A turnkey Project is a Project that includes everything you need to immediately start running the business. A Project that is being sold as a turnkey Project would include tangibles such as inventory and equipment through intangibles such as a previously established reputation and goodwill.
A turnkey project could involve the following elements depending on its complexity:
- Project administration
- Licensing-in of Process
- Design and Engineering Services
- Subcontracting
- Management Control
- Procurement and Expediting of Equipment
- Materials Control
- Inspection of Equipment Prior to Delivery
- Shipment, Transportation
- Control of Schedule and Quality
- Pre-commissioning and Completion
- Performance-guarantee Testing
- Inventorying Spare-Parts
- Training of Owner's/ Plantsub-systemoperating and maintenance personnel
- Advanced Loop Schemes (primary used in the Electric Utility Industry)
