FC stands for various terms. Discover the full forms, meanings, and possible interpretations of FC across different fields and industries.
In the construction industry, a Framework Contract refers to a long-term agreement between parties that establishes the terms governing contracts to be awarded during the life of the agreement. It is designed to streamline the procurement process for projects that are expected to be repeated or ongoing over a period of time. Framework Contracts are particularly beneficial in construction for ensuring consistency, reducing administrative burdens, and fostering stronger relationships between clients and contractors.
These agreements often outline pricing, quality standards, and delivery mechanisms, providing a foundation for future work without the need to renegotiate terms for each project. They are commonly used in public sector construction projects but are also applicable in private sector developments. The flexibility and efficiency offered by Framework Contracts make them a cornerstone of modern construction procurement strategies.
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