Contracts are an essential aspect of a successful business. They can prove to be a great benefit for companies if they are managed efficiently throughout the contract lifecycle. Contract administrators play a critical role in an organization as they direct and oversee contracts throughout their lifecycle.
On a Day-to-Day, a Contract Administrator is responsible for:
- Prepare contracts & administer contract proposals
- Negotiate contracts
- Handle the contract execution process
- Oversee the full life cycle of contracts
- Track contracts from beginning to end
- Ensure compliance with the company’s terms & conditions
- Drafting boilerplate clauses for use in current and future contracts
- Monitoring the project’s budget, expenses, compliance status, and obligations
- Analyzing the potential risks posed by a contract
- Coordinating with the procurement and legal teams
- Reporting on the current status of contracts to managers and executives
- Review contracts to ensure completeness
Despite contracts being the lifeblood of business, many companies overlook the basic need for effective contract management. Day to day life of a contract administrator is beset with many difficulties if his organization relies on manual contract management processes and inefficient practices.
In this article, we`ll explore the three key roles of a contract administrator that he administers on a day to day basis along with its inherent challenges. We will also discuss solutions dedicated to improving efficiency so that contract management is a smooth, streamlined process.