Contract Specialist Salary

Contract specialists create, examine, and monitor contractual agreements between their organizations and suppliers of materials or labor. They are generally expected to serve as tough negotiators who work to reach the best potential deal for the company, and they also monitor and administer these contracts. Soliciting bids to acquire a variety of required goods and services is a major part of this job, and they may also oversee contractors' performances to ensure that the provisions of the contract are met. Another central component of the job involves building connections with reliable vendors and maintaining a comprehensive list of potential contractors needed for any given situation.

As a contract specialist, it is vital to be knowledgeable of legislative and regulatory issues related to the contracts overseen, and contractual adjustments may be necessary as laws and regulations are established, altered, or otherwise changed. Contract specialists must also minimize the liability of their employer by carefully confirming prospective contractors’ qualifications and credentials.

A bachelor’s degree is often a minimum requirement for an entry-level position, and advanced positions may require a master’s degree in business. Necessary skills include buying goods and services for business operations, evaluating suppliers, and ensuring contract-compliance, and they must also be knowledgeable of commonly-used contracting methods and contract types related to pre-award, post-award, and cost analysis functions. They should also be proficient in basic procurement procedures and techniques and able to analyze business practices and market conditions to assess bid responsiveness, contractor responsibility, and contractor performance. (Copyright 2017 PayScale.com)

Contract Specialist Tasks

• Prepare, review and evaluate contracts for compliance of legality and for profitability if applicable.
• Edit or amend contracts and handles terms of contract breach.
• Negotiate contract terms with clientele.

Washington offers some of the highest pay in the country for Contract Specialists, 35 percent above the national average. Contract Specialists will also find cushy salaries in Houston (+24 percent), New York (+15 percent), Los Angeles (+13 percent), and Seattle (+11 percent). The lowest-paying market is Austin, which sits 9 percent below the national average. Workers in Dallas and Chicago earn salaries that trail the national average for those in this profession (7 percent less and 6 percent less, respectively).