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In today’s businesses, contracts are crucial because they are official agreements that outline what an employee must do for the company. As contracts become more and more important, companies are realising they need Contract Managers. This has led to a lot of people wanting to become Contract Managers, and they’re all curious about what the Contract Manager Job Description involves.
As the importance of contracts continues to grow, the demand for skilled Contract Managers is on the rise. But what exactly does a Contract Manager do? What qualifications and skills are necessary to excel in this role? Let's delve into the comprehensive Contract Manager Job Description and uncover the path to a successful career in Contract Management.
Table of Contents
1) Who is a Contract Manager?
2) Contract Manager Job Description Examples
3) Entry-level positions leading to a Contract Manager Role
4) Career advancements beyond the Contract Manager Position
5) What Qualifications Does a Contract Manager Need?
6) What is a Contract Manager’s average Salary?
7) What are the Key Qualities of an Effective Contracts Manager?
8) Do the Responsibilities of Contracts Managers Vary Across Industries?
9) Conclusion
Who is a Contract Manager?
A Contract Manager is simply someone who supervises the creation of contracts for an organisation. Whenever any organisation indulges in business with a vendor, partner, employee or customer, the organisation’s Contract Manager is tasked with the preparation, analysis and negotiation of contracts.
Negotiation, analysis, preparation and revision of contracts is part of a Contract Manager’s Job Description. The contracts may involve the purchase or sale of products and services like supplies, materials, equipment and other items.
Further, Contract Managers look over the projects that are performed in partnership between one organisation and another. They are primarily responsible for the coordination of every aspect of the project – such as reviewing and approving terms of the contract, coordinating deadlines, creating appropriate budgets and more. Contract Managers can work across several industries, including real estate development, health care, and government agencies. Contract Managers usually begin their careers as Contract Specialists and work their way up to management.
What Does a Contracts Manager Do?
The daily responsibilities of a Contract Manager may vary depending on the size of the organisation and the products or services manufactured and sold by the company. In most cases, the Contract Manager ensures that every contract signed benefits the organisation.
1) Creating, Analysing, Negotiating and Executing Contracts: A Contract Manager has to create, analyse, negotiate and execute contracts for various transactions. They must manage contracts and services in accordance with company policies.
2) Developing and Maintaining Relationships: A Contract Manager has to establish and maintain cordial relationships with vendors, clients and other business connections.
3) Preparing Terms and Conditions in a Contract: A Contract Manager must prepare and negotiate the terms and conditions included in contracts. They must also assist in preparing various contracts associated with an organisation.
4) Presenting Contract Information to Relevant Parties: A Contract Manager is responsible for the presentation of contract information to relevant parties such as stakeholders.
5) Maintaining Contract-related Documents: A Contract Manager has to ensure that all contract-related documentation is up to date and maintained with care.
6) Troubleshooting Contract-related Problems: A Contract Manager is tasked with the responsibility of troubleshooting contract-related issues such as breach of contract.
7) Keeping an Account of Contracts and Extending, Renewing or Terminating Contracts: A Contract Manager has to keep an account of all the contracts in an organisation. They also must help extend, renew and terminate contracts whenever necessary.
8) Assisting with Compliance: A Contract Manager must assist an employer in compliance with mandatory standards. They must also ensure contract compliance with the company’s policies and procedures, even regarding employees.
9) Staying Updated About Relevant Changes: A Contract Manager must also be acquainted with and updated on any recent changes to an organisation's pertinent rules and regulations.
10) Resolving Legal Disputes: Lastly, being acquainted with the legal rules and regulations concerning a contract is an essential prerequisite, as a Contract Manager needs to resolve legal conflicts whenever required.
Contract Manager Job Description examples
Below are examples of a Contract Manager Job Description. Have a detailed look at each example and learn what skills and qualifications companies expect from prospective job seekers:
Example 1:
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Example 2:
Example 3:
Example 4:
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Entry-level Positions Leading to a Contract Manager Role
Apart from internships or graduate courses, a Contract Manager will probably take over the Contract Manager position description after getting experience in a junior position within the organisation.
Contract Assistant
Scheduling supplier meetings, organising contract files, and creating paperwork are just a few of the tasks that contract assistants do to help the Contract Management team. Due to its proximity to the entire Contract management process, this position is the perfect stepping stone for a Contract Manager. It's likely that before taking on the role of Contract Manager, formal training will be needed.
