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In this video, "What is a Framework - Part 1: The Basics," the concept of a framework agreement is explained. A framework agreement is a multi-supplier contract that fosters long-term relationships with suppliers for delivering goods or services. Its benefits include providing users with access to compliant agreements, allowing for efficient spending without extensive due diligence, and significantly reducing the time involved in the procurement process. Since suppliers anticipate their business volume over the framework's lifespan, they can offer competitive pricing, resulting in enhanced value for users.