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

A contract award is the formal decision by an awarding authority, such as a state or federal government agency, to grant a contract to a private business. This decision is the result of a competitive bid process, where the highest bidder or best-qualified contractor with the lowest price is chosen to fulfill the contract. In North Carolina, contract awards are dependent on the type of contract being awarded, with different regulations and requirements for each type. A contract release is the formal announcement of a contract award to the public and other contractors. This announcement typically includes the details of the award, such as the name of the successful contractor, the amount of the contract, and the duration of the contract. In North Carolina, contracts are typically released by the North Carolina Department of Administration. In summary, the main difference between a contract award and a contract release is that a contract award is the decision to grant a contract, while a contract release is the announcement of this decision to the public. A contract award is the first step in the process of awarding a contract, followed by a contract release.

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

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