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The idea of a "computational grid" suggests that high end computational power can be thought of as a utility, similar to electricity or water. Making this metaphor work requires a sophisticated "power distribution" infrastructure. We present the Faucets framework that aims at providing (a) user-friendly compute power distribution across the grid, (b) market-driven selection of compute servers for each job, resulting in effective utilization of resources across the grid, and (c) improved utilization within individual compute servers. Utilization of individual compute servers is improved by the notions of adaptive jobs and smarter job schedulers. Server selection is facilitated by quality-of-service (QoS) contracts for parallel jobs. Market efficiencies are then attained by a bidding and evaluation system that makes the compute servers compete for every job by submitting bids, thus transforming the computational grid into a free market. Job submission and monitoring is simplified by several tools and databases within the Faucets system. We describe the overall architecture of the system. All the essential components of the system have been implemented, which are described In the work. We also discuss ongoing work and future research issues.