What’s the difference between contracts, grants, and cooperative agreements?

Contracts, grants, and cooperative agreements are the three most commonly used instruments through which the University accepts sponsored funding. The purpose of a grant is to provide assistance; there is generally little involvement by the sponsor, and the award instrument refers to general terms and conditions. Cooperative agreements also provide assistance, but with substantial sponsor involvement, typically described in a set of specific terms. The basic purpose of a contract is to procure tangible good and services through an acquisition. The involvement by the sponsor may be extensive and the award instrument will contain detailed specifications, clauses, regulations, and expected results and deliverables.