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While the overwhelming majority of grants are awarded to non-business entities (e.g., state and local governments, schools and universities, nonprofit organizations, etc.), many cooperative agreements and contracts are awarded to for-profit businesses. Below is an overview of the key differences between grants, cooperative agreements and contracts. In addition to grants, the federal government also awards funds directly to business entities through cooperative agreements. Like grants, cooperative agreements are typically awarded through a competitive process.
There are three main contract types: fixed-price, cost-reimbursable, and time-and-materials. The government can append incentives for good behavior to fixed-price and cost-reimbursable contracts, but not to time-and-materials contracts.