Turnkey Constructions
Undertaking construction with the method "With the Key in the Hand", includes the following steps:
1. Preparation of a detailed budget by GMG constructions, accompanied by a detailed technical report that analyzes all the points of the budget and specifies all the materials that will be used.
The Budget includes:
- Profit
- Unforeseen
- Labor costs (cleanliness, etc.)
2. All invoices are issued by all subcontractors, in the name of GMG constructions.
3. GMG constructions invoices the customer according to the contract.
4. Throughout the above process, there is the possibility of executing a Change Order (CCO), which is agreed with the customer, is signed by both or more contracting parties and is executed.
Responsibility of GMG Constructions
- Adherence to an Agreed Schedule
- 5 year guarantee
- Monitoring of procedures for Employee Insurance (IKA)
- Adherence to procedures for final connection to Utility Networks
Construction Methods Comparison
| «Turnkey» | “Project Management” (P.M.) |
|---|---|
| Locked Budget | Maximum Guaranteed Price (M.E.T.) – Variable Budget |
| 5 year Guarantee | 5 year Guarantee |
| Possibility for a Job Change Order (UAE) | Possibility for a Job Change Order (UAE) |
| Guaranteed Schedule | Guaranteed Schedule |
| Observance of I.K.A. Procedures | Observance of I.K.A. Procedures |
| Adherence to Procedures for connection to Utility Networks | Adherence to Procedures for connection to Utility Networks |
| Less bureaucracy for GMG constructions | More bureaucracy for GMG constructions |
| Minimum Budget Risk for customer | Theoretically higher Budget risk for customer |
| Daily budget monitoring for the benefit of GMG constructions | Daily budget monitoring for the benefit of the customer |
| Biggest Budget Risk for GMG constructions | Less Budget Risk for GMG constructions |
| Theoretically (not guaranteed) higher profit for GMG constructions | Less guaranteed profit for GMG constructions |
Construction Methods Comparison Graphic
| “Turnkey” (T.K.) | “Project Management” (P.M.) | |
| Guaranteed Budget and Unit prices |
√ |
– |
| Maximum Guaranteed Price (Μ.E.Τ.) without unit prices guarantee | – |
√ |
| 5 years Guarantee |
√ |
√ |
| Guaranteed Timeline |
√ |
√ |
| Adherence to Employee Insurance (IKA) Procedures |
√ |
√ |
| Adherence to Procedures for connection to Utility Networks |
√ |
√ |
| Cash Flow Chart | – |
√ |
| Budget Risk for the client | – |
√ |
| Budget Risk for GMG constructions |
√ |
– |
| Daily monitoring |
√ |
√ |
| Profit for GMG constructions |
√(>) |
√(<) |
| Scale Economy for the client | – |
√ |
| Trust Level |
√ |
√ |
As you can see from the above charts we have highlighted the trust level with green. Having a project in Greece the most important factor is to find people who you will trust.
It’s a matter of choice…