Career Advancements Beyond the Contract Manager Position
A Contract Manager can advance to a number of other positions on the career ladder through a largely linear career path.
Contract Director
Contract Directors manage a group of employees and a portfolio of contracts. Because of their knowledge, they can assist in challenging negotiations and offer guidance on complex deals. Contract Directors will have accumulated management expertise as Contract Managers over a number of years.
Chief Procurement Officer
A Chief Procurement Officer will manage and guide the purchasing department's strategic direction in this role. They will manage organisational budgets, negotiate with essential suppliers, and create and execute the organisation's Contract Management and buying processes.
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What Qualifications Does a Contract Manager Need?
A Contract Manager needs the relevant education and experience to excel in their domain of expertise. They will usually need to have some or all of the qualifications listed below:
What Education Does a Contract Manager Need?
A Contract Manager needs to have the following educational qualifications:
1) Bachelor of Business Administration degree
2) Master of Business Administration degree
3) Certified Commercial Contracts Manager (CCCM) Certification awarded by the National Contract Management Association (NCMA)
4) Certified Professional Contracts Manager (CPCM) Certification awarded by the NCMA
5) Certified Federal Contracts Manager (CFCM) Certification from the NCMA
What Experience Does a Contract Manager Need?
A Contract Manager needs to have the following experience and soft skills in his resume. The qualifications are:
1) Minimum experience of 5 or more years in a similar role
2) Proficiency in Microsoft Office
3) Strong computer skills
4) Expert proficiency in verbal and written communication
5) Strong interpersonal skills
6) Strong organisational skills
7) Ability and experience working in a fast-paced, team environment
8) Strong time management skills
9) Ability to perform under pressure
10) Highly trained and developed attention to detail
11) Commendable multi-tasking skills
12) Ability to deal effectively with confidential information
What is a Contract Manager’s Average Salary?
The estimated average salary of a Contract Manager depends on several parameters, including location and experience level. Here's a complete breakdown of a Contract Manager's salary:
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What are the Benefits of Having a Contract Manager in an Organisation?
A contract manager also minimizes risk because all material provisions of contracts and related commitments are established in a safe and definitive way that will not lead to controversy and legal problems. They guarantee the organisation does not violate certain laws and regulations, hence protecting it from fines or penalties.
Besides, contract managers build highly collaborative relationships with external partners and stakeholders to ensure all parties perform as expected. They assist in cost optimizations, recognition of contracts with favourable terms for the organization. They negotiate and address conflicts with third parties to defend the organisation with the goal of preserving good relations.
What are the Key Qualities of an Effective Contracts Manager?
The contract manager also needs to demonstrate a high level of attention to detail to guarantee that all the stipulated provisions within the contract are correct and shall not violate any laws. They need to effectively engage in negotiations pertaining to the different contractual provisions and provide interpretations to the internal and external contacts. Negotiation skills are crucial to identify and seek ways that can meet all needs of the organization.
Also, they require to be problem-solvers since sometimes contract enforcement is hampered by one problem or the other. The crowd sourcing business model also requires organizational skills in simultaneous contract and deadline management, and at least rudimentary risk management skills to prevent negative impacts to the organization.
Do the Responsibilities of Contracts Managers Vary Across Industries?
Yes, a variety of authority market necessitates contract managers to have varying roles owing to contrasts contract types and legal frameworks. In sectors such as construction or engineering, contract managers are justified because they are responsible for managing project-based contracts tied to compliance with certain standards of safety.
The regulatory concern is also varying; in industries such as pharma or energy product the regulatory compliance is of key concern for the contract managers while the prime concern in service sectors such as retail or hospitality are the cost control and supplier management. The contracts and compliance need the industry has forecast the role between complicated parties in every industry.
Conclusion
The role of a Contract Manager is integral to modern organisations, as contracts play a pivotal role in defining roles and responsibilities. This comprehensive Contract Manager Job Description highlights the diverse responsibilities, from creating and negotiating contracts to ensuring compliance and resolving disputes.
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Frequently Asked Questions
A Project Manager supervises the completion of specified projects. They focus on deliverables and timelines. On the other hand, a Contract Manager handles the creation, negotiation, and compliance of contracts within an organisation.
The level of stress in a Contract Manager role can change depending on factors such as workload, deadlines, and the complexity of contracts being managed within the organisation.
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