Scholarship contract is one of the most important documents when you win one of the scholarship programs you have applied. Regardless of whether you have gone through the details along with the terms and conditions of the sponsor, you should read the contract thoroughly before signing it. These contracts usually deal with the facts about how you could make use of the scholarship money and in what ways you could be allowed to spend it. Always keep in mind that the panel will select the applicant who is eligible in their view and will also give money on their terms.
There are three basic stages of getting scholarship money. First you apply for the financial aid, second you are called for the interview and the third stage is signing of the contract. All the three stages should be carefully covered and you should take proper care and caution to complete the application process and learn and prepare for the interview as well. As far as the contract is signed, there is no hurry. Take your time to read it so that you are well aware of the award money that you will receive how you will receive the money and how you can spend it.
A scholarship contract helps the sponsor convey his intentions properly to the scholars and the winners also understand their rights and duties regarding the scholarship money for which you have been chosen. Never take the contract lightly or rely completely on the sponsor. Do not have complete trust just because the sponsor is helping you out with financial support. Always take necessary precautions and gather all information beforehand. If you do not understand any point or you have any confusion, get it clarified immediately and before signing it.
Some of the scholarships do give a chance to negotiate and get some of the terms changed even after winning the award money. But remember, once you sign the scholarship contract, you will have to put up with the terms written there because signing the contract automatically means that you agree to whatever is written in it.