What's it like to be a Contracts Manager?
Contracts Managers draft, review, and negotiate contracts within an organisation, ensuring that these agreements align with legal requirements, mitigate risks, and uphold the organisation's objectives. They are in charge of overseeing agreements with external parties, such as vendors, clients, and partners. They ensure that contract terms are clear, comprehensive, and reflect the interests of the organisation while minimising potential legal issues.
Tasks and duties
- Reviewing, drafting, and negotiating contracts to ensure clarity and alignment with organisational objectives.
- Identifying and assessing risks associated with contractual agreements and mitigating them through strategic clauses.
- Ensuring compliance with relevant laws, regulations, and industry standards.
- Negotiating terms and conditions with external parties to achieve mutually beneficial terms.
- Facilitating the execution of contracts and monitoring ongoing compliance with contractual obligations.
- Maintaining accurate records and documentation of all contracts, correspondence, and related materials.
- Collaborating with internal departments to communicate contract terms, ensuring consistent understanding.
- Managing and resolving disputes that may arise during contract execution through negotiation and mediation.
- Providing guidance to internal teams on contract-related matters, offering expertise and solutions.
- Staying updated on legal and industry developments that could impact contract management strategies.
- Developing and implementing contract management policies and best practices.
- Providing training to internal stakeholders on contract management principles and practices.
- Collaborating with legal counsel to address complex legal issues and ensure legal enforceability.
- Managing contract modifications, amendments, extensions, and terminations as needed.
A Contracts Manager may also work closely with an organisation’s legal counsel to seek advice on complex legal matters. Their job is to reach mutually beneficial terms with other parties and ensure that both fulfil their obligations as stated in the contractual agreements. They document these agreements for ease and also work with the organisation’s legal teams to address and resolve any disputes that may arise.
To become a Contracts Manager, you must have a degree in a related field, such as business, law, finance, or business administration.
Graduate with a bachelor degree in a related field such as business law, finance, or business administration. Alternatively, a diploma in paralegal studies or a degree in law (LLB) can be beneficial in equipping you with legal fundamentals for this role.
Gain at least 3 to 5 years of experience working with contract law and other related principles to qualify you for a more senior position.
Learn other related skills that could give you an advantage, such as negotiation.