Contracts typically specify that one party is buying a service or product from the other in exchange for payment. Contracts assume the production and delivery of a specific product that can be an instrument, device, or technical report. Federal contracts are governed by the Federal Acquisition Regulations, as well as specific terms and conditions in each contract document.

Sponsored agreements are contracts, grants, and cooperative agreements that represent an exchange transaction, where the sponsor receives some form of consideration in return for the funding. In contracts, the College is required to provide goods or services in exchange for payment. Grants or cooperative agreements require the College to provide technical and/or financial reporting to the sponsor on the results of research or other sponsored activity.

Cooperative agreements are arrangements where both parties are involved in carrying out a portion of the project. Cooperative agreements generally stipulate the responsibilities of each party. Federal cooperative agreements are governed by the same regulations as Federal grants.