How is Turnkey basis defined in a legal contract?
- Turnkey basis means the approach of delivery where the supplier takes on all responsibilities including design, manufacturing, supply, site preparation, installation and commissioning of equipment, tests and trials, training, maintenance and finally handing over to another party for operation. Seen in 9 SEC filings
- Turnkey basis means the Scope of Work where the contractor, from the effective date of the contract, is solely responsible for the survey, design, development, manufacture, delivery, supply, installation, integration and commissioning of the System, and the remedying of any defects, so as to make the System ready for service. Seen in 5 SEC filings
- Turnkey basis means that once the order is received, the partner is jointly responsible for the demand forecast and solely responsible for the survey, design, development, manufacture, delivery, supply, installation, integration and commissioning of the Network, and the remedying of any defects, so as to make the Network ready for service. Seen in 4 SEC filings
- Turnkey basis means the material procurement and manufacturing of a product are done by the service provider. Seen in 3 SEC filings
- Turnkey basis means the contractor provides the equipment, labor, and services to drill a well to the specified depth. Seen in 2 SEC filings
Please note that definitions containing specific organizational references have been omitted for clarity and universality.
Which definition should you use?
🤔 has combined and improved the above descriptions to create market-standard 'Genie definitions' below, with guidance on which documents and which industry to use for each.
Genie Definition 1
Turnkey basis means a supplier's full responsibility for design, manufacturing, service, and delivery, ultimately handing over for operation.
Relevant Contract Types
Relevant Circumstances
- Start-up businesses requiring outsourced product creation.
- Large scale projects involving multiple aspects of supply and production.
- International product supply.
Relevant Sectors
Genie Definition 2
Turnkey basis means a contractor's obligation to create a fully operational system or network from start to finish.
Relevant Contract Types
Relevant Circumstances
- Setting up new network systems for companies.
- Upgrading existing network infrastructure.
Relevant Sectors
Genie Definition 3
Turnkey basis means service provider's duty for material procurement and product manufacturing.
Relevant Contract Types
Relevant Circumstances
- Expansions requiring mass procurement of materials.
- Entities without dedicated procurement departments.
Relevant Sectors
Genie Definition 4
Turnkey basis means a contractor's job to provide equipment, labor, and services until the complete completion of a project.
Relevant Contract Types
Relevant Circumstances
- Comprehensive project management.
- Renovation or reconstruction projects.
Relevant Sectors
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Turnkey basis means a supplier's full responsibility for design, manufacturing, service, and delivery, ultimately handing over for operation
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