Training is crucial for any job, and it's no different for when companies take on contract managers. They need to know that you are the correct person to fill the position because while contract management is crucial, having someone who understands the process is just as important.
The main duty of a contract manager is to manage contracts proactively by using systematic and logical approach which leaves you in a great position to anticipate and resolve problems that could occur before they reach a critical level.
Effective administration of contracts comes from understanding the terms and conditions they hold and knowing where any risk or flexibility is possible. Examining contracts is a given but you also need to be able to use knowledge, tools and processes to interpret and review them quickly.
Reading, managing and implementing a contract is something that needs to be done comprehensively, systematically and logically. On a legal level, you need to be confident and appreciate the obligations of contracts.
Something to remember is that once you are the key part of contract management you are: involved in contract execution, accountable and responsible for contract completion, involved in negotiating and drafting final contract documents, clear about what obligations a contract places on an organisation and understand the risks.
Some would say that there are eight things that any project manager needs, and these are:
Understanding – You need to know the process of reaching agreements from offer through acceptance.
Confidence – You need to be confident of operating under legal contracts.
Appreciate – Be sure to know what responsibilities and legal obligations there are after parties have agreed their contracts.
Recognise – Knowing what risk there is through the finalised contract is imperative to being competent at your job.
Realise – With regards to legal obligations, if your contract has not been complied then numerous things can happen?
Grasp – Having a proactive contract manager is of high importance. You will have to establish a plan, monitor it and improve where possible.
Value – Keeping staff in the loop about what is going on is just one of the vast number of things a contract manager should do to prove their value.
Master – As this is a practical profession, there are always skills that you can add to your armoury.
Each and every member of your contract and delivery team should be competent in this. Everyone from project managers to sales managers, commercial officers to business development managers need to be trained for this.