- Published on
Legal Terms - framework agreement
1. An agreement between two parties that acknowledges that, while there is not yet a final agreement on all matters pertinent to their relationship, they have reached a consensus on sufficient matters to proceed with the relationship, with additional details to be agreed upon in the future. 2. The framework under which individual contracts can be made for the duration of the agreement is established by an overarching procurement agreement with suppliers. A framework agreement is classified as a contract if it contains a purchase obligation. It can be produced with a single supplier or with multiple suppliers.
1. An agreement between two parties that acknowledges that, while there is not yet a final agreement on all matters pertinent to their relationship, they have reached a consensus on sufficient matters to proceed with the relationship, with additional details to be agreed upon in the future. 2. The framework under which individual contracts can be made for the duration of the agreement is established by an overarching procurement agreement with suppliers. A framework agreement is classified as a contract if it contains a purchase obligation. It can be produced with a single supplier or with multiple suppliers.
0 Comments