A Frame Contract is a legal agreement between two parties that outlines the terms and conditions of a long-term business relationship. It is also known as a Master Services Agreement (MSA) or a Blanket Purchase Agreement (BPA).
In the industry, a Frame Contract is often used by companies who need to procure goods or services on a regular basis. By having a Frame Contract in place, the company can establish a long-term relationship with a supplier, which can help to ensure a steady supply of goods or services at a lower cost than if they were purchasing on an ad-hoc basis.
Frame Contracts typically include terms and conditions around pricing, delivery schedules, quality standards, payment terms, warranties and other relevant factors. They may also outline the process for resolving disputes and terminating the agreement.
One of the key benefits of a Frame Contract is that it can help to reduce procurement costs by streamlining the procurement process and reducing the amount of time and resources required to negotiate individual contracts. It can also help to improve supplier performance by establishing clear expectations and performance metrics.
Overall, a Frame Contract can be a valuable tool for businesses in the industry, helping to establish long-term relationships with suppliers and improve procurement efficiency while reducing costs.
Frame Contract
Economy Term
A Frame Contract is a legal agreement between two parties that outlines the terms and conditions of a long-term business relationship. It is also known as a Master Services Agreement (MSA) or a Blanket Purchase Agreement (BPA).
In the industry, a Frame Contract is often used by companies who need to procure goods or services on a regular basis. By having a Frame Contract in place, the company can establish a long-term relationship with a supplier, which can help to ensure a steady supply of goods or services at a lower cost than if they were purchasing on an ad-hoc basis.
Frame Contracts typically include terms and conditions around pricing, delivery schedules, quality standards, payment terms, warranties and other relevant factors. They may also outline the process for resolving disputes and terminating the agreement.
One of the key benefits of a Frame Contract is that it can help to reduce procurement costs by streamlining the procurement process and reducing the amount of time and resources required to negotiate individual contracts. It can also help to improve supplier performance by establishing clear expectations and performance metrics.
Overall, a Frame Contract can be a valuable tool for businesses in the industry, helping to establish long-term relationships with suppliers and improve procurement efficiency while reducing costs.