The Purpose of a Contract Coordinator
The Essential Guide to a Contract Coordinator Job Description
By definition, a Contract Coordinator coordinates the process of negotiating contracts and implementing the arrangements of those contracts. He/she is responsible for ensuring the timely creation of contracts as well as the execution and approval of contracts that are created. Included in their scope of work is soliciting bids or proposals, reviewing bids, conducting bid meetings and negotiations, determining pricing and issuing purchase orders to vendors. They are also responsible for tracking revenues and expenses related to contracts and amendments of contracts; tracking and managing cash flow; and analyzing project performance. A Contract Coordinator will often review all budget adjustments for approval by supervisors.
In a corporate atmosphere, a Contract Coordinator will maintain and review contracts with property vendors such as janitorial service companies, maintenance works , construction companies. They work with all departments in an organization and ensure a smooth execution of contract requirements. When their organization doesn’t have support staff, a Contract Coordinator may be in charge of drafting contracts and change orders, as well as updating policies and procedures. In smaller organizations, he/she may serve as an executive assistant or office manager in addition to fulfilling the role of Contract Coordinator.
In the hospitality industry, a Contract Coordinator ensures that the sales department meets the requirements of a RFP (Request for Proposal) in spite of damage caused by an act of nature or some other delay. Additionally, Contract Coordinators work on a larger scale to ensure hotels, rental locations and restaurants have their needs met per their contracts with suppliers, vendors and food service providers.
Contract Coordinators are skilled negotiators who have mastered the rules and regulations of their industry and organization. They are excellent communicators, have superior computer skills and possess analytical reasoning abilities.
Key Skills Needed to be a Contract Coordinator
Key Skills Required for Contract Coordinator Jobs
To gain employment as a contract coordinator, particular skills and qualifications are necessary. Employers will typically seek experience in a legal field, and most organizations will desire a candidate with superior attention to detail and logical thinking abilities.
An associate’s or bachelor’s degree is required for most contract coordinator positions, and many companies look for someone with experience in legal terminology and human resources management. Specific legal knowledge is not necessarily needed; however, applicants should be knowledgeable in legal language and able to understand formal paperwork.
Analytical and statistical skills are a vital component, including the ability to document and analyze facts and problems. Individuals filling contract coordinator positions must be able to assess information quickly and accurately and be thorough in their findings.
Interpersonal and communication skills are necessary to preserve proper relationships among team members and upper-level management. The ability to develop constructive and cooperative interpersonal relationships with others is necessary to enable successful coordination. Daily duties will often require the ability to negotiate and resolve complaints and other conflict resolution problems.
Contract coordinators require proficiency in math to be able to calculate, round, add, subtract, multiply and divide. Accuracy is also key to success in this role.
Typical Responsibilities and Duties
For a Contract Coordinator, typical duties and responsibilities include the review of agreement drafts, the preparation and review of final versions of agreements, the implementation of contract administration and management strategies, and the scheduling of periodic internal contract checks to resolve contract issues that arise. They maintain information on the full suite of contracts for the organization, make recommendations for enhancements, and identify possible contract addenda and extensions for the company. They also conduct process and procedural coordination as well as the facilitation of contract administration and management within the organization. Contract coordinators are responsible for the training of staff on contract-related issues and processes, as well as the forwarding of communications to the most relevant people within the organization.
By way of example, contract coordinators will often check in with customers and business stakeholders about needs and past problems, work with contracted partners, make contact with other managers, and create and revise any contractual documents that are required. The goal is to create agreements that are fair to all parties, and which do not pose undue risks. In some cases, contract coordinators will work under the direction of higher level managers, but more often than not, they will have autonomous oversight over most agreements.
Education and Certifications
While there are no specific educational requirements to becoming a contract administrator, a bachelor’s degree in business, finance or accounting is generally required. A background in these fields may be beneficial as contract coordinators must understand the financial aspects of the practices they are providing, and know exactly how to invoice clients at the end of every month.
Due to the nature of the position, which is closely suited to data entry and organization, many employers will look for contract coordinators who are certified in bookkeeping. Most companies that hire in this role require their contract administrators to have earned certification from a bookkeeping program either online, via self-study or through classroom instruction. In addition to bookkeeping programs, obtaining certification from the National Contract Management Association may also be valuable. Certification from this association is nonrevenue, and allows the contract administrator to demonstrate their knowledge of contract management to potential employers. The NCMA certification is particularly valuable for contract coordinators who wish to advance in their careers, as they will be demonstrating knowledge of a broader range of principles of contract management.
