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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.
The Federal Grant and Cooperative Agreement Act set out to guide government agencies in their use of Federal funds â particularly by distinguishing between contracts, cooperative agreements and grants. Contracts, the law states, are awarded when a Federal agency is acquiring something â a service, for example.