A contract manager exists in general commercial contracts including utility contracts, purchase orders, invoices of sales, appointment letters, etc. Construction or other big projects, manufacturing, supply of goods and services with elaborate technical specifications, agreements regarding intellectual property, and international trade often require complex contracts.
Since a contract is a legally binding agreement between the parties identified therein, it must have the consent and acceptance all the parties signing the agreement. Today the electronic signature has taken the place of a physical signature due to the advancement of electronic commerce. There are various areas where a contract manager can be found such as trade agreement, partnership agreement, intellectual property agreement, purchase contracts, leases, or sales contracts, etc. Creation of all these agreements requires distinct knowledge and skills.
A contract manager is required to have certification or an Associate of Arts degree in Contract Management. A Bachelor's degree is an ideal academic qualification for better employment opportunities. To prepare a person to become a contract manager, these programs are very helpful both in government as well as in private sectors. Before you seek employment as a contract manager you should possess key skills in baseline management, transaction compliance, contract drafting, contract negotiations and commitment management.
There are varieties of international, government and commercial contracts and subcontracts which a company may have entered into in accordance with the requirements of customers and the laws applicable at that time, as a part of the company's procedures and policies. A Contract manager includes managing all these contracts and subcontracts. A Graduate with a bachelor's degree is eligible for the position of inventory manager, inventory buyer, cost estimator, purchase manager, contract administration manager, or contract administrator in government contract management.
There has always been and will always be contract manager job opportunities in one way or another for those capable of managing accounts and dealing with contract procedures in their industries. Therefore, people with skills in contract management will continue to remain in demand. A person gets a competitive edge if he has industry experience supported with formal education. Regarding contract administration managers and other administrative service managers, the Bureau of Labor Statistics predicts that there will be growth as fast as average for all occupations till 2014.
As per the figures of the Bureau of Labor Statistics, 2004, the average salary of contract management professionals was in the range of $40,000 to $120,000 in a year. A recent survey posted on Salary.com reflects salary of a professional in this field ranging between $74,493 and $104,168 and a median base salary of $91,545 for a contract administration manager.
The process of managing and completing all aspects & phases of agreements between parties identified in the contract is contract management. This includes forming a certified and professional agreement which takes care of legal and other aspects. All of the aspects associated with the job responsibilities of a contract manager are very specific. This will make certain that contract manager jobs will always be available worldwide.
