In India, as in the other parts of the world, a gradual shift is taking place from a hardcore engineering consultancy to a developer of turnkey engineering, procurement and construction (EPC) projects. Turnkey contracting is also referred as `Lump Sum Turnkey' or `LSTK', emphasizing 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. Before making contract formulas, one has to make sure that it is the right choice and gain the most out of it with the least amount of inconveniences. Turn-key contracts can often regulate in great detail all issues which possibly might arise between the parties. Government bodies are widely involved in.
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