Contract Manager

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Contract Manager by Mind Map: Contract Manager

1. Vendor Contract lifecycle management

1.1. Participates in the product and vendor selection process

1.2. defining and facilitating product/vendor selection process

1.3. Outsourcing with multiple vendors, contracts and contract schedules

1.4. Administer financial arrangements with vendors to include billing, invoicing, performance/penalty adjustments and internal charge-backs, where appropriate

1.5. Ensure that the vendor(s) are compliant with internal rules and regulatory obligations

2. Areas

2.1. Procurement

2.2. internal customers

2.3. accounts payable

2.4. legal

3. Entertainment

3.1. Having fun with contract management

3.2. Inspiration

4. asset life cycle management

5. Responsabilities and Activities

5.1. Scope of Work (SOW).Assist with the development SOWs

5.2. assisting with the development and final versions of requests for information (RFI), requests for quotations and request for proposals, (RFP), as well as managing the contract development and negotiation process for sourcing and procurement initiatives

5.3. developing and negotiating contract terms, conditions, modifications, penalties and incentives, while working with key stakeholders to ensure that their requirements are met

5.4. manages the contract execution process, resolving problems, mitigating delays, mediating disputes, escalating issue and obtaining authorizations

5.5. Contribute to the maintenance of a database of all executed vendor contracts with

5.5.1. effective dates

5.5.2. actionable follow-up activities such as 30 notice to terminate

5.5.3. schedules

5.6. Develop relationships with managers and business units to support enterprise objectives, influence key stakeholders and jointly develop strategic sourcing strategies

5.7. Understand contracting market trends, align the right contract structure, to customer needs and expectations, and track, gather and analyze market and industry data

5.8. Provide recommendations for improvements to processes, procedures, workflow and organizational structures for contract management

6. Financial management

7. managing the contract life cycle

7.1. changes and modifications and the enforcement of performance clauses

7.2. changes and modifications and the enforcement of penalties and incentives

7.3. developing RFP’s

7.4. negotiation of terms and conditions

8. Qualifications

8.1. Bachelor's degree

8.2. Minimum four years' experience negotiating and managing contract life cycles

8.3. Experience working with legal and procurement staff

8.4. Knowledge of procurement and vendor management practices and certifications

8.5. An ability to determine contractual and financial exposure and negotiate contracts, and to participate in the development of the asset management mission, goals and objectives

8.6. Current market knowledge of the category of vendor for which the contract specialist is responsible

8.7. Customer-focused approach to delivering contract management services to internal customers

8.8. Strong relationship and interpersonal skills to be applied in working with vendors across the entire contract life cycle

8.9. Ability to structure bids, evaluate bids against a broad set of evaluation criteria and provide recommendations for vendor selection

8.10. Experience with asset management lifecycle practices that include hardware and software inventories, lease administration, and software licensing compliance controls/expense management

8.11. Vendor risk management experience

8.12. Experience in Financial industry is a preferred

8.13. Strong project and process management skills, with the ability to handle multiple vendors and multiple contracts, as well as a wide range of tasks

8.14. Knowledge of contracting trends, licensing models, and traditional and emerging contract and vendor performance models

8.15. Strong ability to communicate with legal and procurement staff, and business leaders to craft contracts that align complex needs with contractual requirements to achieve business outcomes

8.16. Knowledge of best practices for contract negotiation tactics and strategies

8.17. Ability to understand contract risks and to work with other parts of the organization crafting tactics and strategies for risk mitigation

9. Budget

9.1. costs follow-up activities

9.1.1. annual cost escalators for budget purposes

9.2. Provide budget support activities by cost items, while tracking a annual maintenance/support costswith associations to the appropriate cost centers

10. Legal

10.1. Work with legal representatives to develop and insert appropriate legal documentation, terms and conditions in contracts, as warranted to properly protect the interests, IP, and assets of the company

11. Reporting

11.1. With large contracts, manage contract review meetings to ensure delivery against objectives and contract budgets, develop regular reports on contract milestones and performance, and inform internal customers, vendors and management of activities and progress through regular written and verbal communication