Description: A framework agreement is a legal document that establishes the general terms and conditions that will govern future contractual relationships between the parties involved. This type of agreement provides a reference framework that facilitates the negotiation and execution of specific contracts without the need to renegotiate all terms each time a new contract is required. Framework agreements are particularly useful in situations where multiple contracts are anticipated over time, such as in construction projects, procurement of goods and services, or collaborations between companies. The main characteristics of a framework agreement include a clear definition of the obligations and rights of the parties, the duration of the agreement, and the conditions for modification or termination. Additionally, these agreements may include clauses regarding pricing, quality, delivery times, and other relevant aspects that will apply to future contracts. The relevance of framework agreements lies in their ability to simplify processes, reduce transaction costs, and foster long-term business relationships, providing security and predictability to the parties involved.
