Contract management involves the administration and oversight of contracts throughout their lifecycle, ensuring compliance, mitigating risks, and maximizing value from supplier agreements. It encompasses activities such as contract drafting, negotiation, execution, monitoring, and performance evaluation.
Beginner competence definition
Beginner-level professionals have basic knowledge of contract terms and conditions and are able to assist in contract drafting, review, and administration processes by ensuring contract templates are filled accurately, managing contract repositories, and supporting contract renewals. They may require guidance from more experienced professionals in handling complex contract negotiations and resolving contractual issues.
Intermediate competence definition
Intermediate-level professionals are proficient in contract analysis, negotiation, and amendment processes and have a solid understanding of legal and regulatory requirements and can assess and mitigate risks associated with contracts. They also actively monitor contract performance, track milestones, and ensure compliance with terms and conditions, and possess strong communication and interpersonal skills to address contractual disputes and manage relationships with suppliers and internal stakeholders.
Advanced competence definition
Advanced-level professionals have comprehensive knowledge of contract law, negotiation strategies, and industry best practices, and are able to draft and negotiate complex contracts independently, ensuring alignment with organizational goals and compliance with legal requirements. They also develop and implement contract management frameworks, establish key performance indicators (KPIs) for contract performance evaluation, and proactively identify and mitigate risks. Additionally, they can provide guidance to the procurement team and stakeholders on contract-related matters and drive continuous improvement in contract management processes.
Supplier relationship management