A contract manager's role is all things managing contracts that their employer is negotiating and entering. They need to know the details and benefits of contracts and possible disadvantages and advise their employer accordingly.
They are responsible for writing, evaluating, negotiating, and executing various contracts for a range of transactions. Contract managers also spend time maintaining their relationships with suppliers and customers. But their workload doesn't stop there. Contract managers keep correspondence and documentation related to contracts, communicate and present info to stakeholders regarding contracts and help the company move forward with close-out, extension, or renewal of contracts and problem solving contract-related issues.
They need effective communication, negotiation, and interpersonal skills. Deep understanding of contracts, contracts governance, and lifecycle, ability to research and understand legal and financial implications, knowledge of the business or industry, its services, customers, and providers, superior reading, writing, and language skills are also crucial in this position.
Contract managers earn an average salary of $77,660 per year. Typically, you'll need a bachelor's or master's degree in a business-related field for this position, and certifications may be required in commercial, professional, and federal contracts provided by the National Contracts Management Association.