June 6, 2023
The best way to fill an open position for your business is to have appropriate resources that will help you conduct an easy hiring process. We will assist you throughout this journey by offering you everything you need, starting with this FREE Contract Administrator Job Description Template!
Use this article to acquire essential information about a Contract Administrator and distinguish a perfect individual for your business!
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Contract Administrators are professionals responsible for drawing, reviewing, and managing the company’s contracts, such as rental, purchase, employment, business proposals, and others.
They negotiate contract terms and conditions with business partners, vendors, and supplies and ensure the accuracy and completeness of contracts.
Their job also involves analyzing and minimizing risks involves with specific contract terms, ensuring the contract compliance with the company’s guidelines and state and federal laws and regulations, and implementing standardized language for contract administration.
|Why it's important
|Contract Administrators need to be proficient in contract management. This skill includes the knowledge of various contract terms, conditions, and requirements that help Contract Administrators draft, review, and manage contracts. Good contract management skills also help with ensuring the compliance, completeness, and accuracy of contracts.
|Superb negotiation skills are essential for Contract Administrators because they help them reach favorable agreements for both parties bound by the contract. They use negotiation to advocate for the company’s needs and requirements, identify important matters, and ensure everyone is satisfied with the final contract outcome.
|Having a good grasp of legal knowledge related to contracts is essential for Contract Administrators. This knowledge helps them understand the legal principles and regulations, identify potential risks, ensure compliance with relevant laws, and protect the company’s interests. Also, it allows Contract Administrators to recognize contractual obligations and rights.
|Contract Administrators use analytical skills to assess contract documents, review complex information, and make informed decisions. Analytical skills are essential for understanding the significance of contract details, such as technical language, quantitative data, and legal terminology. Analytical skills also help them identify pitfalls and mitigate risks that could affect the company.
|The crucial skill for Contract Administrators is communication which helps them interact with business partners and other employees and foster positive and professional relationships. Clear and concise communication enables them to convey important information and expectations, address concerns, and facilitate collaboration.
Our company is hiring a qualified Contract Administrator. Your main job will be to draft, review, and manage the company’s rental, purchase, employment, and other types of contracts and ensure their compliance with state and federal laws and regulations. You will be responsible for verifying the accuracy and completeness of contracts, managing contract changes and terminations, and identifying potential risks.
In addition, you will negotiate contract terms and conditions with business partners, vendors, and suppliers, ensure contract deadlines and conditions are met, and maintain an accurate system of digital and hardcopy records. Ultimately, you will collaborate with other professionals on determining a comprehensive contract strategy and implement standardized contract language and guidelines.
Our ideal Contract Administrator should have an outstanding knowledge of relevant legal matters, as well as exceptional contract management, negotiation, analytical, and communication skills.
Once you gather up all the received applications, you can use these sample interview questions for Contract Administrator with Scorecard.
Contact Administrators usually need a Bachelor’s degree in legal studies, business management, contract management, or a similar field.
Additionally, some community colleges and vocational school offer certification programs focused on contract management.
These programs cover topics such as contract law, negotiation techniques, and contract administration practices.
Credentials that prospective candidates can acquire include Certified Contract Management Associate, Certified Professional Contract Manager, and Certified Commercial Contract Manager.
Contract Administrators earn between $28,800 and $105,000 per year.
Their median annual salary is $71,398.
Hourly rates range from $15 to $50.
The median hourly rate is $34.
Contract Administrators help companies manage and organize their contracts associated with rental, employment, purchase, and business proposals.
They draft, review, and analyze contract terms and conditions, negotiate with vendors and business suppliers, identify and mitigate risks, and maintain accurate records of digital and hardcopy documentation.
Contract Administrators may report to different superiors based on the type of company and organizational structure.
Mostly, they report to the Contract Supervisor, Contract Manager, or in some cases, to a Legal Counselor.
Contract Administrators must have an outstanding knowledge of current legal best practices and state and federal laws and regulations.
Also, they must have excellent negotiation, communication, analytical, attention to detail, and contract management skills.
Contract Administrators typically acquire a Bachelor’s degree in contract management, business management, legal studies, or a related field.
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