A Lump Sum Turnkey (LSTK) is a combination of Lump Sum (LS) contract and Turnkey (TK) contract. A Lump Sum Contract is a type of the contracts under which an owner agrees to pay a specified contracted amount for completing work to a contractor, and the contractor is responsible for completing the project under the contractor’s financial risk. A Turnkey (TK) specifies contractor's scope of work including start-up activities of a project and achievements of the normal operation status under the contractor’s responsibility.
Related Definitions in the Project: The Project Management; Project Contract
