3 décembre 2022

Turnkey Solution Legal Definition

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A turnkey solution can be the most cost-effective way to build something end-to-end that is beneficial for multiple users. However, turnkey solutions may not take into account the individual needs of a company. A turnkey content management software solution offered by a third-party vendor may be cheaper to purchase, but may not cover all of the buyer`s needs. A turnkey, turnkey (also written turnkey) project or operation is a type of project designed in such a way that it can be sold to any buyer as a finished product. This is in contrast to build-to-order, where the designer builds an item to the buyer`s exact specifications or when an incomplete product is sold assuming the buyer would complete it. A turnkey project or contract, as described by Duncan Wallace (1984), is:[1] A turnkey solution system is different from a custom or designed system. If a business or business isn`t looking for multiple bells and whistles, a turnkey solution can be an affordable and easy option. Similarly, this term can be used to promote the sale of an established business, including all the equipment necessary for its operation, or by a business-to-business provider that offers comprehensive business start-up packages. [2] An example would be the creation of a « turnkey hospital » that would build a complete medical center with installed medical equipment. A turnkey business can refer to a business that can be purchased without having to make any changes to the business model or products sold. For example, a franchise like Taco Bell is a kind of turnkey business.

Turnkey refers to something that is ready to use and is typically used in the sale or delivery of goods or services. The word refers to the fact that after receiving the product, the customer only has to turn the ignition key to make it ready to work, or that the key only needs to be handed over to the customer. [2] For example, turnkey is often used in the construction industry, where it refers to the pooling of materials and labour by the builder or general contractor to complete the house without the owner`s involvement. The word is often used to describe a home built on the developer`s property, with developer financing ready for the client. When a contractor builds a « turnkey house, » they frame the structure and finish the interior. Everything is closed except the closets and carpet. Turnkey is also commonly used in motorsport to describe a car sold with a powertrain (engine, transmission, etc.) in order to contrast with a vehicle sold without a vehicle, thus allowing other components to be reused. Traditionally, the term turnkey is often applied to construction projects such as warehouses, other purpose-built buildings or houses.

The idea is for the entrepreneur to finish a product that the buyer can use immediately. Simple and easy to use solution that can be used immediately after installation. Provided by a third party without any problems for the company. A turnkey computer system is a complete computer that includes hardware, operating system, and applications designed and sold to meet specific business needs. A potential disadvantage of this method, as opposed to designing an in-house process or bespoke system, is that specifications that are important to a particular company may not be sufficiently integrated into the solution. Internal or customer-specific versus turnkey decisions consider the complexity of a business process. A company that wants to implement an online billing feature on its website may use third-party vendors to process each transaction and resolve any technical issues related to that process. Using a turnkey solution in this case allows the company to avoid the headaches of internal tool programming and approvals associated with developing a billing system from scratch. In real estate is defined turnkey as a house or property that is ready to move into for its intended use, that is, a home that is fully functional, does not need modernization or repair (ready to move into).

In commercial use, a building equipped for automotive repair would be defined as turnkey if it is equipped with all the machinery and tools necessary for that particular trade. [ref. needed] The turnkey process includes all stages of site opening, including site selection, negotiations, land use planning, construction coordination and complete installation. « Turnkey real estate » also refers to a type of investment. This process involves buying, building or renovating (an existing property), renting it out to tenants, and then selling the property to a buyer. The buyer acquires an investment property that generates an income stream. In a turnkey solution, a professional buyer only has to « turn » a « key » to start a commercial activity in the newly built structure. The « solution » developed into the turnkey concept as the economy became more service-oriented. A turnkey property is usually a newly renovated and updated apartment building or home that is ready to move in for buyers or tenants.

Real estate companies, real estate sellers and buyers, and real estate investors often describe new construction or homes as « turnkey ». With rapid advances in software and hardware technology, turnkey solutions are popular with companies that want to get to market quickly. a contract whose essential design is either owned or provided by the contractor and not by the owner, such that legal responsibility for the design, suitability and performance of the work remains after completion. with the contractor .. The term « turnkey » is treated in such a way that only the responsibility for planning is designated as that of the contractor. All other documents forming part of the contract.3. Taking into account the payments to be made by MCG to the Provider, as mentioned below, the Service Provider undertakes with the Employer to carry out the turnkey solution for the supply, installation and commissioning of the digital planetarium system with 8-metre perforated FRP indoor projection dome and all other related work in accordance with the tender dossier. A turnkey solution is a type of system that is built end-to-end for a customer and can be easily implemented in a current business process. It is ready to use immediately after implementation and is designed to meet a specific process such as manufacturing (partial or complete), invoicing, web design, training or content management. A turnkey contract is a contract for construction, installation, etc. where the contractor, installer, etc.

assumes full responsibility for planning to completion of the project. The project is ready to generate cash flow once completed. The term turnkey is also commonly used in the technology industry, most commonly to describe out-of-the-box software packages in which everything needed to perform a specific type of task (such as audio editing) is assembled by the vendor and sold as a bundle. [ref. needed] This often includes a computer with pre-installed software, various types of hardware, and accessories.

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