Contract Specialist Job Description

Contract Specialist Job Description, Skills, and Salary

Are you searching for a contract specialist job description? Get to know about the duties, responsibilities, qualifications, and skills requirements of a contract specialist. Feel free to use our contract specialist job description template to produce your own contract specialist job description. We also provide you with information about the salary you can earn as a contract specialist.

 

Who is a Contract Specialist?

A contract specialist is a logistics expert who drafts, negotiates, completes, and oversees contracts between an organization and both internal personnel and other parties on the outside, such as vendors and contractors. Their top priority is to guarantee that all contracts are fair and adhere to sector-specific, regional, state, and federal regulations. They are also known as purchasing managers, contract managers, or purchasing agents. Additionally, they guarantee that all parties adhere to and carry out contractual responsibilities.

The contract specialist position reflects the crucial part that contracting plays in promoting corporate expansion and risk management. Even though contracts are legal agreements, they have an impact on every aspect of the business, including its clients, partners, and suppliers. It is crucial to do it correctly. Contract experts often carry out administrative tasks like evaluating contracts on behalf of clients or employers, negotiating and concluding deals, and making sure clients uphold their end of the bargain. Although the majority of contract experts find employment with businesses, governments, and educational institutions, others manage contracts with health insurance companies at healthcare facilities. People with a background in law or business administration are particularly well-suited for this vocation.

To manage various contracting procedures, including the review of bids and the awarding and cancellation of contracts, business entities employ contract specialists. The contract specialist takes the lead in choosing and selecting an appropriate supplier when a manufacturing business wishes to engage in a contract with a supplier of raw materials. The specialist creates bid evaluation criteria and works with procurement personnel to evaluate the bids and choose the winner if the organization decides to invite bidders. She might collaborate with the supplier’s representatives to prepare the relevant paperwork, like supply contracts and trade agreements, outlining the agreed-upon conditions for contract implementation. Government contract experts assist agency program managers in planning and acquiring the commodities and services the agency needs to accomplish its objectives.

For instance, the contracting specialist is in charge of starting contract discussions with the property owner and guiding the negotiations until the agency and the owner engage in a lease agreement when an agency wishes to buy a specific building for a specific amount of time. Additionally, these contract experts resolve any conflicts that may develop between agencies and contractors. Contract specialists review agreements between healthcare providers and third-party payers like Medicaid in healthcare settings. These professionals negotiate reimbursement rates, create provider contract papers, and carry out contracts when a hospital wishes to agree with a third-party payer. Additionally, they make sure that these agreements comply with various federal and state laws and regulations, including the Health Insurance Portability and Accountability Act, Medicare, and Medicaid. These contract specialists also manage the hospital’s employment agreements with doctors and other medical professionals.

Although a bachelor’s in business administration is typically required for entry into the field, a law degree is also acceptable. You must successfully finish the federal acquisition certification in a contracting program if you want to work for the federal government. The National Contract Management Association offers the Certified Professional Contracts Manager or Certified Commercial Contracts Manager accreditation to aspiring contract specialists wishing to work in various industries.

Additionally, hospitals can favour candidates who have experience managing contracts with healthcare providers. To increase your chances of being hired for senior administrative positions, including head of partnerships, you can finish a master’s degree in business administration. For contract specialists to be productive, they must have excellent analytical abilities. They make use of these abilities to assess whether the contracts an organization enters into serving its interests. For instance, the specialist must assess if the contract’s terms and conditions satisfy the company’s operational requirements before the business enters into a supply agreement with a supplier. Since contract specialists frequently haggle over prices with suppliers and service providers, negotiation skills are particularly helpful to them. To find drafting flaws in contracts before they are completed and signed, contract specialists must pay close attention to detail.

 

Contract Specialist Job Description

What is a contract specialist job description? A contract specialist job description is simply a list of duties and responsibilities of a contract specialist in an organization. Below are the contract specialist job description examples you can use to develop your resume or write a contract specialist job description for your employee. Employers can also use it to sieve out job seekers when choosing candidates for interviews.

The duties and responsibilities of a Contract Specialist include the following:

