Definition: In legal language, the term “agreement” is used to refer to a promise/obligation or a number of reciprocal commitments that constitute consideration for the contracting parties. The term turnkey is more or less synonymous with “Design and Build”, “Package Contact” and “Design Contractor”. This is the most popular type of contract management system in the construction industry. A turnkey contract is a kind of contract or agreement between oil and gas organizations and contractors that stipulates that when the contract is awarded to a given contractor on the basis of the tendering procedure, that contractor must meet all the requirements of the project, order it and hand it over to the oil and gas organization in good condition. Based on the award of the contract, a contractor works on behalf of an oil and gas organization to complete the project from its completion. Other tenders were issued for the purchase of various equipment, electrical works and construction works. The contractor takes care of all the requirements that are met in accordance with the oil and gas organization for which the contractor is working on a turnkey project. This contractor shall carry out all inspections and test procedures in order to ensure the proper functioning of the project. Based on the results and analyses, the contractor orders the project and hands over the project to an oil and gas organization for further development. In the Contracts Act, the word “reciprocal” refers to “the other or the gift and the taking”. Therefore, the “mutual promise” is the promise that leads the parties to the agreement to a counterparty or part of it. A turnkey computer system is a complete computer, including hardware, operating system and application, that is developed and sold to meet certain business requirements. A turnkey, turnkey or turnkey project is a type of project designed to be sold as a finished product to any buyer.

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 finalize it. The tender dossier includes the entire project, price details, product details, what is needed, when necessary, penalty, payment plan, etc. from the oil and gas organization to the contractor….

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