WHAT IS A FRAMEWORK AGREEMENT?

Irrespective of which industry you’re in, traditional ways of setting up and managing a contract review is a laborious and time-consuming effort.

We work with a lot of law firms in the Nordic and Baltic market and they’re not only benefitting from working with a framework agreement, they’re also creating huge advantages against competing firms.

Framework agreements are the pre-agreed pricing and contractual terms we offer to law firms, corporates, private equity and financial advisory. With 40% of our Nordic data rooms operating from framework agreements, it’s worthwhile to explore the benefits and why clients are engaging with this fast and reliable method. 

Every time a new data room is set up, a lengthy review of contractual terms and pricing ensues. On average, a traditional contract review can take 3 hours of a qualified lawyer’s time. These contracts and their reviews must be thorough and detailed to satisfy heightened security concerns and GDPR.

With a framework agreement however, this process only needs to happen once. Taking into account that some clients launch up to 30 data rooms a year, the time that a framework agreement can save is considerable. Most of our clients in the Nordic region are law firms and by cutting review times, in some cases by up to 90 hours, they are in a position to pass on significant cost savings onto their client.

As well as pre-agreed contractual terms, we offer bespoke standard indices and site disclaimers. This takes the hassle away from the deal team and is one less thing to think about at the start of a project.

By using an exclusive framework agreement, our clients can channel their energy into a single technological platform. The more familiar they become with this platform, the more efficient they are. Designing technology that is simple and intuitive to use has naturally become one of our key priorities. Our ever-expanding set of features and integrations allows us to deliver what is a convenient, all-in-one platform to our clients.

To continue making this technology as easy to navigate as possible, we provide our clients with 24/7 project management support. Familiarity and human interaction are paramount in this technologically charged age, and go far in keeping the data room process as smooth and reliable as possible. Throughout a project a client gets to engage with just one team based in one location. This team becomes experts in their client’s needs and understand the best ways to help them. Having consistent client support and contractual terms is one less distraction that saves time and money for all parties.

We invite all our framework agreement clients, because of the close relationships that form, to be involved in our product road map. We find this to be a mutually beneficial process. We are continuously releasing new tools to improve the experience for all users, and our clients are able to get real solutions to their dynamically changing needs.

Do you have any questions?

If you are after some general information or have any questions, comments or you need help with a current or upcoming project, please do get in touch.

Are you after some more general information on data rooms, including some advice on how to pick a provider that works for you, here’s our list of FAQs. Or contact one of our experts today: