Framework Agreement

A Framework Agreement is a type of contract that sets the terms and conditions for future contracts between parties, often used in business or government projects. It outlines the general expectations, such as pricing, delivery schedules, and quality standards, without detailing every specific order. This allows organizations to work efficiently together over time, as they can engage in transactions under the pre-agreed terms without needing to renegotiate each time. It's like having a set of rules that guide ongoing collaborations while still allowing flexibility for individual agreements when needed.