What is a Grant?
A research grant is financial support of research in a particular subject area or field without any formal detailed stipulations as to the direction of such research. Under the terms of a grant, other characteristics which are typically present:
- Flexibility exists to revise the course of the research as it proceeds without the approval of the sponsor
- Payment of the grant is not linked to the timeliness or contents of the research results and is usually paid in advance or a series of advances
- No restrictions are placed on the publication of research results; results intended for public dissemination
- Sponsor does not reserve to itself rights to the commercial exploitation of research results
- Purpose of the research is more in the nature of the general advancement of knowledge than goal-oriented for practical results
- Principal Investigator or any co-investigator(s) can not be compensated under the project
How does a contract differ from a grant?
- Scope and nature of research are outlined
- Set time period for the research
- Milestones and/or deliverables are defined
- Payment schedule may be linked to meeting deliverables
- Intellectual Property rights are often granted to sponsor
- Publication restrictions are common; there is often a review of material to check for confidentiality or patent issues
- Principal Investigator may be compensated under project