Fixed Price Turnkey (FPTK) Contract

For most practical purposes in project financing, a FPTK contract is the same as an Engineering Procurement & Construction (EPC) Contract. The contract requires the contractor to deliver a project by a date certain and for a price which may not increase without the approval of the project owner. The project must also be “fit for purpose” (the “turnkey” element). The performance required to satisfy the turnkey requirement will be set out in the contract scope of work / guarantee specification.