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In this video, "What is a Framework Part 1: The Basics," we explore the concept of a framework agreement. A framework agreement is a multi-supplier contract that fosters long-term relationships with suppliers for the delivery of goods or services. This approach offers numerous benefits, such as providing end users access to compliant agreements, enabling efficient spending, and minimizing the due diligence required. Additionally, the tendering process can be time-consuming, but frameworks streamline procurement efforts. With suppliers aware of their potential business volume over the contract period, they can offer competitive pricing, ensuring significant value for framework users.
