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You’re considering a career in Contract Management. What can you expect from this field?

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If you are looking for a dynamic and rewarding career that combines legal, business, and communication skills, contract management might be a good option for you. Contract managers are responsible for creating, negotiating, and overseeing contracts that govern the relationships between organizations and their partners, suppliers, customers, or employees. In this article, we will explore what contract management entails, what skills and qualifications you need, what challenges and opportunities you may face, and what benefits and drawbacks you can expect from this field.

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Claudia Gehm

LinkedIn Top Voice Gest?o de Contratos | Gerente | Head | Administrativo | Contratos |
Kanchana Patil

Corporate Lawyer: M&A, Private Equity, Corporate Restructuring ,Commercial Contracts, Legal Services, Compliances, IPR…
Michelle ("Mish") Wilson

Contracts & Negotiation Manager | Results-Oriented | Customer-Focused | Passionate about Redlining Contracts for…

1 What is contract management?

Contract management is the process of ensuring that contracts are aligned with the objectives, expectations, and obligations of the parties involved. It involves planning, drafting, reviewing, negotiating, executing, monitoring, and closing contracts, as well as managing risks, disputes, changes, and compliance issues. Contract managers work in various sectors and industries, such as government, construction, healthcare, IT, manufacturing, or consulting. They may deal with different types of contracts, such as sales, procurement, employment, licensing, or partnership agreements.

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Claudia Gehm

LinkedIn Top Voice Gest?o de Contratos | Gerente | Head | Administrativo | Contratos |
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A gest?o de contratos é o processo de administrar eficientemente todas as fases de um contrato, desde a negocia??o até o encerramento. Envolve a defini??o clara de termos e condi??es, monitoramento do cumprimento das obriga??es, gerenciamento de riscos e resolu??o de disputas. O que se busca na gest?o de contratos é garantir que as partes envolvidas alcancem seus objetivos, minimizando potenciais conflitos e maximizando os benefícios decorrentes do acordo. A gest?o de contratos é crucial para o sucesso operacional e estratégico de organiza??es, promovendo a transparência, conformidade e eficácia nas rela??es comerciais. Pode até n?o existir uma área na empresa com este foco, mas alguém terá que desempenhar esta fun??o.

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Prabu Kaliyannan

Oil & Gas Operations Expert | Surface Processing, Pumps, Tankfarm, & Pipeline operations | Cairn Oil and Gas, Ex-Indian Oiltanking (Now IAVL) & Essar Oil (Now Nayara)
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Contract management, simply put, is the process of overseeing and ensuring that contracts are created, executed, and maintained effectively throughout their lifecycle. It involves activities such as drafting contracts, negotiating terms, monitoring compliance, and resolving any issues or disputes that arise during the contract period.

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Idar Nouti, EMBA

#SupplyLinker | LinkedIn Top Voice | SCM Content Strategist | Enhancing Organization's Supply Chain Capabilities | Expert in SRM, Sourcing, Procurement and Contract Management, and Supply Chain Digital Transformation |
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In a career in Contract Management, you can expect to play a crucial role in facilitating agreements between parties, ensuring contracts meet legal requirements, and managing relationships throughout the contract lifecycle. This field offers opportunities to develop negotiation skills, problem-solving abilities, and a deep understanding of various industries and legal frameworks. Expect to engage in diverse tasks, from drafting contracts and analyzing terms to resolving disputes and optimizing contract performance to drive organizational success.

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2 What skills and qualifications do you need?

To succeed as a contract manager, you need a combination of technical, interpersonal, and analytical skills. Some of the technical skills include legal knowledge, contract drafting and interpretation, project management, risk management, and industry-specific expertise. Some of the interpersonal skills include communication, negotiation, collaboration, and conflict resolution. Some of the analytical skills include problem-solving, critical thinking, and decision-making. Depending on the level and complexity of the role, you may also need a bachelor's degree or higher in a relevant field, such as law, business, or engineering. Additionally, you may benefit from obtaining professional certifications, such as the Certified Professional Contracts Manager (CPCM) or the Certified Commercial Contracts Manager (CCCM) from the National Contract Management Association (NCMA).

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Michelle ("Mish") Wilson

Contracts & Negotiation Manager | Results-Oriented | Customer-Focused | Passionate about Redlining Contracts for Optimal Outcomes
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A very large component of being a contract manager is learning to listen to what your customer needs. What is the service/product to be provided? What are the expectations of each party? What is the impact if a contract is not signed. It's imperative to understand the WHY before you ever put pen to paper (or fingers to keyboard) to draft a contract.

