Skill Needed for the Job

The job of a contract specialist is one which is analytical and needs an eye for detail. This job requires a sharp focused and yet calm mind to help in negotiations with third parties. Itemised below are certain skills which a contract specialist would need to have to be successful.

• Good command over the written word as well as excellent communication skills for negotiations.
• Good computer skills knowing many different software and how they could help in drawing up a contract especially working knowledge of Microsoft Office, keeping a database about all the negotiated and executed contracts and finding information on the internet.
• Ability to work in harmony with people and having leadership qualities that build high morale and commitment to team goals, displaying positive attitude and assisting wherever needed.
• Should be detailed oriented as this skill is required to see that all the points are covered accurately in the contract.
• Should have working knowledge of bookkeeping and accountancy as it could help in the formatting of a contract which could also involve money and finance.

How much does a contract specialist earn?

Salary or remuneration is dependent on various factors which govern its range. Salary changes due to years of experience, the industry that hires them, the employer type with whom they are employed, the skills that they have acquired, etc. How the salary differs according to some of the various factors has been described below.

• Years of Experience
  • Experience of less than one year the salary range is between $ 33,600 and $ 54,573 and the hourly wage range is between $ 8.22 and $ 23.76.
  • Experience between one to four years the salary range is between $ 36,862 and $ 71,972 and the hourly wage range is between $ 14.44 and $ 29.53
  • Experience between five to nine years the salary range is between $ 41,829 and $ 93,791 and the hourly wage range is between $ 14.86 and $ 50.34.
  • Experience between ten to nineteen years the salary range is between $ 43,048 and $ 99,263 and the hourly wage range is between $ 18.23 and $ 46.88.
  • Experience of more than twenty years the salary range is between $ 51,518 and $ 118,435 and the hourly wage range is between $16.34 and $ 91.14.

• Industry
  • Contract Specialist as Government Contractors are paid an annual salary range between $ 40,084, and $ 87,315 and hourly wage rate range between $ 15.59 and $ 70.00.
  • Contract Specialist in Military and Armed Forces are paid an annual salary range between $ 37,836 and $ 95,268 and hourly wage rate range between $ 20.64 and $ 33.35.
  • Contract Specialist as a government employee is paid an annual salary range between $ 33,863 and $ 99,421and hourly wage rate range between $ 14.08 and $ 91.14.
  • Contract Specialist working in Information Technology (IT) services are paid an annual salary range between $ 39,350 and $ 88,309 and hourly wage rate range between $ 17.23 and $ 31.04.
  • Contract Specialist working in Healthcare are paid an annual salary range between $ 39,145 and $ 75,931and hourly wage rate range between $ 13.89 and $ 34.56.
  • Contract Specialist working in Construction are paid an annual salary range between $ 37,192 and $ 95,000.
  • Contract Specialist working in Research and Development, Biotechnology are paid an annual salary range between $ 38,987 and $ 99,208.

• Employer Type

• A Contract Specialist when he is employed by a company he earns an annual salary in the range between $ 38,259 and $ 84,228 and hourly wage rate range between $ 14.12 and $ 32.86.
• A Contract Specialist when he is employed by a Government – Federal he earns an annual salary in the range between $ 39,695 and $ 97,050 and hourly wage rate range between $ 16.35 and $ 51.06.
• A Contract Specialist when he is employed by Government State and Local he earns an annual salary in the range between $ 39,047 and $ 84,457 and hourly wage rate range between $ 16.41 and $ 45.19.
• A contract Specialist when he is employed by a non-profit organization  he earns an annual salary in the range between $ 36,483 and $ 74,221 and hourly wage rate range between $ 14.86 and $ 28.84.
• A Contract Specialist when he is on a contract he earns an annual salary in the range between $ 36,167 and $ 101,367 and hourly wage rate range between $ 20.27 and $ 78.91.
• A Contract Specialist when he is employed by other organizations he earns an annual salary in the range between $ 30,836 and $ 78,297.
• A Contract Specialist when he is employed by a Hospital he earns an annual salary in the range between $ 43,209 and $ 80,513 and hourly wage rate range between $ 10.74 and $ 32.55.
• A Contract Specialist when he is employed by a college or university he earns an annual salary in the range between $ 19,040 and $ 98,633.
• A Contract Specialist when he is employed by Private Practice or Firm he earns an annual salary in the range between $ 35,420 and $ 83,812.

In this profession there are more females than males and the female to male ratio is 58% to 42%. The females earned an annual salary in the range between $ 45,586 and $ 66,663 and their counterparts the males earned an annual salary range between $ 45,130 and $ 70,295.

What does a contract specialist have to be trained in?

Education is an important aspect for any job and that is also the case with making a career out of being a contract specialist. This is a highly skilled job with a good command over the written word and knowing about the legal terminology.

