Contract Negotiator Salary
A large fraction of take-home pay for Contract Negotiators comes from commissions — more than a third on average, in fact. The median overall income in this field is approximately $71K. Contract Negotiators will also find cushy salaries in Dallas (+22 percent) and Houston (+2 percent). Figures cited in this summary are based on replies to PayScale's salary questionnaire.
Job Description for Contract Negotiator
Many companies, especially larger organizations with many specific functions, employ contract negotiators. Depending on their company and specific role, the negotiator may have a variety of duties. These professionals typically work with contracts in three categories. In some cases, the contracts help distribute goods or services that the company offers; in others, the contracts involve services or goods the company uses. Finally, the negotiator may work strictly with internal contracts within the organization.Read More...
With distribution-related responsibilities, the negotiator may be part of a sales department or digital management team; in this capacity, they may work to develop binding contracts for licensing digital content. For goods or raw materials, the contract negotiator may work with manufacturers to ensure the delivery of these necessary supplies. For goods manufacturers, the negotiator may negotiate retail space and wholesale pricing of finished goods.
Negotiators also work in a “pull” capacity within purchasing department. In this case, they may help negotiate for software or other digital rights so the parent company can use third-party applications. It can involve the purchase of supplies, components, or raw materials from sellers. Additionally, negotiators are used in human resources departments of larger companies, especially those with contract employees, subcontractors, and/or union labor.
For all of these responsibilities, the contract negotiator is also expected to remain familiar with prevailing market trends and be able to open renegotiations as needed.
The job requirements for a contract negotiator vary. For companies primarily interested in having this employee for a purchasing capacity, a bachelor's degree in business and administration is usually required, as well as prior experience in purchasing and negotiations. For other roles, a company may also prefer some academic study or familiarity with the legal study of contracts, even preferring to hire individuals with law degrees and a business background. Contract negotiators must possess outstanding communications skills, and they typically work in an office during regular business hours.
Contract Negotiator Tasks
- Actively participate with the client in any contract negotiation.
- Negotiate major contracts for various clients.
- Lead in negotiating purchasing contracts.
- Advise the client throughout the negotiation process.
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Popular Employer Salaries for Contract Negotiator
Heading up the field in terms of compensation, Raytheon Co. offers the most; Contract Negotiators earn $71K on average there.
Salaries are easily beat at Lockheed Martin Corp, where median pay comes to just $65K, the lowest in the field. What's more, with base pay starting at $51K and ending at $76K, range in salary is rather small.
Pay by Experience Level for Contract Negotiator
Median of all compensation (including tips, bonus, and overtime) by years of experience.
The average inexperienced worker's salary is approximately $64K, and people with five to 10 years of experience bring in more at around $73K on average. The average pay reported by folks with 10 to 20 years of experience is around $87K. Survey participants with more than twenty years of experience only make around $83K on average, though; this group reports a lower median than the one claimed by mid-career individuals.
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