Job Outlook and Career Advancement
The career outlook for Contract Coordinators remains positive as more businesses shift to contract-oriented services that drive revenue instead of traditional products. The demand for services-based contracts has driven the need for skilled contract administrators and coordinators who can create rules-based contracts to ensure compliance with relevant legal requirements and organizational policies. Future trends include Contract Coordinators focusing on analytics. Although software programs have automated documentation duties, industry experts believe there will still be a role for a human being who can negotiate contract provisions. Furthermore, Contract Coordinators will need these human skills to oversee contract management software, which does not have the ability to track exceptions and permissible deviations . As a result, manual intervention and management will still be necessary. Advancement opportunities for Contract Coordinators include advancement to the Contract Administrator position. Contract Administrators will have had an average 5- to 8-year track record in identifying problems and coordinating the contract life cycle. Contract Administrators will be diligent in adhering to internal policies and procedures, as they are a vital link between the business unit, legal representatives, and the Contract Coordinator. Experience as a Contract Administrator will help you look for areas of improvement and ultimately save your organization time and money through prudent contract management practices.
Common Challenges of a Contract Coordinator
With the various duties of a Coordinator position, it is not surprising that there are a number of challenges they face. While each faced challenge can vary from organization to organization, certain ones have been universally recognized by professional employees within the job position category. These are but a fraction of some of the issues that may arise on a daily and weekly basis that employees may have to find ways to avoid.
Confusion on Roles
Organizations must determine whether a Coordinator position is to function directly as the person in charge, or more as a liaison who works with and for departments. As a result of this, one of the main challenges is the clear assumption of roles. For example, an employee with a contracting or grant management background is likely to favor responsibilities pertaining to administering contracts or grants. With a Coordinator position, these positions must also be filled as well. It is common for conflict to arise when neither party assumes control for contract or grant management factors.
Lack of Training
With any position, individuals will have to have been properly trained in their overall responsibilities. For the Contract Coordinator position, providing the individual with the necessary training is essential because a lack of training can affect virtually all departments. Necessary training can include the following:
Managing Information
Unless the Coordinator has set their company apart from the rest by implementing resources management systems, the information to manage is likely on different systems. This may include a simple organizational tool or an extensive, customizable system that is not being utilized to its full capabilities. Additionally, organization can be difficult when the responsibilities of contract management are being completed by multiple individuals.
Heavy Workload
Depending on the size of the organization, the workload can become overwhelming in addition to the various tasks required to be completed. It is common for the Contract Coordinator to be the only individual in the department to complete certain tasks. In this regard, they are expected to stay on top of the various high amounts of complex workload demands while continuing to fulfill other obligations.
Understanding Obligations
Another major challenge individuals face is ensuring that they understand the obligations to their supervision, especially when the expectations are unclear. A primary reason for this is the fact that the role of a Contract Coordinator is simply not the same in all organizations.
How to Draft a Suitable Contract Coordinator Job Description
The Essential Guide to a Contract Coordinator Job Description
Whether you’re looking for a contract coordinator or an administrator, the proper job description is critical in attracting the right talent to fill your position. In this section, we’ll examine how to write an effective contract coordinator job description. If your organization is like many others, you update your job descriptions every couple of years. They evolve into thin, four-page documents that are rarely read by anyone except new hires, and even then they’re not really absorbed. As a result, the next time you hire you’re left with job descriptions that either contain outdated information or don’t reflect the true nature of the position or responsibilities. When hiring for your contract coordinator position, you need to leverage your job description as a recruiting tool. You want it to not only describe the specifics of the position, but also to attract the kind of candidates who would be a good fit. What about the position makes it unique? What attributes will make a contract coordinator successful? How will they add value? Let’s take a look at some key components for your contract coordinator job description. You’ll want to include: • Responsibilities. List the responsibilities even if you believe they are obvious. It’s best to be overly specific. Also, consider having someone with experience in the role review the responsibilities to ensure you’ve included everything important . • Qualifications. What experience and education must a contract coordinator have to fill this position? Don’t forget to list all the skills that are necessary for the position. Examples of skills you might include range from contract management system experience to the ability to work under pressure. • Preferred skills. Detail any characteristics that would be preferred, such as Salesforce.com experience. Make these skills "nice to have" or "preferred" rather than required to leave room for excellence in other areas. • Personal characteristics and attitude. This is one of the most significant components, so don’t discard it. Don’t be vague—but do include preferences such as works well with others, has attention to detail, or strong work ethic. It’s important the job description gives a potential contract coordinator honest feedback on how to excel in the position. • Location, hours, and compensation. Finally, make sure you include the location, hours, and compensation. If you’re flexible, mention that so you can recruit candidates from a wider talent pool. Remember—the world is full of talented people who don’t fit the traditional mold. Leveraging your contract coordinator job description as a recruiting tool can really help you find the best candidate. Use these strategies to help you write a winning job description.