A type of a contract in which a building is sold to a buyer after it has been completed as per the choice and specifications of the construction company or seller is known as a turnkey engineering and construction contract. In this arrangement, the buyer agrees to buy a completed building and has no say in the construction work, engineering or design of the building or constructed property. The term ‘turnkey’ refers to a finished product which is ready to use and can be bought by paying the relevant price.
A turnkey engineering and construction contract is made between the builder/seller and the purchaser and it is legally compulsory and mandatory for both these parties to follow all the terms and conditions which have been mutually decided and written in the contract document. If any of the parties violates the terms, then it is held accountable for the breach and may have to face certain implications.
Turnkey Engineering and Construction Contract
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