Usually a contract must be signed by both the Sponsor and the University before it becomes binding and requires defined deliverables on a specified schedule.
There are two types of contracts:
- Fixed-Price: Contracts are made at a set amount, regardless of the actual costs for completing a set scope of work. The University is paid this set amount.
- Cost Reimbursement: This type of contract specifically defines the maximum level of support a sponsor will provide. If actual project costs are less, the University will only be reimbursed its actual costs. If research costs exceed the proposed estimate, the University must report only on the amount incurred, not exceeding the maximum level of support completed. The University however, may still be obligated to complete the proposed work.
FedBizOpps is the single government-wide point-of-entry for federal government procurement opportunities worth more than $25,000.