Read this guide to get an idea of what type of contract management certification you should aim for and how to get it. Terry Brennan is an experienced lawyer specializing in business, intellectual property and emerging corporate transactions who has been a partner in two national Wall Street law firms and a trusted business advisor. It focuses on providing practical, cost-effective and creative legal advice to entrepreneurs, established businesses and investors for commercial, financial, intellectual property and technology transactions. As a partner in renowned law firms, Terry has focused on financing, mergers and acquisitions, joint ventures, securities transactions, outsourcing and structuring business units to protect, license, finance and commercialize technology, manufacturing, digital media, intellectual property, entertainment and financial assets. As General Counsel of IBAX Healthcare Systems, Terry was responsible for all related legal and business matters, including licensing agreements for healthcare information systems, mergers and acquisitions, product development and regulatory matters, contract management and litigation. Terry is a graduate of georgetown University Law Center, where he was editor of the Law Review. He is active in a number of economic developments, entrepreneurial accelerators, veterans and civic organizations in Florida and New York. Contract managers need to familiarize themselves with research, risk analysis and cost-benefit assessments. Great attention to detail and sophisticated organizational skills are also crucial. Contract managers often work with a company`s legal and finance teams because the contracting process has legal implications. Therefore, they must have a good understanding of the risks of each potential contract and the potential legal and financial consequences associated with it. A construction contract manager is expected to perform a number of key functions. A contract manager creates and edits contracts for an employer.
Contract managers draft contracts related to the purchase or sale of goods and services, and then track these contracts throughout their life cycle. Although professional responsibilities vary depending on the size of the business and the types of goods and services bought and sold, a contract manager always focuses on optimizing contracts in the best interest of their employer. A construction contract manager is responsible for managing and supervising the production and/or completion of construction projects from start to finish. Leadership and project management usually go hand in hand. Since project managers rely on many other teammates to complete the project, it is imperative that you understand how to motivate your colleagues and gain buy-in so that everyone commits to achieving the goals according to plan. You should explore these ways to become a contract manager to find out which one is best for you. While some of these options have specific qualification requirements, many employers are more interested in people who are enthusiastic and willing to learn and who can follow the instructions. Contract management software provides a consistent and robust automated process for managing contracts and related responsibilities. It can provide a central platform for document and data storage and a framework for standards and control procedures. Automated reports track important information and a complete audit history, so you can see how contracts have changed over time. You can also track all processes and compliance management using the custom reporting feature that allows you to analyze operational data, workflows, information, and documents.
Access to this comprehensive overview of your contracts allows you to communicate and present contract changes and key information to employees and stakeholders in the company or organization and to third parties. This can simplify the contract management process, especially with ever-changing regulations, and keep you informed about the rapidly changing economic market. Project managers play an important role in any business and work closely with the organization`s teams to ensure that projects are completed from start to finish. Project managers are responsible for keeping projects on track based on schedules, budgets and objectives set at the beginning of the initiative. Ultimately, a project is successful or unsuccessful depending on the project manager`s ability to allocate resources, solve unexpected problems, communicate with stakeholders, and hold all team members accountable for their specific parts of the project. If a contract manager is to establish and develop contract management policies and procedures, a system must be in place to manage accountability and compliance. By integrating an automated system, a contract manager can review and track every step of a contract change and hold employees and third parties accountable for their actions, giving the company some peace of mind against non-compliance. Contract managers play a critical role for a business when they manage and monitor contracts throughout their lifecycle. As a link between businesses, employees, customers, suppliers and independent contractors, contract managers act as the primary facilitators for negotiations, recommendations, files, follow-up, change management and more. These are three key roles of a contract manager as well as some best practices on how to organize everything so that contract management is a smooth and streamlined process. Contract managers understand the intricacies of contracts, while project managers may not have the same level of knowledge about purchase contracts and other forms of agreements. Companies need contract managers to ensure that their contracts are carefully drafted and benefit their interests as much as possible.
If you are looking for permanent positions and contract positions, find apprenticeships If you already have experience in determining or estimating quantities, you may be able to find a job as a contract assistant in a construction company. Your employer can help you gain the experience and training you need to take on a contract manager or contract engineer role. According to a survey by the International Association for Contract & Commercial Management (IACCM), contract managers typically report on finance, law, business operations or sales and marketing. This role ensures that each contract is properly controlled and that all services are performed in accordance with the agreed terms. Contract managers are responsible for each stage of the contract lifecycle after the contract has been drafted, negotiated, signed and removed from the contract management team. For small businesses that don`t have a dedicated contract administrator, contract managers may need to take on additional responsibilities. The skills and qualities required include technical understanding of design principles, excellent oral and written communication skills, strong interpersonal skills, strong judgment, strong budget experience, project controls, excellent negotiation skills, problem-solving skills, computer skills, excellent time management skills and various other skills and/or qualities. .