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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.
A turnkey project is a way for a foreign company to export its process and technology to other countries by building a plant in that country. Industrial companies that specialize in complex production technologies normally use turnkey projects as an entry strategy.
In the United Kingdom, the term duplex is sometimes used by property professionals such as architects and estate agents and refers only to a flat or apartment on two floors connected by an inner staircase though many newer apartments have open-plan designs including mezzanines. The far more commonly used term is 'maisonette' meaning two ...
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.
Unexplained changes in cholesterol may be associated with a higher risk for dementia, new study shows. Researchers found people with stable cholesterol levels had a lower risk of developing ...
Turnkey is based on the idea that when the owner takes responsibility for the facility all it will need to do is turn the key and the facility will function as intended. Alternative forms of construction contract are a project management approach and alliance contracting.
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