turnkey contract
In information technology, a contract under which, when a computer system is delivered to the user, the user only has to "turn a key" to have a fully operable computer system.
In construction and engineering, a contract under which, when a project is complete and handed over to the user, the user only has to "turn a key" to operate the project (for example, a new chemical plant).

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

Look at other dictionaries:

  • turnkey contract — ➔ contract1 * * * turnkey contract UK US noun [C] COMMERCE, PROPERTY ► a contract in which a company is given full responsibility to plan and build something that the client must be able to use as soon as it is finished without needing to do any… …   Financial and business terms

  • turnkey contract — /tɜnˌki ˈkɒntrækt/ (say tern.kee kontrakt) noun a contract in which the contractor undertakes to complete an installation or building to the point of readiness for operation or occupancy …   Australian English dictionary

  • turnkey contract — / tɜ:nki: ˌkɒntrækt/ noun an agreement by which a contractor undertakes to design, construct and manage something and only hand it over to the client when it is in a state where it is ready for immediate use …   Marketing dictionary in english

  • turnkey contract — Gen Mgt an agreement in which a contractor designs, constructs, and manages a project until it is ready to be handed over to the client and operation can begin immediately …   The ultimate business dictionary

  • turnkey — index warden Burton s Legal Thesaurus. William C. Burton. 2006 turnkey …   Law dictionary

  • contract — a legally binding agreement between two or more parties. Glossary of Business Terms A legally enforceable agreement between two or more parties for performing, or refraining from performing, some specified act; e.g., delivering 5,000 bushels of… …   Financial and business terms

  • Contract — A term of reference describing a unit of trading for a financial or commodity future. Also, the actual bilateral agreement between the buyer and seller of a transaction as defined by an exchange. The New York Times Financial Glossary * * * ▪ I.… …   Financial and business terms

  • turnkey — I. noun (plural turnkeys) Date: 1647 one who has charge of a prison s keys II. adjective Date: 1927 built, supplied, or installed complete and ready to operate < a turnkey nuclear plant > < a turnkey computer system >; also of or relating to a tu …   New Collegiate Dictionary

  • turnkey — A person, under the superintendence of a jailer, who has the charge of the keys of the prison, for the purpose of opening and fastening the doors @ turn key contract @ turnkey contract Project in which all owner need do is turn the key in the… …   Black's law dictionary

  • turnkey — /terrn kee /, n., pl. turnkeys., adj. n. 1. a person who has charge of the keys of a prison; jailer. adj. 2. Also, turn key. of, pertaining to, or resulting from an arrangement under which a private contractor designs and constructs a project,… …   Universalium

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