Turnkey Contract

Turnkey Contract

Turnkey Contract and International Trade Economy

In relation to international trade economy, Christopher Mark (1993) provided the following definition of Turnkey Contract: An arrangement under which a contractor assumes responsibility to a client for constructing productive installations and ensuring that they operate effectively before turning them over to the client. By assuming responsibility for the contributions of all participants in the project, the contractor is often able to arrange more favorable financing terms. The responsibility of the contractor ends when the completed installation is turned over to the client.

Turnkey Contract in International Trade

Meaning of Turnkey Contract, according to the Dictionary of International Trade (Global Negotiator): An agreement under which a builder agrees to complete a facility so that it is ready for use when delivered to the other contracting party. A contractor may agree, for example, to build a fully equipped ad operational factory under the turkey contract. The responsibility of the contractor ends when he hands the completed installation over the client. Model of Turnkey Contract for Major Projects.

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *