Grant

Funds or other property awarded by a sponsor to achieve a specific goal. A grant entails obligations to a sponsor, although they are less stringent than those in a contract.

A grant generally is construed to allow greater discretion than a contract in the conduct of the research and to provide less specificity in the definition of the intended outcome of the research. While a grant is not as exacting in its provisions, it should be treated with the same respect as a contract.