Contracts managers can work in a variety of industries, including non-profit and government agencies. They act as the liaisons between companies and clients for contractual matters. Contracts managers can draft, evaluate and execute any type of contract that is negotiated between the business and client, such as short term, formal or annual contracts. They often work with the legal and/or finance department to monitor adherence and potential risks to the business or client.
Contract managers are also expected to keep up to date with ongoing marketing efforts that the competition may be utilizing, and ensuring that their businesses' clients are satisfied with their current contracts and that those contracts are up to date. Contracts managers must also maintain the contractual documentation and records, customer correspondence, status reports and other relevant documents pertaining to the project to which they are assigned.
Overall, contracts managers should treat each client personally. Each client or vendor will have different terms and parameters of which contracts managers should be aware. From the time of negotiation, to the signing of documents and implementation of the contract, they will be responsible for the paperwork and having it signed and delivered to all parties. Afterwards, they are the point of contact for administration and issues until the contract concludes.
Contracts Manager Tasks
- Draft, negotiate, and implement new contracts, amendments, renewals, and terminations.
- Maintain current contracts by updating demographics, fee schedules, and any service changes.
- Coordinate design of contract verbiage with other internal departments including Legal, Finance, and Product Development.
- Act as the point of contact for both internal and external customers in regards to contractual issues.