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

A contract award and a contract release are both documents related to government contracting law in New York. A contract award is the formal document issued when the government agency accepts a bidder’s proposal as the best offer. The contract award is binding and includes all the terms, conditions, and delivery dates for the agreement. A contract release is issued once the government contractor has fulfilled all the terms and conditions of the contract award. The contract release states that the contractor has fulfilled its obligations and should now receive payment. It also serves as a confirmation to the government agency that the job was completed satisfactorily. In short, a contract award is the document used to initiate and bind a government contract, while a contract release is the document which ends the contract and confirms the job was completed. Both documents are important pieces of any government contract in New York and must be reviewed carefully to ensure that all conditions of the contract are fulfilled.

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

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

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