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Minor details can make or break an agreement. In many cases, staying on top of the terms laid out in contracts helps keep your company compliant with applicable laws and guidelines, which is why strong contract management is especially important in regulated industries like healthcare, finance, and manufacturing. Similar to contracts and risk, contracts and compliance are also very closely related. By keeping a close eye on contract dates and deliverables, you can keep your team on track and help mitigate any potential issues before they develop into significant problems.
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TENDER MANAGER DEFINITION HOW TO
Every time you enter into a new contract you accept some level of risk, so understanding how to protect your organization and reduce unnecessary risk as much as possible is critical. Risk managementĬontract management and risk management are inherently tied together. Time managementĪppropriately managing contracts throughout their lifecycle takes time, so good contract managers typically excel at time management and find ways to optimize the contract management process for greater efficiency. Here are some common characteristics of a strong contract manager. Managing contracts can be a challenging job, but having the right skillset can help succeed in the role. Characteristics of a Good Contract Manager Part of this process is ongoing contract reporting, and presenting key findings to various stakeholders throughout the company. It is expected that contract managers will keep track of all important details of an agreement, including things like key deliverables and milestones, dates, deadlines, and opt-out/negotiation windows, and termination or cancellation requirements.Ĭontract managers are also expected to understand the contract portfolio as a whole to identify trends and implement processes improvements when needed. As a result, they must have a strong understanding of the risks of each prospective contract and the potential legal and financial consequences associated therewith. Contract managers often work in conjunction with the legal and financial teams of a company given the legal ramifications inherent in the contracting process. Keen attention to detail and fastidious organizational skills are also vital.
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ExpectationsĬontract managers must be adept at research, risk analysis, and cost-benefit assessments. For smaller companies without a dedicated contract administrator, contract managers may have to take on additional responsibilities. Contract managers are responsible for every phase of the contract lifecycle after the contract has been drafted, negotiated, signed, and transitioned from the contract administration team. This role works to ensure that each contract is properly monitored and all deliverables are met according to the agreed upon terms. About the JobĪccording to an International Association for Contract & Commercial Management (IACCM) survey, contract managers typically report to either finance, legal, business operations, or sales and marketing. An appropriately trained contract management team will help ensure that contracting partners are properly vetted, the agreed upon contract terms are fair and beneficial to all parties, and the risks associated with any contracting relationship are mitigated.
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Incompetent negotiating, ill-written contracts, and/or lack of oversight can result in serious breaches, which often lead to costly contract disputes. For companies that regularly enter into contracts with other firms and/or clients, it is imperative for the contracting cycle to be tightly controlled. Contract ManagersĬontract managers solely focus on the contracting process. Here are some key differences between contract managers and project managers. However, for more complex endeavors, it is generally best to rely on separate teams with content-specific expertise. For simple contracts and projects, it is often possible and economical to utilize one team. Although their roles and responsibilities are similar, and in some instances may even overlap slightly, these are distinct positions requiring unique knowledge and skills. Contract managers and project managers are integral members of many business teams.