What is government contract and how they work.

Question

Accepted Answer

Government contracts are agreements between the government and a contractor for goods or services.

Government contracts are legally binding agreements between the government and a contractor.
They outline the terms and conditions for the delivery of goods or services.
Government contracts can be awarded through a competitive bidding process or sole-source procurement.
Contractors must comply with specific regulations and requirements when working on government contracts.
Examples of government contracts include defense contracts, infrastructure projects, and research grants.