In a so-called turnkey operation, a company designs and constructs a facility abroad (such as a dam or chemical plant), trains local personnel, and then turns the key over to local management - for a fee, of course The Italian company Fiat, for example, constructed an automobile plant in the former Soviet Union under a turnkey agreement. Critical factors for success are the availability of local supplies and labor, reliable infrastructure, and an acceptable means of repatriating profits. There may also be a critical risk exposure if the turnkey contract is with the host government, which is often the case. This situation exposes the company to risks such as contract revocation and the rescission of bank guarantees.
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