Contracts Director Salary
Salaries for Contracts Directors in the United States are generous, with average pay above six figures ($120K) per year. Total incomes of Contracts Directors incorporate potential for, in a few cases, more than $25K from bonuses and close to $58K from profit sharing; these performance components cause packages to range between $74K and $162K. Location is the biggest factor affecting pay for this group, followed by tenure. Men are slightly outnumbered by their female counterparts who answered the questionnaire, who make up a slight majority at 58 percent. Most receive medical and dental insurance and a strong majority get vision insurance. The majority of Contracts Directors claim high levels of job satisfaction. The figures in this overview were provided by individuals who took PayScale's salary questionnaire.
|Salary||$73,257 - $154,395|
|Bonus||$1,500 - $25,173|
|Profit Sharing||$0.00 - $58,175|
|Total Pay (||$73,995 - $162,498|
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.
Popular Skills for Contracts Director
Contracts Directors note just a narrow range of job skills. Most notably, facility with Legal Research, Legal Compliance, and Contract Negotiation are correlated to pay that is significantly above average, leading to increases of 38 percent, 9 percent, and 7 percent, respectively. Those listing Legal Document Review as a skill should be prepared for drastically lower pay. Most people experienced in Contract Management also know Legal Compliance.
Pay by Experience Level for Contracts Director
Pay by Experience for a Contracts Director has a positive trend. An entry-level Contracts Director with less than 5 years of experience can expect to earn an average total compensation of $66,000 based on 23 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Contracts Director with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $117,000 based on 64 salaries. An experienced Contracts Director which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $129,000 based on 127 salaries. A Contracts Director with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $139,000 based on 94 salaries.
Pay Difference by Location
Surpassing the national average by 59 percent, Contracts Directors in McLean receive some of the highest pay in the country. Contracts Directors can also look forward to large paychecks in cities like Chantilly (+23 percent), Reston (+19 percent), Houston (+14 percent), and Washington (+13 percent). Location significantly influences compensation, with New York Contracts Directors earning much less — 57 percent less — than the national average. Workers in Orlando and New Orleans earn salaries that trail the national average for those in this profession (40 percent less and 35 percent less, respectively).
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Key Stats for Contracts Director
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