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Claudia Gehm

LinkedIn Top Voice Gest?o de Contratos | Gerente | Head | Administrativo | Contratos |
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Além das habilidades listadas, eu acho importante que a pessoa seja analítica por natureza. Ela tem que saber ler as entrelinhas e interpretar além do que está escrito. Muitas vezes, por experiência profissional, você consegue perceber que existe a necessidade de ser mais específico em algumas cláusulas, pois o que está escrito n?o é suficientemente claro para resguardar o que se promete.

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Prabu Kaliyannan

Oil & Gas Operations Expert | Surface Processing, Pumps, Tankfarm, & Pipeline operations | Cairn Oil and Gas, Ex-Indian Oiltanking (Now IAVL) & Essar Oil (Now Nayara)
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Certainly!, in addition to above skills one must have the following additional skills also.. Analytical skills: Being able to understand and make sense of contract terms and data. Relationship management: Building good relationships with everyone involved in the contract. Time management: Making sure tasks are done on time. Legal knowledge: Knowing the basics of contract law and rules. Financial understanding: Understanding how contract terms affect money. Adaptability: Being able to adjust to changes. Conflict resolution: Fixing problems that come up. Leadership: Guiding teams to get contract work done. Technology skills: Knowing how to use contract management software. Compliance attention: Making sure contracts follow the rules.

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3 What challenges and opportunities do you face?

Contract management can be a challenging and rewarding career, depending on how you approach it. Some of the challenges include dealing with complex and changing regulations, managing multiple stakeholders and expectations, resolving disputes and conflicts, and ensuring contract performance and compliance. Some of the opportunities include developing strategic relationships, creating value and innovation, enhancing your skills and knowledge, and advancing your career. To overcome the challenges and seize the opportunities, you need to be adaptable, proactive, and ethical.

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4 What benefits and drawbacks do you expect?

Contract management can offer you many benefits and drawbacks, depending on your preferences and goals. Some of the benefits include a high demand and salary, a diverse and interesting work environment, a chance to make an impact and influence outcomes, and a potential for growth and development. Some of the drawbacks include a high stress and pressure, a heavy workload and responsibility, a risk of legal liability and reputation damage, and a lack of recognition and appreciation. To enjoy the benefits and cope with the drawbacks, you need to have a balance between your work and personal life, a clear vision and direction, and a supportive network and mentor.

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5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Kanchana Patil

Corporate Lawyer: M&A, Private Equity, Corporate Restructuring ,Commercial Contracts, Legal Services, Compliances, IPR protection & registrations, Legal Opinions, Startup Legal services , Legal Tech Enthusiast.
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In addition to above aspects of contract management. Considering the career in contract management requires you to learn multiple traits and continuous learning, upskilling, flexible, analytical, confident, strategic and emotional intelligence are essential. Know that contract management dynamic nature and involvement of diverse facets and multiple dimensions. Contract management is having wide spectrum topics and choose yours basing upon your interests and carrier goals. Its all about end to contract lifecycle management (CLM). CLM involves drafting contract, negotiations, change management, obligation management, contract repository, contract administration, payment management, process management and others.

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Claudia Gehm

LinkedIn Top Voice Gest?o de Contratos | Gerente | Head | Administrativo | Contratos |
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A trajetória na gest?o de contratos n?o apenas aprimora as habilidades essenciais, como negocia??o, vis?o estratégica, gerenciamento de riscos, relacionamentos interpessoais e conhecimento jurídico, mas também abre portas para diversas oportunidades profissionais. Essas competências n?o s?o apenas aplicáveis dentro do contexto específico da gest?o de contratos, mas oferecem um leque abundante de op??es para o crescimento profissional em diferentes áreas. A experiência adquirida na gest?o de contratos n?o é apenas uma especializa??o, mas um trampolim para assumir outras posi??es estratégicas, baseadas no conhecimento diversificado e prático acumulado ao longo do tempo.

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Prabu Kaliyannan

Oil & Gas Operations Expert | Surface Processing, Pumps, Tankfarm, & Pipeline operations | Cairn Oil and Gas, Ex-Indian Oiltanking (Now IAVL) & Essar Oil (Now Nayara)
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Picture your contract management career as a journey through a vibrant marketplace. Gather industry knowledge like spices, weave networking threads, and collect educational treasures. Spot advancement opportunities and ethical compasses, but watch for lurking risks. Embrace global perspectives, sharpen communication tools, and resolve conflicts with wisdom. Let each encounter be a chance for self-improvement amidst the lively rhythm of the marketplace.

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You’re considering a career in Contract Management. What can you expect from this field?

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1 What is contract management?

2 What skills and qualifications do you need?

3 What challenges and opportunities do you face?

4 What benefits and drawbacks do you expect?

5 Here’s what else to consider

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