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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.
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]
A turnkey project refers to a project when clients pay contractors to design and construct new facilities and train personnel. 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.
Headquartered in Boca Raton, Florida, the GEO Group's website notes the company offers "complementary, turnkey solutions for numerous government partners worldwide across a spectrum of diversified ...
the Silver Book covers projects which will follow the engineering, procurement and construction (EPC) and turnkey approach. [10] [12] the Green Book created a short form of contract. [10] The Yellow Book and the Silver Book effectively superseded the Green Book, as it is common for them to be used in the relevant circumstances. [11]
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.
(Reuters) -U.S. President-elect Donald Trump's transition team is exploring ways to significantly reduce, merge, or even eliminate the top bank regulators in Washington, the Wall Street Journal ...
Patel has vowed to purge the federal law enforcement agency of anyone who doesn’t fully support Trump, and says he will transfer all 7,000 employees in the bureau’s Washington headquarters to ...