Job Description
Contract Administrators specialize in developing, negotiating, reviewing, and managing contracts for an organization. They specialize in arranging agreements between parties. A Contract Administrator must also interpret the terms of contracts between the organization and its vendors and partners, and make sure both sides are fulfilling the terms of the agreement.
A Contract Administrator needs to be able to interpret complex technical language and communicate the terms of the contracts they draft. They also must ensure that contracts follow federal, state, and local laws.
Typical Duties and Responsibilities
- Discuss the proposed terms of a contract with potential partners and vendors
- Draft contracts
- Review proposed contracts
- Interpret terms of a contract
- Routinely review contracts to ensure both sides are meeting the terms
Education and Background
This position requires a bachelor’s degree in finance, accounting or pre-law. However, employers prefer that candidates have a master’s degree in business administration and coursework in business or contract law.
Skills and Competencies
- Written and verbal communication skills
- Knowledge of federal and state contract laws and regulations
- Research skills
- Analytical thinking
- Negotiation skills
- Organization and time management skills
Compensation
According to Payscale the median annual salary of a Contract Administrator with
1 Year of Experience:
- Orlando, Florida: $49,000
- Tampa, Florida: $56,000
- Jacksonville, Florida: $50,000
- Miami, Florida: $53,000
- Atlanta, Georgia: $48,000
- Chicago, Illinois: $52,000
- Houston, Texas: $65,000
- Los Angeles, California: $57,000
- New York City, New York: $60,000
- Seattle, Washington: $52,000
- Overall: $54,000
5 Years of Experience:
- Orlando, Florida: $59,000
- Tampa, Florida: $66,000
- Jacksonville, Florida: $56,000
- Miami, Florida: $64,000
- Atlanta, Georgia: $60,000
- Chicago, Illinois: $65,000
- Houston, Texas: $75,000
- Los Angeles, California: $76,000
- New York City, New York: $80,000
- Seattle, Washington: $65,000
- Overall: $66,000
Similar Job Titles
- Contract Specialist
- Contract Manager
- Contract Negotiator
- Manager of Contract Administration
Career Path
Contract Administrators are required to have a bachelor’s degree in finance, accounting, or pre-law. Some companies prefer Contract Administrator candidates to have an MBA as well as coursework in business or contract law. Some Contract Administrators begin as Contract Associates and progress to Contract Specialists before becoming Contract Administrators.
Position Trends
There are some significant trends that industry observers say Contract Administrators should be aware of in the coming years. According to the digital document-signing company DocuSign, data security is a significant issue in managing contracts. The trend toward moving in-house data storage to more secure, cloud-based storage options is expected to continue, as is building provisions for data security and privacy into contracts between businesses and both consumers and other companies.
The use of artificial intelligence (AI) is also becoming increasingly common in the legal field. Legal teams are using AI to automate things like document creation and internal workflows, and turning clauses and concepts in contracts into searchable and filterable data.
Job Outlook
According to the U.S. Bureau of Labor Statistics, the need for Administrative Services Managers is expected to grow by seven percent between 2018 and 2028, which is faster than average.
Typical Hours
The typical work hours in an office setting for a Contract Administrator are from 9 a.m. to 5 p.m. However, many work more than 40 hours a week, especially when preparing for trials or nearing deadlines.
Where You Can Find Jobs
- 4 Corner Resources
- Career Builder
- Glassdoor
- Indeed
- Monster
- Zip Recruiter
- Law Jobs
- Law Crossing
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