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In the video "What is a Framework - Part 1: The Basics," the concept of a framework agreement is introduced as a multi-supplier contract that fosters long-term relationships with suppliers for the delivery of goods or services. Frameworks are beneficial for end users as they provide access to compliant agreements, allowing users to spend money wisely without extensive due diligence. The tendering process is time-consuming, so frameworks streamline procurement, enabling quicker legalities. Additionally, suppliers, aware of expected business volume over the framework's duration, can offer competitive pricing, ultimately delivering great value to users of the framework.
