Franci, the major potential problem I see is the chance for significant changes
between the time of signing and the time of submission.  I hasten to say that I
have sometimes obtained a signature on the basis of a draft proposal--I suspect
we all have--but it always makes me a little nervous.  I try to have a final
budget in hand, at least, when I seek those early signatures, so that we can
make sure salary rates, fringe benefits, indirects, etc. are correct.  If the
FB or indirect rates are wrong, the repercussions can be unpleasant for
everyone.  Especially for the PI, who usually has to find a way to come up with
the missing money.

Programmatic changes don't make me as nervous.  PI's usually have a fairly
clear notion of where they're headed with a project early on--much earlier than
they have a clear notion of the budget.  Besides, programmatic changes after
the signature date, even after a grant is awarded, are usually easier to handle
than budget changes.

This is one of the reasons why we offer to obtain the final signatures, copy,
and mail proposals for faculty--that way I am more likely to see them before
they get signed and sent.

Regards, Bill

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