Contract Specialist Job Description [Updated for 2024]

contract specialist job description

In the complex world of business operations, the role of contract specialists is absolutely vital.

As business landscapes evolve and inter-organizational agreements become more intricate, the demand for skilled professionals who can draft, evaluate, and manage contracts is on the rise.

But what does a contract specialist really do?

Whether you are:

An aspiring applicant trying to understand the intricacies of this role,
A hiring manager looking to define the perfect candidate,
Or simply curious about the ins and outs of contract management,

You’ve come to the right place.

Today, we present a comprehensive contract specialist job description template, designed for effortless posting on job boards or career websites.

Contents show

Contract Specialist Duties and Responsibilities

Contract Specialists play a critical role in the procurement and management of contracts for goods, services, and financial agreements.

They must possess strong analytical and negotiation skills and have a deep understanding of legal requirements and best practices in contract administration.

Their main duties and responsibilities include:

Reviewing and evaluating proposal plans and contract specifications
Developing and presenting contract negotiation strategies to stakeholders
Negotiating contract terms, conditions, and pricing
Ensuring compliance with company policies and government regulations
Managing contracts from initiation through to closure, including preparing contract amendments, extensions, and terminations
Maintaining accurate and up-to-date contract records and documentation
Assessing contract performance to identify risks and issues and ensure resolution
Coordinating with legal departments to address contract disputes or issues
Providing advice and guidance on contract matters to project managers or other operational staff
Conducting market research to inform procurement strategies and decisions

Contract Specialist Job Description Template

Job Brief

We are seeking a detail-oriented Contract Specialist to handle company agreements and negotiate contract terms.

The Contract Specialist will be responsible for reviewing, drafting, and advising on all matters related to contracts.

The ideal candidate has a strong understanding of contract law, outstanding negotiation skills, and the ability to interpret and explain contract terms.

Responsibilities

Review and negotiate terms and conditions of contracts.
Draft contractual agreements, and revise existing contracts.
Ensure all contracts comply with laws and regulations.
Monitor contracts and manage contract renewals and terminations.
Conduct risk assessment on contractual terms and conditions.
Provide advice and clarification on contract terms and conditions to management and staff.
Maintain and update contractual records and documentation.
Resolve any contract-related issues that arise.
Coordinate with relevant departments to ensure contractual obligations are met.

Qualifications

Proven work experience as a Contract Specialist or similar role.
Knowledge of legal requirements involved with contracts.
Excellent negotiation and communication skills.
Ability to draft contractual agreements and terms.
Strong analytical and strategic thinking skills.
Attention to detail and the ability to spot errors and inconsistencies.
Bachelor’s degree in Law, Business Administration, or relevant field.

Benefits

401(k) retirement plan
Health, dental, and vision insurance
Paid time off
Professional development opportunities

Additional Information

Job Title: Contract Specialist
Work Environment: Office setting with occasional travel for meetings.
Reporting Structure: Reports to the Contract Manager or Legal Officer.
Salary: Salary is based upon candidate experience and qualifications, as well as market and business considerations.
Pay Range: $70,000 minimum to $110,000 maximum
Location: [City, State] (specify the location or indicate if remote)
Employment Type: Full-time
Equal Opportunity Statement: We are an equal opportunity employer and value diversity at our company. We do not discriminate on the basis of race, religion, color, national origin, gender, sexual orientation, age, marital status, veteran status, or disability status.
Application Instructions: Please submit your resume and a cover letter outlining your qualifications and experience to [email address or application portal].

What Does a Contract Specialist Do?

Contract Specialists typically work for corporations, government agencies or non-profit organizations, managing the contracts that these entities enter into with other organizations or individuals.

Their primary job is to negotiate, analyze, prepare, and revise contracts.

They manage all aspects of contracts, from the initial drafting to the negotiation of terms, to the final signing and implementation.

They work closely with other departments, such as finance and legal, to ensure all contracts abide by laws and regulations and are in the best interest of the organization.

They also handle any issues or disputes that arise during the contract term and resolve them in accordance with the terms stipulated in the contract.

In addition, Contract Specialists are responsible for maintaining records of all contracts, tracking their progress, and ensuring all parties involved fulfill their contractual obligations.

Their role may also involve researching market trends and developments to ensure the contracts remain competitive and beneficial to the organization.

Contract Specialists play a crucial role in facilitating successful business relationships and protecting the interests of their organization.

