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Grants, Contracts, RFAs, and RFPs. 1  A grant is a funding mechanism for a particular scientific inquiry that you generate. 2  In contrast, a contract is a funding mechanism of government agencies or other organizations to obtain specified services or goods.
Part I: Major Differences Between Commercial and Government Practices. The Department of the Treasury conducts its business through authorized agents called Contracting Officers. Only Contracting Officers with valid warrants may sign contracts and enter into binding agreements with your company.