the project.
Turn Key’s contract with the jail trust expired and a vote on a new deal has been delayed. The company is now working on a month-to-month basis. Oklahoma County jail officials reevaluate medical ...
Ad
related to: what is a turnkey contract in real estate