What is the difference between a contract and terms and conditions?
- A contract is usually a formal written agreement between two or more parties that is exchanged between them in a process of negotiation to arrive at a position that is acceptable to all concerned
- Terms and conditions are mostly non-negotiable and are attached to an award
An example of a contract is the University's sponsored studentship agreement that may be negotiated between the University and the sponsor.
An example of terms and conditions can be found appended to research council grants (and which are non-negotiable).
The terms “contract” and “agreement” are often used interchangeably.