Managing Contracts for your Proposals & Awards – how to easily manage approvals and submissions.
Once a proposal or award has been made, managing contracts can often be challenging with approval and peer review processes, documentation all in one place and tracking of changes for audit purposes.
Here is a general overview of how contracts for research funding are typically managed:
- Proposal Submission: Researchers or research institutions typically submit proposals to funding agencies or organizations outlining their research project, objectives, methodology, budget, and expected outcomes.
- Evaluation and Selection: Funding agencies review the submitted proposals based on predefined criteria. The proposals that meet the criteria are selected for funding.
- Contract Negotiation: Once a proposal is accepted, the funding agency and the researcher or institution negotiate the terms and conditions of the contract. This negotiation process may involve discussions on the project scope, budget, reporting requirements, intellectual property rights, confidentiality, and other relevant details.
- Contract Drafting: Based on the negotiated terms, a formal contract is drafted by the funding agency or its legal representatives. The contract typically includes information such as the project title, duration, funding amount, milestones, deliverables, payment schedule, rights and obligations of both parties, termination clauses, and any other specific requirements.
- Contract Review and Approval: The draft contract is reviewed by the researcher or institution to ensure that it accurately reflects the agreed-upon terms. Legal and financial departments may also be involved in the review process to assess compliance with applicable laws, regulations, and financial procedures. Once all parties are satisfied with the contract, it is signed and approved.
- Contract Monitoring and Compliance: Throughout the project duration, the funding agency may monitor the progress of the research, ensuring compliance with the contract terms and applicable regulations. Regular progress reports, financial statements, and audits may be required to assess project performance and financial accountability.
- Contract Closure: Upon successful completion of the research project, the researcher or institution submits a final report detailing the outcomes and achievements. The funding agency evaluates the report and, if satisfactory, closes the contract. Any remaining funds are reconciled, and final financial reports may be required.
It’s important to note that the specifics of contract management for research funding can vary depending on the funding agency, institution, and the nature of the research project.
With GrantsNow, you can capture and record precise information and processes following the relevant funding agency’s guidelines. These include full document management tracking, approval workflows and Ethics/compliance checks – see: https://grantsnow.co.uk/features/
