Contract Managers, whose contributions can at times be overlooked, play an extremely valuable role in a company. Contract managers are responsible for the comprehension and implementation of contracts, including staying up to date on contract expirations and renewals. Needing to have a diverse background and solid understanding of law, finance, and regulations, the contract manager ensures that the business is fulfilling their obligations and is not violating any terms or conditions in their contract.
A contract manager can be involved in any part of the contracting process, from the initial draft to the final version and beyond signature into contract implementation and management. This role requires comprehension of non-disclosure agreements, licensing agreements, and supplier/vendor contracts, just to name a few. Their knowledge on how each contract within a company relates to another puts them in a unique position, as no one else in the company understands the complexities and nuances of a contract like the contract manager does. The contract manager serves as a liaison between different departments, requiring an in-depth understanding of contract details to negotiate and come to an agreement between both parties. Educating employees, staff, and respective departments on any necessary contract commitments, changes, or deadlines can also fall on the contract manager, and can determine how smooth a company’s operations run.
Contract managers are charged with communicating necessary changes and signatures within contracts between different parts of a company, making sure important deadlines aren’t missed. A contract manager can function as a jack of all trades- they are knowledgeable on multiple facets of business and therefore can interpret and understand contract intricacies.
With large corporations there can be up to thousands of contracts that the contract manager is responsible for organizing and tracking. Much of a contract manager’s job also requires maintaining a strict schedule and an understanding of what to expect from each contract; this includes tasks like risk assessment, cost analysis, and the ability to be a critical problem solver if contract issues arise.
A company is only as valuable as its contracts, and without the role of the contract manager, it would be challenging for most businesses to stay on top each contract, which can lead to missed deadlines, missed opportunities, and soured relationships- ultimately negatively affecting the bottom line.