Procurement Career Paths

Job Title: Contract Specialist

Location: [Insert location]

Reports to: [Insert name and title of supervisor]

A contract specialist is responsible for drafting and reviewing contracts between companies and suppliers of products or services. Their duties include drafting and editing contracts, communicating with vendors, and ensuring compliance with all regulatory requirements.

Key Responsibilities: 

• Handle breaches of contracts promptly.
• Act as the primary contact for external contracting representatives.
• Create and execute efficient procurement proposals.
• Research regulations to ensure contract compliance with laws.
• Collaborate with clients to ensure contract terms are fulfilled per regulations.

KPIs for this role

• Duration of contract management lifecycle: The length of time a contract management lifecycle lasts can indicate how effectively the contract was managed.
• Close rates: This measures how many deals a contract specialist successfully closes and how many they don’t.
• Contract value: Tracking the value of contracts is another important metric in contract management.
• Contract risk: Contract management KPIs should include tracking contract risk and how effectively it is mitigated.
• Approval times: It’s also important to track how long it takes for a contract to be approved.
• Missed contract milestones: Contract milestones are a useful measure to assess the success of the contract management process.

Key Skills and Qualifications: 

• Demonstrated experience in a Contracts Specialist role or similar position.
• Exceptional verbal and written communication abilities.
• Thorough understanding of procurement regulations, contract documents, and legal specifications.
• Strong negotiation and interpersonal skills.
• Capability to address client complaints and issues effectively.
• Relevant training and certifications in Contracts Specialist functions.
• Bachelor’s degree in business administration, marketing, accounting, finance, economics or a similar field

• Handle breaches of contracts promptly.
• Act as the primary contact for external contracting representatives.
• Create and execute efficient procurement proposals.
• Research regulations to ensure contract compliance with laws.
• Collaborate with clients to ensure contract terms are fulfilled per regulations.

• Interpersonal Skills: Contract specialists play a crucial role as representatives of their organization. Effective communication and relationship-building skills are essential for securing favorable, long-term contracts.
• Writing Skills: Clarity, adherence to legal and industry standards, and compliance with regulations are vital in contract writing for contract specialists.
• Financial Acumen: A strong understanding of business finance is necessary for contract specialists to assess whether a contract opportunity aligns with the organization’s financial goals.
• Analytical Skills: Contract specialists should be adept at researching industry trends, regulatory changes, and alternative contract options to make informed decisions for their organization.
• Negotiation Skills: Evaluating proposals, negotiating prices and terms, and handling contract negotiations are central to the role of contract specialists.

• Duration of contract management lifecycle: The length of time a contract management lifecycle lasts can indicate how effectively the contract was managed.
• Close rates: This measures how many deals a contract specialist successfully closes and how many they don’t.
• Contract value: Tracking the value of contracts is another important metric in contract management.
• Contract risk: Contract management KPIs should include tracking contract risk and how effectively it is mitigated.
• Approval times: It’s also important to track how long it takes for a contract to be approved.
• Missed contract milestones: Contract milestones are a useful measure to assess the success of the contract management process.