  • Review the requirements and documents of the contract.
  • Resolve contract disputes with the client, the salesperson, and the sales representative.
  • Add order information and unique contract needs to the ERP system.
  • Assign the necessary supplies.
  • Organize engineering and drafting work for specialized design projects.
  • Create records for contract reviews and obtain required permissions.
  • Organize the necessary contract paperwork.
  • Deal with consumer change requests.
  • Read and understand the SPX Flow Technology contract guidelines.
  • Develop a plan to increase order processing efficiency.
  • Engage in and carry out internal audits as directed by the QA Department.
  • Create milestone timelines and charts, and offer program administrators purchase planning advice.
  • Supervise agreements with junior-level experts and explain Library of Congress contract clauses.
  • Negotiate contract types, overhead costs, payment schedules, and incentive formulas.
  • Abide with the conditions and terms of the contract.
  • Respond to proposals, bids, and contract discussions.
  • Create and distribute requests for proposals to vendors.
  • Create a collection of standardized contracts for the business.
  • Examine all conditions and requirements in contracts, including terms and conditions to guarantee compliance with all laws, regulations, and company policies and procedures.
  • Make sure contracts are carried out in compliance with company policies.
  • Carry out a thorough study before writing contracts.
  • Monitor contract amendments and audits current contracts.
  • Analyze the business risk of a contract.
  • Visit client locations and have business partner meetings.
  • Observe how each deal you’ve signed is performing.
  • Ensure that contract implementation achieves business objectives.
  • Oversee the training of other contract professionals.
  • Inform subordinates about contract implementations.
  • Ensure the upkeep of the company’s contract management system’s computer database.
  • Analyze new laws, rules, and contract trends to assess their possible influence on the company.
  • Collaborate with the finance department to ensure accurate billing and collection of contractual income.
  • Verify that contracts align with the goals and objectives of the company.
  • Manage all amendments and adjustments to current contracts and leads complicated contract negotiations.
  • Identify areas where current policies should be improved.
  • Make management reports on the status of the contracts.
  • Carry out specialized projects as required.
  • Manage and conduct negotiations for leases.

 

Qualifications

  • Bachelor’s degree in law, business, or relevant field.
  • At least 3 years of experience in contract preparation, contract management or a similar role.
  • A Master’s degree in business administration is required.
  • Possession of certifications like the CCCM, CPCM, CFCM etc.
  • Strong interpersonal and communication skills, as well as the capacity to collaborate successfully across a diverse range of constituencies
  • A capacity for resolving customer issues and complaints.
  • Understanding of the specifications and contract documents.
  • Ability to prepare financial reports, statements, and/or projections by analyzing, understanding, and applying financial data.
  • The capacity to think critically and resolve issues
  • Knowledge of the laws and regulations governing procurement.
  • Decision-making and judgment skills in administrative and procedural matters.
  • Coordinating and planning abilities.
  • Innovative cost analysis abilities.
  • Knowledge of pricing and costing techniques.
  • Negotiating and creating contractual agreements for goods and services with skill.
  • Understanding of public institution-specific contractor compliance issues and procedures.
  • The capacity to judge the quality of a product or service and contract compliance.

 

Essential Skills

  • Communication Skills: The capacity for clear and succinct information transfer is referred to as communication skills. Contract experts frequently use email, phone conversations, or video conferencing to connect with customers, coworkers, and vendors. You can better communicate difficult financial ideas to your clients by having strong communication skills. Additionally, it’s crucial to have the ability to pay close attention while clients are describing their demands so you can give them precise information.
  • Project Management Skills: For contract specialists, project management skills are crucial since they enable you to coordinate the many activities associated with your position. For instance, if you are working on a project to construct a new software system, your responsibilities may include supervising the group of developers who are responsible for creating the system and managing the project budget. Your ability to allocate tasks and set deadlines will be useful when organizing meetings or other events.
  • Contract Negotiation Skills: The process of debating and reaching an agreement on conditions with a client is known as contract negotiation, and a good contract negotiation ability is required to be skilled at this. Contract experts use their negotiation skills while dealing with clients to ensure that they are aware of all the terms of the contract, including who is accountable for what and how much it will cost. By doing this, the likelihood of misunderstandings or disagreements in the future is decreased and both parties are satisfied with the agreement.
  • Organizational Skills: Organizational skill is the capacity to keep track of many tasks and files. Contract specialists generally work with several different documents, so it’s crucial to be organized to find information quickly when needed. This ability aids in keeping you focused as you complete a project or contract. You can complete tasks quickly and meet deadlines by being organized.
  • Analytical Skills: The capacity to analyse facts and draw logical conclusions is a component of analytical skills. Analytical skills are used by contract specialists while assessing contracts, evaluating client needs, and suggesting adjustments. Your capacity for information analysis can assist you in deciding what matters the most and how to best satisfy the needs of your clientele.
  • Cost Analysis Skills: The process of figuring out how much a project will cost is called cost analysis. This ability is used by contract specialists to evaluate contracts and decide whether they are profitable for businesses. To get to an agreement, they may need to know what each party is willing to pay, therefore they also utilize it when negotiating contracts.
  • Legal Research Skills: Finding and analyzing legal documents is what is referred to as legal research, and legal research skill is required to carry out the research appropriately. When evaluating contracts, contract specialists frequently employ their knowledge of legal research because they need to be aware of all the nuances to decide whether to approve or reject a contract. Contract experts may make sure that any clauses in a contract are enforceable and legally binding by conducting a legal study.
  • Vendor Management Skills: The capacity to monitor and control your company’s supply chain is known as vendor management skills. This involves being aware of the materials you require, their origin, and the anticipated delivery date. It also entails haggling with suppliers to get lower costs or better offers on supplies. Contract experts make sure that their business gets the supplies needed to finish projects by using their expertise in vendor management.
  • Time Management Skills: The ability to organize and carry out work in a way that guarantees you meet deadlines is known as time management skills. It’s crucial to effectively manage your time as a contract specialist to finish all of your tasks on schedule. For instance, you might need to prioritize finishing paperwork over other activities if you have a customer meeting coming up. This ability also ensures that you don’t forget any deadlines or obligations.

