Contract administrators work for larger businesses where they create and manage legal contracts, making sure the company adheres to deadlines, deliverables, and other terms stated in the contract. By doing so, they minimize financial and legal risks and increase the chances of turning a profit for the company.
Contract administrators take part in contract negotiations and address doubts or questions regarding the contract's contents. They monitor the budget and progress of the project, keeping an eye on compliance status and pending obligations. They coordinate with the legal team and prepare reports to present to management.
Companies that hire contract administrators work with a large number of contracts and use contract management software. Contract administration is a complex task and is usually taken on by people who have gained experience in related processes as contract specialists and have higher education in finance, accounting, or law.