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

A contract award and a contract release are two aspects of government contracts in Washington. A contract award is the approval or selection of a bidder for a contract by the government. This award is submitted to the bidder and is a legally-binding document that outlines the terms and conditions of the contract. A contract release, on the other hand, is the actual release of funds from the government to the successful bidder in order to fulfill the contract obligations. This release is initiated when the contract award has been met and the goods or services specified in the contract requirements have been provided and accepted. In summary, a contract award is when the government officially selects a bidder for a contract and a contract release is when the government releases funds to the successful bidder after the obligations of the contract have been met. This two-step process is central to government contracts in Washington and is used to ensure that the government is paying a fair price for goods and services and to protect the interests of both parties involved.

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

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