What is the difference between a turnkey contract and a cost-plus contract? Include in your discussion the advantages and disadvantages of each

What will be an ideal response?

A turnkey or lump-sum contract is one where the project organization assumes all responsibility for successful performance. Turnkey contracts work well when the contract is well-understood by all parties so initial cost estimates are reasonable. If project elements are missed or difficulties arise, the contractor is left holding the bag for all unforeseen costs. A cost-plus arrangement is one where the contractor's fee is fixed in advance and the requesting party pays for all costs plus the fee. The risk is shifted to the requesting party with this arrangement since there is little incentive for the contractor to hold the line on costs.