Final answer:
A Turnkey project is where an owner contracts with a company to manage the entire construction process including land purchase, providing a single point of contact from start to finish.
Step-by-step explanation:
A Turnkey project is used when an owner contracts with one company to oversee and complete the construction process from start to finish and purchase land. This type of arrangement simplifies the construction process for the owner because they have a single point of contact for all aspects of building the project, from design through completion, which often includes the purchase of land. The contractor is responsible for the complete setup and readiness of the project — all the way to the point where all the owner needs to do is 'turn the key' in the door to start operations.