A contract management administrator is a key player in any organization that manages contracts. The role holds immense importance as contracts are a vital aspect of the business world. It is imperative to have someone who can manage contracts proficiently, maintain records, and ensure compliance with all the legal requirements. In this article, we will discuss the job description of a contract management administrator.
Job Overview:
A contract management administrator is responsible for managing the contract life cycle, from the initiation of a contract to its closing. The job also requires the individual to maintain the contract database, track key deadlines and deliverables, and ensure compliance with the internal policies and regulations.
Roles and Responsibilities:
1. Drafting and Reviewing Contracts: The contract management administrator is responsible for drafting contracts that comply with the company`s policies, laws, and regulations. The individual must also ensure that the contracts meet the needs of the stakeholders and the organization.
2. Managing the Contract Life Cycle: The contract management administrator is responsible for managing the contract life cycle, which consists of the following steps:
– Initiation – the individual initiates the contract process by assessing the stakeholders` needs and ensuring that the necessary resources and approvals are in place.
– Negotiation – the individual negotiates the terms and conditions of the contract with the stakeholders.
– Execution – the individual finalizes the contract and ensures that all the relevant parties sign it.
– Maintenance – the individual monitors the contract`s performance, manages changes, and tracks deliverables, deadlines, and payments.
– Closing – the individual closes the contract after it has been fulfilled or terminated.
3. Maintaining the Contract Database: The contract management administrator is responsible for maintaining an accurate and up-to-date database of all the organization`s contracts. This includes creating, updating, and archiving contracts.
4. Ensuring Compliance: The contract management administrator ensures that all the contracts comply with the company`s policies, laws, and regulations. The individual must also ensure that the stakeholders comply with the contract`s terms and conditions.
Skills and Qualifications:
To be a successful contract management administrator, an individual should have:
– A bachelor`s degree in business administration, law, or a related field.
– Knowledge of legal principles and contract law.
– Strong communication and negotiation skills.
– Attention to detail and strong organizational skills.
– Good time management skills.
– Analytical and problem-solving skills.
– The ability to work independently and in a team.
Conclusion:
The role of the contract management administrator is vital in any organization that handles contracts. The job requires an individual who is organized, detail-oriented, and well-versed in contract law. A contract management administrator must be able to manage the contract life cycle, maintain the contract database, and ensure compliance. The individual must also have strong communication skills to effectively negotiate the contracts` terms and conditions with the stakeholders.
