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The contract manager’s job description, status and responsibilities vary from company to company, but the position is a necessary and critical part of any organization. They’re often required to have a legal background so they can draft, negotiate and execute contracts, as well as have enough business acumen to: make deals that benefit the organization and comply with company policies and ethics; serve as a point of contact for customers and vendors; and ensure contractual obligations are met on both sides, coordinating with finance/accounting and other departments as necessary.
On top of these responsibilities, contract managers are also tasked with managing the entire contract process, from creation and approval to contractual obligation management, renewals and contract performance evaluation.
It’s a tough balancing act among legal, business development and administrative — and confusion about the wide range of responsibilities that contract managers are asked to take on often slows the contract creation, review and negotiation processes.
What does your contract management process look like, and who are your contract managers?
With so many tasks on their plates, how do your contract managers juggle all their responsibilities? Automating the full contract lifecycle, with a system such as ConvergePoint’s Contract Management Software, can help eliminate confusion and inefficiencies, while empowering your legal team:
After investing time and resources creating these policies, make sure employees read, understand and apply them to their daily job responsibilities! How? Read the Guide on How to Ensure Employee Accountability & Compliance through Effective Policy Management.
Manage employee and teacher contracts, sponsorship deals, city and state regulations, and partnerships.
Manage supplier and vendor contracts, employee and staff contracts, distribution contracts, and facility leasing and ownership contracts.
Comply with HIPAA, HITECH, ICD 9, ICD 10, and FDR CFR regulations for contract management, and handle active directory contracts for your organization.
Comply with SEC, FDIC, FINRA, OCC, CFTC, and Federal Reserve regulations on contracts, handle employee contracts, and partnership deals.
Create and manage employee contracts, improve organizational transparency, reduce risk factors, and mitigate lawsuits.
Abide by local, regional, state and federal regulations, manage contractor information, develop third-party outsourced contracts, and handle facility agreements.
Comply with FAA, DOT, FMCSA, FRA and FTA regulations for contracts, outline contracts for drivers and vendors, and reduce potential risks.