A procurement arrangement that establishes the commercial and contractual terms under which one or more contracting authorities may purchase goods, services, or works from one or more suppliers. Commercial agreements include mechanisms such as framework agreements, open or closed frameworks, dynamic markets, and other collaborative purchasing arrangements. Rather than creating an immediate obligation to purchase, they provide a compliant route to market with pre-agreed terms, pricing, and conditions that can be used to award contracts efficiently. Commercial agreements help reduce procurement timescales, improve consistency, leverage collective purchasing power, and support value for money while maintaining compliance with applicable procurement legislation.
Commercial Agreement
An arrangement setting the terms under which authorities may buy from suppliers, such as frameworks and dynamic markets.
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VisibleThread ships constantly, some months a single platform release, some months a run of smaller fixes behind it. This is where we'll keep a running log of what's new, most recent first, so you can see where the product is moving without digging through changelogs. We'll keep adding to it as we ship.
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Related Glossary Terms
The official compilation of permanent U.S. federal laws, providing the statutory basis for many contracting requirements.
A global classification system used to categorize products and services for procurement and spend analysis.
A unique 12-character identifier assigned via SAM.gov to organizations doing business with the federal government, replacing the DUNS number.
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