Introduction
Contract administrator jobs focus on many big businesses where they create and manage legal contracts. This job lets you ensure whether the company adheres to deadlines, deliverables, or other contract terms in the documents. Some of their primary duties include mitigating financial and legal risks, and you’ll be increasing the company’s fit in the long run.
Contract administrators are, in other words, negotiators. These negotiations and further doubts or questions regarding the contract’s contents are usually challenging to manage. So when a company is hiring contract administrator, this article will teach you everything about how to be eligible and what you need to write in the resume.
What is a Contract Administrator job?
A contracts administrator’s job revolves mainly around managing all sorts of contracts. It includes preparing, revising, negotiating, examining, and analyzing the relevant contract documents. When talking about these contracts, you have to trade products, goods, supplies, services, or materials.
What does a contract administrator job do?
You have to gain some skills that many contracts’ administrators have executed the contract administrator responsibilities successfully. Taking a glimpse through resumes, you can estimate the job duties to have a rough idea of the most common skills needed in this position.
Let’s take a look at the job duties a contract administrator needs to complete.
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Contract Administrator job duties include:
- Prepare contracts for all sales and purchases.
- Develop and manage strategies of contract.
- Generate reports of existing agreements and their status.
- Negotiate contract terms in detail and ensure maximum benefit from several conditions and prices
- Follow up with clients to ensure the negotiations go as planned.
- Make a standardized language for new or existing contracts.
- Manage regular reports, especially risks associated with contracts
Job brief for a Contract Administrator
ABC company is looking for an eligible Contract Administrator to join the company. You will be mostly preparing, managing, and negotiating various company contracts. It may also include purchases, sales, and business partnerships.
A Contract Administrator job focuses on demonstrating a good amount of attention while also having the ability to discover potential risks for the company. You should also make contracts while ensuring they show a keen interest in cost reduction and profits increase. You are also liable to ensure compliance with the law. If you are our ideal candidate, you should have previous experience as a contract administrator or related field. You should know the legal side of the contracts as well.
Overall, you should ensure all the contracts align with the legislative requirements and state the company goals.
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Responsibilities of a Contract Administrator Job
- Oversee the contracts which involve purchasing goods and services.
- Manage the distribution and equipment stores.
- Dispose of the unclaimed properties.
- See-through the plans and administration of contracts.
- Negotiate terms and conditions.
- Prepare a summary of contracts and revise the summarized contracts budgets.
- Track the corresponding contracts.
- Maintain every organized file.
- Prepare all notices, ensure quality contract performance, which includes the status of contracts.
- Maintain an audit for each contract, changes/deviations, required amendments, clarifications, payment schedules.
- Prepare and ensure the proper spreading of knowledge regarding contract status and facilitate many contractor meetings.
- Ensure that with legal requirements, owner specifications, and government regulations.
- Perform closing activities as needed.
- Track payments and deadlines.
- Analyze and mitigate risk.
- Provide critical summaries and ensure contract execution as per company policy.
Requirements for Contract Administrator job
- Have a bachelor’s degree in business administration, accounting, or economics-related field.
- Contract administrating field experience.
- Have ample knowledge of legal requirements regarding the relevant contracts.
- Must have ERP experience.
- Have a firm knowledge of MS Office software, such as Excel, Word, and PowerPoint.
- Show exceptional organizing skills.
- Have superb communication skills and interpersonal skills.
- Show superb analytical ability to detect errors and inconsistencies.
Average Salary for Contract Administrator job
The average salary for a contract administrator in Singapore is approximately SGD 60,000 to SGD 100,000 per annum varies significantly based on factors such as location, industry, experience, and the company. Below is a detailed comparison based on these criteria.
Industry-wise Comparison
| Industry | Average Annual Salary |
|---|---|
| Construction | SGD 90,000 |
| IT Services | SGD 75,000 |
| Manufacturing | SGD 70,000 |
| Consulting | SGD 85,000 |
| Finance | SGD 80,000 |
Experience-wise Comparison
| Experience Level | Average Annual Salary |
|---|---|
| Entry-level (0-2 years) | SGD 50,000 |
| Mid-level (3-5 years) | SGD 75,000 |
| Senior-level (5+ years) | SGD 100,000 |
Top Companies Comparison
| Company Name | Average Annual Salary |
|---|---|
| Lendlease | SGD 95,000 |
| Surbana Jurong | SGD 90,000 |
| Accenture | SGD 85,000 |
| KPMG Singapore | SGD 80,000 |
| Deloitte Singapore | SGD 78,000 |
The data indicates that salaries for contract administrators in Singapore are competitive and can vary based on industry and experience level. The construction sector typically offers the highest salaries for this role. Additionally, major consulting firms provide attractive compensation packages for experienced professionals.
Key Skills
Team Work
Team work skills are essential since contract managers come to work with many different groups of individuals. It includes working with internal and external people, as you’ll see how contracts bridge many other business areas. If you have to be good in a contract administrator job, you need to collaborate with all parties effectively.
Business Knowledge
A good contract administrator should know about the company’s business. Besides, they should also know who to contact for functional or area expertise. Therefore, you need to have communicative, Interpersonal skills, networking professionally, and strong working relationships for a contract administrator job.
While knowing the business, a Contract Administrator job is about being aware of the contractual elements of their business.
Including:
- Have a continual pulse on many contracts.
- Know how clauses change and how it works.
- Have up-to-date information and changes to the authoring templates.
- Should know amply about risk management technics relating to non-compliance.
Project Management
A good contract administrator job execution implies strong written and verbal communication skills, ensuring good collaboration. An excellent two-way Communication is what makes stakeholders convinced about the deal.
If your company needs to know the different expectations, obligations, performance metrics, etc., you should show your project management skills to ensure you work as per the company’s desire.
Negotiation
When an agreement is almost complete with the third party, many significant shifts, tweaks, and adjustments are necessary. If you have the contract administrator job position, you can’t simply think of every possible possibility, criticism, and such.
So, the contract administrator must ensure quality business negotiations with external clients. And it doesn’t need to say that you must have collaboration and negotiation skills to work side by side.
Why pursue a career in contract Administrating job?
If you’re interested in a contract administrator job, this is a great time to apply for them.
Contract administrator do contribute to a crucial function in many legal departments. For example, they are responsible for writing and managing contracts, solving previous conflicts, or overseeing the closeout process after contract settlement.
Some of the main reasons why you should have a contract administrator job:
Salary and benefits
Not only the annual salary but other factors such as dental and retirement benefits are in compensation. Of course, you also get any perks you might be getting, such as free food or telecommuting.
Career growth
If you have sufficient expertise and experience in a contract administrator job, you can become a contract manager.
If career advancement is your focus, you should make sure the contract department of your aimed company is high enough to ensure proper growth.
How to become a Contract Administrator?
To be an eligible contract administrator, you should know the accountability you need in this role.
The steps to be a contract administrator are:
- Have a bachelor’s degree in business administration, economics, or accounting field.
- You should also possess certificates in the contract administration field as it will ensure better job opportunities.
- Have excellent skills to become a contract administrator.
- Then apply for a master’s degree in administrative fields for better job chances.
- Follow these steps, and you’ll have your ideal contract administrator job.
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Conclusion
The Contract Administrator job will require your analytical, communicative, and other wide range of skills. But after you become eligible, you’ll have a bright career ahead.
The contract administrator job would require you to negotiate contract terms and conditions between various parties. In addition, you will have to manage essential contract-related information or relevant correspondence, amendments, clarifications, and payment schedules. It’s a managerial role, and with experience, you’re sure to get many job benefits.
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