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In "What is a Framework? Part 1: The Basics," the video explains that a framework agreement is a type of multi-supplier contract that fosters long-term relationships for the provision of goods or services. Frameworks are beneficial as they offer end users a compliant agreement, allowing them to spend money effectively while minimizing the need for extensive due diligence. The tendering process can be time-consuming, so using a framework streamlines procurement. Suppliers benefit from the certainty of business volume over the framework's duration, enabling them to offer competitive pricing, which ultimately delivers good value to users.
