Turn Agreement Definition

The tender file contains the scope of the project, price details, product details, what is necessary if necessary, penalty, payment plan, etc., from the oil and gas organization to the contractor. Based on the details of the survey, projects can be either a turnkey project, or projects in the green meadow, or publishing projects. This means that the parties must agree on the same with respect to their rights and obligations with respect to the performance of past or future promises in the same direction as expected. In the Contract Act, the word „reciprocal” refers to „giving or receiving each other.” Therefore, „mutual promise” is the promise that leads to a review or part of it for the contracting parties. In this regard, the contracting party to which the offer is submitted or proposed consents to mutual consideration, the offer being deemed accepted, resulting in a commitment. A turnkey computer system is a complete computer with hardware, operating system and applications specially designed and sold for certain commercial requirements. The key-in-hand term is more or less synonymous with „design and construction,” „package contact” and „design contractors.” These are the most popular types of contract management system in the large construction industry. A turnkey project or turnkey process (also written turnkey) is a type of project designed to be sold to any buyer as a final product. This runs counter to the Build-to-Order in which the designer builds an item to the precise specifications of the buyer or when an incomplete product is sold on the assumption that the buyer would finalize it. Definition: In legal language, the term „agreement” is used as a promise/commitment or as a series of reciprocal promises that represent a consideration for the contracting parties. A turnkey agreement is a construction, installation, etc.

contract, whereby the contractor, installer, etc., assumes full responsibility for the design until the end of the project. The project is ready to generate cash flow after completion. A turnkey project or a contract, as described by Duncan Wallace (1984), is:[1] A turnkey contract is a type of contract or agreement between oil and gas organizations and contractors that stipulate that, when the organization is assigned to a contractor determined on the basis of the tendering process, that contractor must meet all the requirements of the project, order it and restore it to the oil and gas organization. On the basis of the award of the contract, a contractor works on behalf of an oil and gas organization to carry out the project from scratch. There are other tenders for the purchase of various equipment, electrical and construction works. The contractor handles all the requirements that are met under the oil and gas organization for which the contractor is working on a turnkey project. This contractor performs all inspections and review procedures to ensure the project is running smoothly.


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