A turnkey agreement, in the context of tenant improvement allowances, refers to a contractual arrangement between a landlord and a tenant. It is an agreement where the landlord takes full responsibility for designing, constructing, and completing all necessary improvements or renovations to the leased space as per the tenant's specifications. Once completed, the space is ready for the tenant to move in and begin operating their business without any further involvement or expenses on their part.In a turnkey agreement, the tenant typically provides the landlord with their requirements and specifications for the improvements they need. The landlord then takes on the responsibility to manage and oversee the entire process, including hiring contractors, obtaining permits, and ensuring that all necessary work is completed according to the agreed-upon timeline and budget.Turnkey agreements can be beneficial for tenants who may not have the expertise or resources to manage the construction process themselves. By having the landlord handle all aspects of the improvements, tenants can focus on their core business operations while still getting a space that meets their specific needs.Additionally, turnkey agreements can provide peace of mind for tenants, as they can be assured that the improvements will be completed to their specifications and promptly.