A turn-key or a turn-key project is a type of project that is constructed by a developer and sold or turned over to a buyer in a ready-to-use condition.
Common usage
Turn-key refers to something that is ready for immediate use, generally used in the sale or supply of goods or services. The term is common in the construction industry, for instance, in which it refers to the bundling of materials and labor by sub-contractors. A "turnkey" job by a plumber would include the parts (toilets, tub, faucets, pipes, etc.) as well as the plumber's labor, without any contribution by the general contractors.
This is commonly used in motorsports to describe a car being sold with drivetrain (engine, transmission, etc.) as a racer may prefer to keep the pieces to use in another vehicle to preserve a combination. Similarly, this term may be used to advertise the sale of an established business, including all the equipment necessary to run it, or by a business-to-business supplier providing complete packages for business start-up. An example would be the creation of a "turnkey hospital" which would be building a complete medical center with installed high-tech medical equipment.
Use in business
In a turnkey business transaction, different entities are responsible for setting up a plant or equipment (e.g. trains/infrastructure) and for putting it into operation. It can include contractual actions - at least through the system, subsystem, or equipment installation phase. It may also include follow-on contractual actions, such as testing, training, logistical, and operational support. It is often given to the best bidder in a procurement process.
Turnkey projects can also be extended, known as turnkey plus, where there is perhaps a small equity interest by the supplier and it will later on continue its operation through a management contract or licensing.
Turnkey is often used to describe a home built ready for the customer to move in. If a contractor builds a "turnkey home" they frame the structure and finish the interior. Everything is completed down to the cabinets and carpet.
Specific usage
The term turnkey is also often used in the technology industry, most commonly to describe pre-built computer "packages" in which everything needed to perform a certain type of task (e.g. audio editing) is put together by the supplier and sold as a bundle. This often includes a computer with pre-installed software, various types of hardware, and accessories. Such packages are commonly called appliances. Turnkey products are synonymous to "off-the-shelf" solutions - i.e. not bespoke.
In the United States, the precise definition of the types of allowable contractual features for government contracts are contained in the Federal Acquisition Regulations.
In real estate, turn-key is defined as delivering a location that is ready for occupation. The turn-key process includes all of the steps involved to open a location including the site selection, negotiations, space planning, construction coordination and complete installation.
Historically, the term once referred to jailers, as the holders of a prison's keys, as in Charles Dickens' 1840 novel, Barnaby Rudge.
See also
- Value-added reseller
References
This article incorporates public domain material from the General Services Administration document "Federal Standard 1037C"
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