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Contract Manager by Mind Map: Contract Manager
5.0 stars - 2 reviews range from 0 to 5

Contract Manager

Vendor Contract lifecycle management

Participates in the product and vendor selection process

defining and facilitating product/vendor selection process

Outsourcing with multiple vendors, contracts and contract schedules

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

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



internal customers

accounts payable



Having fun with contract management


asset life cycle management

Responsabilities and Activities

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

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

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

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

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

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

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

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

Financial management

managing the contract life cycle

changes and modifications and the enforcement of performance clauses

changes and modifications and the enforcement of penalties and incentives

developing RFP’s

negotiation of terms and conditions


Bachelor's degree

Minimum four years' experience negotiating and managing contract life cycles

Experience working with legal and procurement staff

Knowledge of procurement and vendor management practices and certifications

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

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

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

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

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

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

Vendor risk management experience

Experience in Financial industry is a preferred

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

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

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

Knowledge of best practices for contract negotiation tactics and strategies

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


costs follow-up activities

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


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


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