When you receive a funding offer, notify the other agencies to which you applied. GIFT A grant is an agreement to perform a specified activity within a certain amount of time, in other words, to conduct a program or perform a research project. The grant is legally binding with regard to budgetary restrictions and agreements for cost-sharing. A contract, on the other hand, is a legally enforceable promise to deliver a product, usually goods or services, and requires the task to be completed by a certain date. It may or may not involve the exchange of funds.
Contracts are subject to an extensive body of law and regulations.
Only certain university personnel have authority to sign a contract. If you are going to engage in a contract be sure to read the Contract Review Procedures and complete the Contract Review Checklist . The university accepts both grants and contracts on behalf of the project director. A gift of either money or equipment is administered through the University Advancement Office. While the written definitions of grants, contracts, and gifts clearly differentiate between the three types of awards, in reality the distinction is often blurred.