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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.
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.