Frame Agreement

A frame agreement, also known as a framework agreement, is a contract that establishes the terms and conditions under which future contracts will be executed during a set period. This agreement outlines pricing, service levels, and legal terms, providing a standardized foundation for subsequent contracts. Frame agreements are essential for streamlining procurement processes and ensuring consistency across multiple projects or purchases. Regular review and updating of the frame agreement help maintain its relevance and effectiveness, accommodating changes in market conditions or organizational needs.