 

How to Become a Contract Specialist

Step 1. Obtain an undergraduate degree

A bachelor’s degree in business administration, marketing, accounting, finance, economics, or a related discipline is typically preferred by employers. The associate degree or prior training in business administration, management, human resources, or related fields, however, may help some entry-level students obtain employment. You gain a thorough understanding of business operations, professional writing, and project management via business-related courses. Other people who want to become contract specialists could decide to enrol in paralegal studies courses, associate’s degrees, professional certifications, or other law-related programs. This class teaches legal research, writing, and commercial law.

Step 2. Go for an internship and acquire entry-level experience

Consider applying for an internship in a field like human resources, logistics, supply chain management, or sales while studying for your undergraduate degree or coursework. The industry you wish to work in determines the field you choose for your internship. To gain practical experience with these responsibilities, look for positions where you assist working professionals in managing and analyzing contracts. You can also gain money or course credit, professional contacts, and chances to showcase your skills to potential full-time employers by completing an internship in a related area. To build up your résumé, you probably need to look for entry-level positions, regardless of whether you have a degree, transferrable experience, or internship credits. The support of senior team members is often provided by entry-level contract specialists, but if your qualifications are right, you can also apply for positions as a buyer, salesperson, business development representative, or human resource specialist. You can use the abilities you gained through performing in these roles to advance into a contract specialist position and perform in a similar capacity. Once you have enough experience in the position, you can next apply for contract specialist positions that include leadership duties.

Step 3.  Pursue a professional certification

Professional certification in contract management can assist you in honing your abilities, showcasing your commitment, and demonstrating your knowledge to present and potential employers. Without any prior experience, you might even be able to finish a training course and receive certifications that aid in your search for a contract specialist position. Additionally, these recognized training programs may replace formal relevant schooling if you already have expertise that is directly applicable to the position. Numerous professional organizations offer resources for training and career development to assist you in learning the required skills, laws, and best practices. It is required to join and gain training from these organizations:

  • National Contract Management Association: This organization provides the following industry-standard certifications:
  • Certified Contract Management Associate (CCMA)
  • Certified Federal Contract Manager (CFCM)
  • Certified Commercial Contract Manager (CCCM)
  • Certified Professional Contract Manager (CPCM)
  • Federal Acquisition Institute: This institute issues the following certifications:
  • Federal Acquisition Certification in Contracting (FAC-C)
  • Federal Acquisition Certification in Contracting Officer’s Representatives (FAC-COR)

World Commerce & Contracting Association: Formerly known as the International Association of Contract & Commercial Management, this organization offers the following certifications:

  • Commercial & Contract Management Certificate
  • Supplier Relationship Management Certificate

Step 4. Earn a master’s degree

Employers seeking applicants for leadership positions in contract management may choose candidates with graduate degrees to demonstrate knowledge in the sector and be ready for challenging duties, in addition to years of experience and pertinent certifications. Many contract specialists who are looking to enhance their careers study either a general MBA or an MBA with a focus on their industry, such as HR or finance. Others might want to acquire a master’s degree in a similar field, such as civil engineering, as a contract specialist for a government construction agency.

 

Where to Work as a Contract Specialist

Contract specialists are employed in Human resources departments, manufacturing factories, business establishments, construction companies, financial institutions, technology companies, government agencies, law firms and health care settings. Depending on the demands of their company, they may work full- or part-time, and their hours may vary. Many contract specialists put in more than 40 hours a week, and some may even have to work on the weekends and holidays. Some contract specialists may be expected to travel to attend conferences or meet with clients.

 

Contract Specialist Salary Scale

Contract specialists earn an average of $86,927 per year in the US. They typically make $65,000 to $110,000 annually. In the UK, a contract expert makes an average yearly pay of £40,106. Most experienced workers earn up to £65,000 per year, while entry-level roles start at £30,000. The average yearly income for contract specialists in India is 8.5 lakhs, with a pay rate ranging from 3.7 lakhs to 21.0 lakhs.

In Canada, a contract specialist has average yearly pay of $57,503. The annual pay scale is from $41,925 to $84,917. In Nigeria, the average yearly salary for a contract specialist is about 3,684,000 NGN. Salaries range from 1,944,000NGN to 5,592,000NGN each year. A contract specialist’s earning potential is influenced by factors like their location, work type, industry, education level, years of relevant experience, and certification.

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