Contract Specialist Qualifications and Skills

Contract Specialists require a diverse blend of skills and qualifications to effectively manage and negotiate contracts, such as:

Excellent negotiation skills to ensure the best terms and conditions in contracts and agreements.
Strong legal knowledge to understand, interpret and explain contract terms and conditions to relevant stakeholders.
Proficiency in drafting and revising contracts to meet the organization’s needs and ensure legal compliance.
Excellent attention to detail to review and analyze contract details and detect any potential issues or discrepancies.
Strong communication and interpersonal skills to effectively liaise with various parties including vendors, clients, and internal teams.
Problem-solving skills to identify and resolve contractual issues or disputes.
High level of organization and time management skills to manage multiple contracts simultaneously and meet deadlines.
Knowledge of contract management software to streamline and automate contract administration processes.
Ability to maintain confidentiality and deal with sensitive information professionally.

Contract Specialist Experience Requirements

Entry-level Contract Specialists may have 1 to 2 years of experience, often acquired through internships or part-time roles in contract administration, procurement, or related business fields.

Many gain practical experience in roles such as Contract Analyst, Procurement Assistant, or other administrative roles.

Candidates with 2 to 4 years of experience often develop their technical skills and knowledge of contract law, negotiations, and procurement regulations in roles like Contract Administrator or Procurement Specialist.

Those with more than 5 years of experience may have some leadership experience, such as supervising a team of contract administrators or managing large-scale procurement projects.

They might be ready for more strategic roles, such as Contract Manager or Director of Procurement.

In addition, some employers may prefer candidates who have completed a certification program, such as the Certified Federal Contracts Manager (CFCM) or Certified Professional Contracts Manager (CPCM), which require a specific number of years of contract management experience.

Overall, the experience required for a Contract Specialist role will vary based on the complexity of contracts they will handle and the industry in which the employer operates.

Contract Specialist Education and Training Requirements

Contract Specialists generally require a bachelor’s degree in business administration, finance, law, or a related field.

They also need a solid understanding of contract law, acquisition planning, and various types of contracts and agreements.

Many employers prefer candidates with a master’s degree in business administration or a related discipline, as this higher-level education often provides a more comprehensive understanding of contract management.

While not always required, certification in contract management, such as Certified Federal Contracts Manager (CFCM) or Certified Professional Contracts Manager (CPCM), can enhance a Contract Specialist’s credentials.

Apart from these, a strong background in negotiation, financial analysis, project management, and legal research is also beneficial.

Continuing education is crucial in this role, as Contract Specialists must stay abreast of changes in laws and regulations that affect contracts and procurement.

For this reason, many Contract Specialists also attend workshops, seminars, or training sessions to keep their skills and knowledge up to date.

Contract Specialist Salary Expectations

A Contract Specialist earns an average salary of $67,389 (USD) per year.

The actual earnings may vary based on the level of experience, expertise in contract negotiation, industry of employment, and geographical location.

Contract Specialist Job Description FAQs

What skills does a contract specialist need?

A contract specialist should possess strong negotiation and communication skills, as they are often required to negotiate contracts and communicate terms to other parties.

They should also have keen attention to detail to review and analyze contractual details accurately.

Additionally, they should have a solid understanding of business law and excellent mathematical skills for financial analysis.

Do contract specialists need a degree?

Typically, contract specialists need a bachelor’s degree in business or a related field.

However, some employers may accept equivalent work experience in lieu of a degree.

For some positions, particularly those in government, a master’s degree in business administration, law, or contract management may be preferred.

Also, certification from the National Contract Management Association can be beneficial.

What should you look for in a contract specialist resume?

You should look for a background in contract negotiation, understanding of legal requirements, and experience in the industry your company operates in.

They should have demonstrated experience in managing contracts from inception to closure and familiarity with a variety of contract types.

Skills such as problem-solving, negotiation, and financial analysis are also key.

What qualities make a good contract specialist?

A good contract specialist is detail-oriented and has a strong understanding of business law and contractual guidelines.

They should be able to work independently and demonstrate strong negotiation skills.

Additionally, they should be comfortable working with various stakeholders, have excellent problem-solving skills, and have the ability to manage multiple contracts simultaneously.

Is it difficult to hire a contract specialist?

The level of difficulty in hiring a contract specialist can depend on the specific requirements of the position and the industry.

For instance, hiring a contract specialist with a specific legal expertise or industry knowledge can be more challenging.

However, with a clear job description and a thorough interview process, you can find a contract specialist that fits your organization’s needs.

Conclusion

And there you have it.

Today, we’ve given you a comprehensive look into the dynamic world of a contract specialist.

It’s not just about managing contracts.

It’s about orchestrating successful business deals, one agreement at a time.

With our handy contract specialist job description template and practical examples, you’re ready to take the plunge.

But why stop there?

Go further with our job description generator. It’s your next step to creating meticulously detailed job listings or refining your resume to perfection.

Every contract is part of the broader business landscape.

Let’s shape that landscape. Together.

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