Therefore, this thesis does not go deeply into every aspect of project management process, it gives an overview of a project management process, project life cycle and describes risk management. Treatment of key risks under EPC contracts - Mayer Brown Here it’s worth noted that there would be a necessity of a turnkey contractor for allocating the risks. Key Success Factors for a Turnkey Construction Project Meanwhile, cost-estimation is also involved which should be top-priority because it impacts the customer as well as vendors and contractors to itself. A turnkey project is one which is designed, developed and equipped with all facilities by a company under a contract. Turnkey project: What is turnkey contract and examples Turnkey contracting is sometimes also referred to as ‘Lump Sum Turnkey’ or ‘LSTK’, emphasising the intended bargain of the parties, with responsibilities allocated to the contractor to deliver the project on time and to a required performance level, in return for payment of a fixed price. Important Factors for a Turnkey Construction Project B. competing with the local firm in the global market. The beauty of a turnkey approach is that it is designed as one system. The turnkey option has been used for a long time, mainly in building civil infrastructure projects, or with public and governmental bids, or when the project has a high level of complexity and there is a well-defined scope on behalf of the owner. Risk Management in Turnkey Projects in Malaysia A lump sum turnkey price will include contingency allowances to hedge against the risk of things … A new era begins for turnkey projects - Siemens Mobility Global