The Roles & Responsibilities of a Contract Manager

Contract managers play a crucial role in the seamless functioning of the contract management software. There are a plethora of challenges when it comes to managing contracts that require the intensive supervision of managers. An error in the process can lead to financial and legal implications. It takes an agile contract lifecycle management software system and an experienced manager to effectively manage the contractual affairs. Here are a few roles and responsibilities of a contract manager in an organization.

  • Business Analysis

Contract managers are the primary agents in finding new contacts and effective business partners. One of the most important and primary job scopes of a contract manager is the analysis of businesses. The contract managers comprehensively scope out for prospective vendors and clients and conduct an in-depth review of their business.

  • Redlining of Contracts

Once a proposal for the contract is accepted, the contract managers oversee the redlining of contract documents. Unlike the conventional method, the contract managers leverage the modern enterprise contract management software solution to expedite the process and negotiate without hindrances.

  • Managing Contract Issues

Contractual issues tend to escalate and cause financial damages to the involved parties quickly. It is essential to identify contractual issues and conduct a review to resolve them promptly. Agile contract managers analyze the cause of issues and create strategies in overcoming them.

  • Accommodating Requirements

In the course of managing contracts, the need to make amendments and accommodations rise regularly. Contract managers are responsible for reviewing such requests and implementing the requested accommodations to protect the interest of the vendors/clients.

  • Documenting Every Phase

The contract management process begins with a contract proposal and continues until the executed contract expires. It is the job of a contract manager to document every phase in the contract lifecycle and create a roadmap of milestones achieved forever by the vendor/client.

  • Management of Contracts

Managing contracts include getting the signatures of all the involved parties, storing the contracts securely, and monitoring their performance over the contractual lifecycle. The managers organize the contracts coherently and provide the required documents to the stakeholders for annual review.

  • Risk Management

Contracts possess risk elements that are to be managed to avoid future issues. From managing important deadlines, monitoring metrics to providing insights to the stakeholders, contract managers manage the risks involved effectively.

A seasoned contract manager can navigate the extensive job scopes of managing contracts effortlessly. DocuCollab is one of the best contract management software that empowers contract managers. Click here to know more.

Location: United States

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