Turn Agreement Definition



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On the basis of the award of the contract, a contractor works on behalf of an oil and gas organization to carry out the project from scratch. There are other tenders for the purchase of various equipment, electrical and construction works. The contractor handles all the requirements that are met under the oil and gas organization for which the contractor is working on a turnkey project. This contractor performs all inspections and review procedures to ensure the project is running smoothly. Based on the results and analyses, the contractor mandates the project and hands over the project to an oil and gas organization for other operations. Definition: In legal language, the term „agreement“ is used as a promise/commitment or as a series of reciprocal promises that represent a consideration for the contracting parties. In an agreement, a person offers or offers something to another person who accepts the same thing. In other words, the offer plus acceptance is consistent with the agreement or we can say that a proposal adopted is an agreement. The term „agreement“ is broader than „contract“ because „any contract is an agreement, but conversely, it is not possible.“ Indeed, all contracts contain the elements of the agreement, i.e. supply and acceptance, but not all agreements contain the main element that constitutes a contract, that is, legal applicability. So we can say that any agreement is not a contract.

A turnkey contract is a type of contract or agreement between oil and gas organizations and contractors that stipulates that if the work is entrusted to a contractor determined on the basis of the tendering procedure, that contractor must meet all the requirements of the project, order it and return it to the oil and gas organization in an operational state. This means that the parties must agree on the same with respect to their rights and obligations with respect to the performance of past or future promises in the same direction as expected. In the Contract Act, the word „reciprocal“ refers to „giving or receiving each other.“ Therefore, „mutual promise“ is the promise that leads to a review or part of it for the contracting parties. A turnkey project or turnkey process (also written turnkey) is a type of project designed to be sold to any buyer as a final product. This runs counter to the Build-to-Order in which the designer builds an item to the precise specifications of the buyer or when an incomplete product is sold on the assumption that the buyer would finalize it. In this regard, the contracting party to which the offer is submitted or proposed consents to mutual consideration, the offer being deemed accepted, resulting in a commitment. Turnkey refers to something that is immediately ready to use, usually used for the sale or delivery of goods or services. The word is an indication that the customer, after receiving the product, must simply turn the contact key to make it operational, or that the key must be handed over to the customer. [2] Turnkey is often used in the construction industry, for example when it comes to the pooling of materials and work by the builder or general contractor to complete the house without the owner`s involvement. The word is often used to describe a house built on the developer`s land, with developer funding ready to move in for the client.

When a contractor builds a „turnkey house,“ he frames the structure and finishes the interior; It`s all over to the cabinets and carpets. Turnkey is also commonly used in motorsport to describe a car that is sold with a powertrain (engine, gearbox, etc.) unlike a vehicle that is sold without a vehicle, so that other components can be reused.



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