Contracts Director Salary
Contracts Directors receive generous compensation in the United States — earning an average of $120K per year, their standard salaries shoot well into the six-figure range. In the world of Contracts Directors, overall income ranges from $75K near the bottom to $166K at the top; this can include more than $26K from bonuses and more than $58K from profit sharing in exceptional cases. Residence and career length each impact pay for this group, with the former having the largest influence. A large number have medical and dental plans, and a fair number have vision insurance. Women Contracts Directors who took the survey just slightly outnumber men. Job satisfaction is high and work is enjoyable for most Contracts Directors. The figures in this overview were provided by individuals who took PayScale's salary questionnaire.
Job Description for Contracts Director
Contract directors are in charge of negotiating, maintaining, and updating commercial contracts. They must establish contacts with outside businesses and develop contracts that meet the financial and professional goals of the business. They must develop and maintain multiple contracts at a time with local, national, and international businesses. Additionally, contract managers must develop internal policies and procedures for contract development and maintenance, and note areas for improvement. They must be knowledgeable regarding legal and ethical rules and regulations regarding contracts. Contract directors review contracts for completeness before final approval and signing, and they must adhere to all local, state, and federal regulations.Read More...
Contract directors must have excellent interpersonal, leadership, negotiation, and communication skills. Additionally, they must be able to analyze potential and actual problems and develop optimal solutions. Contract directors must be able to work well independently, as well as work effectively in a group setting. Excellent written and verbal communication skills are essential, as well as proficiency with basic computer programs.
Employers generally desire a minimum of a bachelor’s degree in a related field for an entry-level position as a contract director. A master’s degree is highly desired and may be required by some employers. Significant management experience may be required or preferred as well.
Contract directors typically work indoors in an office setting during regular business hours, although overtime may be required; they may be required to travel for a significant portion of the year.
Contracts Director Tasks
- Negotiate contracts and proposals with internal teams and customers.
- Resolve risks, problems, and non-compliance issues.
- Ensure that contracts are in compliance with laws and organizational policies.
- Oversee maintenance and compliance with existing contracts.
Contracts Director Job Listings
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Popular Skills for Contracts Director
Contracts Directors report using a wide range of professional skills. Lucky workers who know Legal Research can expect a significant pay bump, scoring salaries 36 percent above average. Legal Compliance and Contract Negotiation are also correlated to pay that is above average, with increases between 5 percent and 36 percent. Legal Document Review, on the other hand, is typically associated with much lower pay. For most people, competency in Contract Management indicates knowledge of Legal Compliance.
Pay by Experience Level for Contracts Director
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Contracts Directors generally obtain higher compensation for more plentiful past experience. Although employees with less than five years' experience earn around $66K on average, the five-to-10 year group has a much higher, six-figure median of $118K. After working for 10 to 20 years, Contracts Directors make a median salary of $130K. Contracts Directors with more than 20 years of experience report incomes that are only modestly higher; the median for these old hands hovers around $138K.