What is the difference between award VALUE and INCOME?
Award VALUE is the amount that the sponsor is prepared to pay. In some respects it is like a budget. INCOME is like the actual results — and may depend on the actual expenditure and meeting project milestones. Charities and Research Councils will pay invoices equal to eligible expenditure — while companies will pay at the price agreed (awarded) — for the milestones delivered. Failure to complete a particular milestone may result in loss of income.
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