A contract entered into by a grantee and a grantor. Typically based on the application submitted by the grantee, the Grant Agreement commits the grantee to carry out certain activities, within a stipulated time frame, for a specific amount of money. The Grant Agreement often refers to, or incorporates, regulations that govern the use of grant funds. It is important to note that the Grant Agreement may include more restrictive conditions than were proposed by the grantee or are required by law. The Grant Agreement may also be for less money than originally sought.