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Basic definition of EC grants and procurement contracts. - or the functioning of a body which pursues an aim of general European interest or has an objective forming part of a European Union policy.
Difference between Grants and Contracts. 1  Used as a procurement funding mechanism (i.e. buyer/seller) for the direct benefit or use of the U.S. Government. 2  Relatively inflexible as to scope of work, budget, and other changes.  Governed by statutes, rules and regulations (e.g., Federal Acquisition Regulations, FAR)