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Turn Key Construction Agreement

Turnkey contracts are often designed to address in detail any issues that may arise between the parties. The main clauses of a turnkey contract are: project planning, construction site, completion time, price and payments, performance guarantees and contract law. If the work is important, the contract provides for partial payments. In the case of turnkey package contracts, it is difficult to determine advance payments on the basis of quantity measurement. These partial payments in these contracts are usually made on the basis of milestones such as contracting to suppliers, obtaining certain steps in the manufacturing process, packing equipment, sending, arrival on site, etc. Tagged with: Construction Contracting Project Turnkey contractkey refers to something that is immediately ready for use, usually used for the sale or supply of goods or services. The word is an indication that the customer, after receiving the product, must simply turn the contact key to make it operational, or that the key must be handed over to the customer. [2] Turnkey is often used in the construction industry, for example when it comes to the pooling of materials and work by the builder or general contractor to complete the house without the owner`s involvement. The word is often used to describe a house built on the developer`s land, with developer funding ready to move in for the client. When a contractor builds a „turnkey house,“ he frames the structure and finishes the interior; It`s all over to the cabinets and carpets. Turnkey is also commonly used in motorsport to describe a car that is sold with a powertrain (engine, gearbox, etc.) unlike a vehicle that is sold without a vehicle, so that other components can be reused. This law determines the contractual rights and obligations of the parties, the interpretation of the contract and subject to certain reservations, its birth and validity.

The principle of party autonomy, which is recognized for most types of contracts, also applies to turnkey contracts. As a result, the parties are free to choose the right of their contractual obligations, subject to certain restrictions arising from public policy rules. These rules may apply to certain elements of the contract (for example. B intellectual property rights) or certain aspects of the transaction (for example.B.