A Contract Award is the formal decision made by an organization to select a specific bidder for a project or service after a competitive bidding process. This decision is based on various factors, including price, quality, and compliance with requirements. Once a contract is awarded, the selected bidder, often referred to as the contractor, is legally bound to fulfill the terms outlined in the agreement. The contract award process typically follows a structured procedure, which may include issuing a Request for Proposals (RFP), evaluating submissions, and negotiating terms. This ensures transparency and fairness in the procurement process, ultimately leading to the successful completion of the project or service.