A turnkey project is a contract where a firm agrees to fully design, construct, equip, and hand over a completed manufacturing or business facility to the purchaser when it is ready for operation, for a flat fee. The contractor is responsible for designing, building, and operating the facility based on the client's specifications. The process involves the contractor issuing a tender, evaluating eligible bidders, executing the project, and delivering a finished project to the client. Payment can be made entirely in cash or through a mix of cash and allowing the contractor to manage the facility for a period of time to earn back part of the fee.