What is the difference between a contract award and a contract release?

In the state of Illinois, Government Contracts Law applies to contracts between the government and a private company, which includes both parties agreeing to terms and conditions of the agreement. The contract award is the final decision of the government about which particular contract and terms will be accepted. The award is based on a comparison of different proposals and bids from vendors and contractors, and once the award is made, the government and contractor enter a legally-binding agreement. A contract release is an action taken by the government to authorize payment and completion of the awarded contract. Contract releases are an important step that allows the government to monitor progress and ensure that the contractor is meeting the requirements and conditions specified in the contract award. When the government releases the contract, it authorizes the contractor to begin work and receive payments from the government. In summary, a contract award is the decision of which particular contract and terms will be accepted. This is followed by a contract release, a government action that authorizes payment and completion of the awarded contract. Both steps are required for a successful government contract in the state of Illinois.

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What is the difference between a contract award and a contract release?

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