A turnkey project is a type of project where a company (the contractor) is hired to design, build, and complete a project so that it is fully operational and ready for immediate use by the client. The term “turnkey” implies that the client only needs to “turn the key” to start using the facility or system, without needing to be involved in the detailed construction or setup process.

Key Features of Turnkey Projects:
    1.    Single Point Responsibility: One contractor manages the entire project from start to finish.
    2.    Ready-to-Use: The project is delivered in a fully functional state.
    3.    Fixed Price and Timeline: Contracts often have set costs and deadlines, reducing uncertainty for the client.
    4.    Minimal Client Involvement: The client provides initial requirements, and the contractor handles the rest.

Examples of Turnkey Projects:
    •    Construction: A company builds a factory, installs all necessary equipment, and hands it over ready for production.
    •    IT Systems: A software firm develops a complete IT infrastructure for a business, including hardware, software, and networking.
    •    Oil & Gas: Engineering firms design and construct entire refineries, ready for immediate operation.

Advantages:
    •    Reduced risk for the client
    •    Simplified project management