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TURNKEY CONTRACT
A TURNKEY project is an EPC Contract with total responsibility of Engineering, Procurement and Construction on the EPC Contractor. Owner/Client simply provides the contract specification for the project to be completed within budgeted time limits and quality requirements. EPC contractor is the sole power over the project within project specifications.
EPC ~ LOOSE TURNKEY CONTRACT
An EPC contract is a LOOSE TURNKEY project wherein owner/client must share some of the technical/engineering/EPC part with the contractor. Both owner and client share responsibility for project completion though majority responsibility lies with the EPC contractor. Here, owner/client wants to have some direct control over quality/timeline/budgeted resources over EPC contractor.
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Is it contract's duration or contracts's duration?
contract's duration
What are characteristics of a simple contract?
list the characteristics of a simple contract
Why use Completed Contract Method?
The principal advantage of the completed-contract method is that
How discharge a contract?
By performing all obligations under the contract By operation of law By breach By aggreement
Who pays the property tax if sold on contract?
I believe that could go either way and should be part of the contract.
