Difference between contract creation and project creation

I am new to Oracle Projects. In Oracle Project Contracts I can see that we create a new contract. Also in Oracle Projects we can create a new Project.
Can anyone please let me know what is the difference between creating a contract and creating a project in Oracle Projects.
Can we create a project based on an already created contract?
Regards

Hi Dina,
thanks for your reply. We are currently implementing Oracle Projects in our company where our main business is construction works.
As you have said that a contract is a commercial agreement between the customer and the contractor. We get a Bill of Quantities(BOQ) along with the contract documents. In the BOQ all the different types of works for the project is defined along with the quantities which are known as BOQ Items. We have to quote our rates for the BOQ items. We generally perform an operation called Rate Analysis of these BOQ Items by assigning various quantities of resources that shall be required to execute each of the BOQ items. Thus we arrive at the cost of each BOQ items. Once the work gets executed, this BOQ happens to be the basis for invoicing or application to the client. So we create our budget based on the BOQ itself. We make our Business plan based on the items of this BOQ itself and also book the expenditure on these BOQ items.
Although we create Project plan using Primavera, there is no one-to-one correspondence between activities of the project plan and the BOQ items. So we cannot really create our budget based on the project plan.
So if we manage everything only on the basis of the BOQ items, we loose important project management related information like earned value management etc. And if we depent only on the Project plan we loose important cost related information.
So we need to plan in such a way so that both these are fused together.
Can you kindly advice me about how to proceed ahead with our implementationso that we can use Oracle Projects optimally for our business.
Thanks & Regards

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