Understanding the Position of Contract Specialist

What Does a Contract Specialist Do?

A contract specialist is a professional responsible for managing and overseeing the contracts of an organization, typically found within procurement, sales, or project management departments. The primary role of a contract specialist is to draft, modify, negotiate, and help execute contracts. This includes working directly with clients, vendors, or other third parties. Essentially, a contract specialist can handle any aspect of contract management. Contract specialists have a deep understanding of the legal language used in contracts, and many have a background in business administration, law, or a related field.
Acting as a liaison between organizations during the negotiation of contracts, a contract specialist will generally be a part of a team that includes legal, financial, and administrative professionals. Typically, these professionals will collaborate to outline the terms and obligations of contracts between two businesses or between a company and an individual .
As a liaison, a contract specialist is usually a mediator for all relevant stakeholders, helping align expectations and negotiate the terms of a contract. They address concerns and questions from relevant parties about proposed contracts and work to ensure legal compliance with contract terms and language.
An important part of the contract specialist position is to review agreements for balance and ensure equitable terms for both parties. Any legal jargon that may confuse a layperson is usually dealt with by a contract specialist.
Depending on where they are employed, contract specialists may also help monitor contract expiration dates to facilitate renewals, including drafting new agreements; developing and maintaining relationships with clients and vendors; ensuring funding procedures are followed; and managing and administering record-keeping procedures.

Typical Duties of a Contract Specialist

Written communication is the contract specialist’s primary tool. This means that the specialist must be a highly competent writer, able to accurately communicate both with clients and with third parties about a wide variety of legal matters. Much of a specialist’s time is spent communicating – with internal clients on various topics, with third parties about non-disclosure and other agreements, and with clients about all of the above.
A contract specialist is likely to work under the supervision of an attorney. This means that contract specialist must have a reasonable understanding of the law in order to be able to carry out the duties assigned by the attorney.
Going hand-in-hand with the communication and writing aspects of this career are the analytical portions. Once contract specialist has a firm understanding of the law and clearly-defined business goals and guidelines, he or she is responsible for negotiating, drafting, reviewing and managing contracts. This process will include collecting and classifying any pertinent information, researching issues, and developing solutions. The specialist must then communicate the solutions he or she has developed to the supervising attorney and implement them accordingly.

Key Skills Value for Contract Specialists

Beyond the fundamental administrative and organizational skills required of contract specialists, there are a number of competencies that are crucial to their success. Negotiation. Contract Specialists often find themselves negotiating terms and conditions for a number of parties, and need to be skilled in negotiating their case in such a manner that all parties agree to the terms and conditions set forth. Attention to detail. Contracts are lengthy documents, and there are often many drafts of a single contract for a single client. In order to avoid needless effort – and potential liability – all contract specialists must be extremely detail-oriented. Legal knowledge. While often not attorneys themselves, contract specialists usually have an advanced knowledge of contract law and the legal ramifications of specific clauses and terms.

Contract Specialist or Contract Manager?

A contract specialist and a contract manager are two different roles that are often confused for one another. Contract specialists are responsible for the initial preparation of contracts, sometimes called solicitation documents. Once a contract is awarded to a vendor, a contract manager becomes responsible for the management of that contract.
The contract specialist is typically involved in responding to the proposal solicitation processes within an organization and will work on securing the best overall deal for the entity. They are responsible for technical and contractual requirements, cost proposals, and compliance strategies. The primary concern of the contract specialist is typically protecting the best interest of the company.
Conversely, the contract manager is responsible for managing all aspects of an awarded contract. This role is mostly concerned with compliance. The contract manager is responsible for assuring that all parties adhere to the responsibilities of the contract. The contract manager often resolves conflicts between the contracting company and the client.

Academic and Professional Background

Contract specialists are often required to have a minimum of a bachelor’s degree in business, finance, accounting, or a related discipline. HR specialists with a background in buyer/seller roles may also fit in the role. A senior contract specialist or specialist working with public organizations may be expected to have a graduate hour’s equivalent to that of an MBA, MPA, or similar professional degree. This would broaden the type of employers available, as they would also be eligible for work with legal organizations and independent law firms .
Professional certification is not mandatory but often preferred. In particular, government agencies examining resumes, for bids, or seeking to hire contract specialists may likely prefer applicants who possess the Certified Federal Contracts Manager designation or the Defense Acquisition University Level 1, 2, or 3 certificate. These certificates may not be actual requirements for open positions, but demonstrate a proven commitment to mastering the role.

Career Options and Possibilities

Seasoning and experience can lead to opportunities for contract specialists to advance to higher-level positions or to move onto other careers entirely. With time, many contract specialists, who also have a working knowledge of financial management and budgeting, gain an understanding of how contracts contribute to the bottom line of an organization and negotiate more favorable terms for the organization.
Contract specialists advance to senior and managerial positions based on their knowledge and experience. Senior-level positions include senior contract specialist or senior procurement analyst, while management positions include branch or department chief and assistant director. Those moving up through the ranks may also take on the responsibilities of financial management specialist or acquisition program manager, which is a high-level position involving the supervision of small teams of contract specialists toward a specific program or goal.
Contract specialists with a background in accounting or business may be well suited for further advancement in financial services. Non-acquisition career paths include such positions as program analyst and management analyst. Those with an interest in contract law may pursue a graduate degree in law or an LLM to move into legal careers.

The Role of Contract Specialists

As the ever-changing landscape of business transactions continues to transform and evolve, it is critical for contract specialists to also be prepared to grow with it. With the increased number of technological advancements in the workplace, contract specialists may feel as though their job is being threatened by the implementation of technology. As technology continues to reduce the amount of "non-value adding" work in the contracting processes, contract specialists not only have to keep up with the changes but also continue to evolve their role within the business enterprise.
On the positive side, the increasing use of technology will help to streamline contracting processes, facilitate internal and external collaboration, increase the number of contracts being processed, and ultimately allow contract specialists to focus their energies towards contractual demands that require a higher level of expertise (otherwise known as strategic or soul work) . In order to prepare to advance to more strategic work, contract specialists should further develop their skills and competencies in a variety of areas including project management, procurement, regulatory compliance, conflict resolution, and negotiations.
Research indicates that "soul work," which is work that has a clear outcome that is carried out for the benefit of others (to include other people in the organization, the organization as a whole, and the community/society as a whole), is the most satisfying kind of work, but it takes up a minimal amount of time in the average workweek. In order for contract specialists to be better prepared to become a more strategic partner (i.e., spend more time on soul work), they must continue to develop their expertise in the disciplines mentioned above. Professional development opportunities such as trainings, workshops, continuing education courses, conferences, and additional certifications will continue to be critical in order to be ready to move forward.