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The government uses grants and cooperative agreements as a means of assisting researchers in developing research for the public good, whereas it uses contracts as a means of procuring a service for the benefit of the government. Grants are much more flexible than contracts.
Government contracts use cost incentives to limit financial risk. With this type of incentive, the government and the contractor agree on a share ratio of any cost overrun or cost underrun. In the case of a 50/50 share ratio, the government and the contractor would evenly split the cost of an overrun, with the contractor's share coming out of its profit on the contract.