Contract managers play a significant role in the running of a business. They oversee the execution of contractual agreements throughout their lifecycle. They offer recommendations, maintain records, reports, and keep the parties involved in the loop in regards to the progress of the contract. They also act as the mediators in the duration of the contract, making sure that all the views and recommendations of the individual teams are tabled.
In short, they ensure that a contractual agreement runs smoothly, much to the satisfaction of the business collaborators.
Due to the magnitude of their responsibilities, a contract manager needs to possess a variety of crucial qualities to pull off their duties as required.
In this article, we highlight the skills and traits to look out for when hiring a contract manager for your company.
Let us dive into details.
We live in a world where being tech-savvy is no longer an option. The paradigm shift from analog to digital ways of life has shifted the way companies conduct businesses. Newer technological advancements are emerging by the day, improving efficiency in business processes.
To leverage the benefits of technology, you need a contract manager who is well-versed with ContractSafe online software, for instance. A contract manager who understands how to use the technologies at the office will be more efficient, thus, improving their productivity levels.
- Good communication skills
Although a contract manager’s first impression will be an introvert who likes to be alone in their thoughts, this is not what you want when employing one. A good contract manager interacts with all team members, whether they are employees, customers, or part of the supply chain.
They must be able to communicate well with the relevant parties, undertake negotiations, and deliver a win-win situation for the parties involved. It is for this reason that you should be on the lookout for someone with exceptional communication skills.
Good communication skills are not only applicable to only the contract, though.
A good contract manager must also be able to listen to executives, vendors, and what all the team players have to say.
- Good knowledge of the law
Being well-versed and staying current on any legal issues pertaining to the contract is imperative.
Companies enter into binding agreements with national and international brands. A good contract manager understands the rules and regulations governing businesses in their country. However, an exceptional contract manager must understand international law.
International trading laws are different and, knowingly or unknowingly doing business that goes against these regulations may attract hefty fines or a ban from engaging in international trade in certain countries. For these reasons, contracting contract management professionals who are conversant with the law are vital. That way, they can pursue the best terms for you when trading with local and international business partners, simultaneously ensuring that both parties are satisfied.
- Attention to detail
In several different work positions, attention to detail is a skill of paramount importance. However, it is nowhere as important as in contract management.
Contracts are sensitive documents. As such, a contract supervisor should portray exceptional focus during the entire contract lifecycle. A missed punctuation mark in the contract authoring process can change the whole meaning of a statement, causing serious problems.
When especially authoring a contract, a contract manager should be keen not to add or forget to include crucial phrases. They should make sure that they have written the correct dates and times, which are vital elements in ensuring the success of business processes. Besides, they should ensure the contract covers all clauses to prevent incidents where an agreement has no clause referring to a case where a supplier decided to do something.
Paying close attention to detail goes hand in hand with being thorough. By hiring such a contract manager, you can be sure that nothing will fall through the cracks. You will also be confident that all the possible scenarios have been explored, and that all points of view from the different parties involved have been taken into account.
- Great organization skills
Impeccable organization skills are a quality to watch out for in a contract supervisor.
As stated earlier, contract managers deal with everything involved in the contract lifecycle. They draft the document, oversee the negotiations, and execute it. They will amend the document and have all of the contract’s details and figures on hand?
They are also tasked with inputting this crucial data into contract management software. Since most companies have more than a handful of contracts running simultaneously, they must organize all of this data to ensure it is easily retrievable by authorized persons.
Do not forget the reminders and the to-do lists. Also, they need to include the contract’s renewal dates and the personal information of all parties involved.
To say the least, this is hard work. As such, only a person with great organizational skills can pull it off.
- Team player
One of the most popular sayings states that ‘There is no ‘I’ in Team’
Literally speaking, there is no letter ‘I’ on the word team. On a broader understanding, the saying is meant to create awareness of the whole essence of teamwork.
A contract manager’s job is not one that an individual can undertake by themselves. A contract manager interacts with various people, including but not limited to suppliers, customers, executives, and other employees. For this reason, it is essential that whoever you recruit to supervise your contracts is capable of collaborating with other individuals and working in a team environment.
When it comes to ensuring that the views of all involved parties are documented, for example, contract managers may need to collaborate with others. They have to share in detail the requirements and progress of the contract when the need arises. This is not a position for people that feel the need to withhold crucial information that affects the contractual agreement, even if it hurts one party.
The contract manager is a vital part of the overall contract lifecycle, and one of their many responsibilities is to be a team player.