A funding agreement is a type of contract established between a federal agency and a contractor. This agreement outlines the terms for conducting experimental, developmental, or research work that is funded, either fully or partially, by the federal government. It also encompasses any assignments, substitutions of parties, or subcontracts related to this work.
Funding agreements are commonly used in the context of government contracts, particularly in research and development sectors. They are relevant in various legal areas, including:
Users may find it beneficial to access legal templates from US Legal Forms to assist in drafting or managing these agreements effectively.
Here are a couple of examples of abatement:
Example 1: A university enters into a funding agreement with the National Science Foundation to conduct research on renewable energy technologies. The agreement specifies the funding amount and the expected outcomes of the research.
Example 2: A private company signs a funding agreement with a federal agency to develop a new medical device. The contract outlines the project's scope, funding details, and timelines. (hypothetical example)
The primary statute governing funding agreements is 35 USCS § 201, which defines the term and its application in federal contracts. Other relevant laws may include regulations pertaining to federal procurement and research funding.
If you are involved in a funding agreement, it is important to:
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| Attribute | Details |
|---|---|
| Typical parties involved | Federal agency and contractor |
| Common areas of use | Research, development, and experimental work |
| Funding source | Federal government |