Contracts Director Salary
Wages for Contracts Directors in the United States are generous, with average pay above six figures ($120K) per year. Cash earnings for Contracts Directors — including $25K in bonuses and $58K in profit sharing proceeds near the top of the pay scale — generally stretch from $76K to $164K depending on individual performance. Residence is the biggest factor affecting pay for this group, followed by years of experience. For the most part, Contracts Directors enjoy their work and report high levels of job satisfaction. Women make up a slight majority of Contracts Directors (58 percent) survey respondents. Medical and dental coverage is claimed by most, and a strong majority earn vision coverage.
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.
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Popular Skills for Contracts Director
Survey results suggest that Contracts Directors use a fairly large toolkit of professional 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 37 percent, 8 percent, and 6 percent, respectively. Those listing Legal Document Review as a skill should be prepared for drastically lower pay. It is often found that people who know Contract Management are also skilled in Legal Compliance.
Pay by Experience Level for Contracts Director
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Contracts Directors who reported more years of relevant experience also reported higher earnings. In this occupation, salaries for the relatively untested average out to $71K, but folks in the five-to-10 year range enjoy a much heftier median of $118K. The average pay reported by folks with 10 to 20 years of experience is around $130K. Folks who have racked up more than 20 years in the field report incomes that aren't that much higher than less experienced individuals' earnings; the veterans make just $138K on average.
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Key Stats for Contracts Director
Rated 5 out of 5
based on 34 votes.