A contract analyst is responsible for carefully analyzing the details of business contracts to ensure that the terms are equitable for the company and that management is properly instructed on terms and expectations for both parties. It is the responsibility of the contract analyst to make sure that the contract honestly represents the company's commitments, analyzing clauses and understanding stipulations to avoid legal complications. The analyst may be responsible for negotiating with the other party over terms and conditions, and producing drafts of contracts to be reviewed by upper management. They also may examine the backgrounds of the contracting party to verify their reliability.
A contract analyst's success hinges on their being very detail-oriented and thorough. Strong verbal and written communications skills are a must, so that all concerns may be conveyed and understood with minimal confusion and so that a contract accurately reflects all of the elements agreed upon by both parties. Given the time-sensitive nature of contractual matters, a contract analyst must be well-organized and skilled at time management. The contract analyst is typically required to have a working knowledge of practices, laws, and regulations pertaining to their specific field.
A contract analyst typically works in an office environment, but they may frequently be asked to travel significant distances to meet with vendors and representatives to engage in negotiations or to clarify matters pertaining to contractual agreements. This may require keeping an open schedule and working irregular hours, so as to be able to keep appointments.
The contract analyst typically needs a degree in accounting, finance, or a degree relevant to the company's field. Previous experience may be substituted for a degree.
Contract Analyst Tasks
- Review proposals for changes in contract terms and contract renewals.
- Ensure that both parties are fulfilling contract obligations.
- Analyze contract terms to determine the obligations of both parties.
- Prepare cost estimates based on contract terms.