• Contract specialist wanting to work with the federal government require a minimum of bachelor’s degree or should have at least completed approximately one academic year of college level business coursework.
• In the private sector employers preference when they are on the lookout for a contract specialist if for candidates who have a bachelor’s degree in business management field or law or economics and finance.
• Training in legal or paralegal is also required to draw up contracts.
• For senior positions some graduate education is also a requirement. Universities offer graduation or master’s degree programs in contract management.
• The coursework for these programs consists of negotiation ethics and contract law.
• Advanced coursework covers legal and business decision making.

About Contract Specialist

A contract specialist is a person in charge of all contracts made by a company to ensure make sure that all the rules and policies of the company are taken care of along with the rules, policies and guidelines as laid down by the government. They draw up contracts for the company, and they make use of any contracts drawn before as guidelines for new contracts. If the new contracts have terms and conditions which are unique then they draft out a fresh contract ensuring that all the terms and conditions are taken care of. Once the draft is complete they review it along with their associates to see that all the ‘i’ have been dotted and all the ’t’ have been crossed before finalising it for presentation and signature.

Whenever a new contract comes into the company the contract specialist vets it and sees that all the details have been considered in respect to their business and resolving any minor disputes that may arise out of it. They need to have full knowledge of the terminology used in contracts as they have to draft, analyze and negotiate the terms and conditions in a contract. Terminology is very important in a contract as how the contract is upheld is based on it. Both the parties i.e. the company that they work for and the client depend on the capability of a written contract. Many a time the contract specialist is called upon to write amendments or codicils to the existing contracts in order to meet the needs of the client and their own business due to some policy or rule change or to improve on services provided by either side. A contract specialist has to make sure that that all the records pertaining to the contracts are well maintained, including backups at other safe places designated by the management and to facilitate efficient inter departmental communications in the areas pertaining to the contract.

There is an increasing demand for contract specialists in the market as businesses want to avoid legal disputes arising out of a badly worded contract and are implementing an internal review process.

Certification and Licensure

As such there is no particular requirement for a license or certification for a career as a contract specialist but having a certification denotes to the employer that the candidate has good knowledge of his craft and in the case of a contract specialist it helps in the advancement of his career.

• A certification program is offered by US government’s Federal Acquisition Institute (FAI).
• There are three levels Federal Acquisition Certificate in Contracting (FAC – C).
• Level I of FAC-C requires the candidate to have one year work experience in contracting and a baccalaureate degree or at least 24 semester hours in accounting, business, law, finance, contracts, economics, purchasing, marketing, industrial management, quantitative methods or organization and management.
• Level II of FAC–C requires a FAC-C Level I certification, two years contract work experience and a baccalaureate degree or at least 24 semester hours in accounting, business, law, finance, contracts, economics, purchasing, marketing, industrial management, quantitative methods or organization and management.
• Level III of FAC–C requires a FAC-C Level II certification, two years contract work experience and a baccalaureate degree or at least 24 semester hours in accounting, business, law, finance, contracts, economics, purchasing, marketing, industrial management, quantitative methods or organization and management.

Duties and Responsibilities of a Contract Specialist

The duties and responsibilities of a contract specialist are different according to the industry and where they are working. But the broad duties of a contract specialist mostly remain the same no matter where they work.

• Negotiate with clients to draw up procurement contracts.
• Review the terms of contract and conditions to ensure that they meet the rules as laid down in the federal and state and local laws.
• To assist clients and head of departments and other personnel of their companies to understand the intricacies of the terms of contract and conditions as stipulated in it.
• As terminology is very important in a written contract they should be well versed in the terminology related to their company’s trade.
• As the written contract makes a difference as how it is perceived and upheld it becomes the duty of a contract specialist to his company as well as to their client to draft a proper contract.
• After verifying the credentials of a client it becomes the duty of a contract specialist to correctly interpret the terms of the company while analysing the contract prepared by the client.
• The contract specialist then goes line by line of the contract with the client and takes notes regarding any ambiguities they may have with the terms or the language.
• After a lot of give and take and amendments to the first draft, amicable terms are agreed on and a review draft of the contract is prepared. Sometimes the negotiation falls through and the contract is not prepared.
• Once the review draft is prepared it is the duty of contract specialist to show it to their associate.
• It is also the duty of the contract specialist to draw up a contract based on other contracts that have been made before.
• Due to the special terms and conditions a contract might be needed to be drawn up from scratch and a fresh document is drawn.
• They may have to add amendments or codicils to an existing contract to make it more favourable for their company.
• Contracts would come up for renewal or renegotiation once their terms come to an end and it is the duty of the contract specialist to see that the best and favourable terms are negotiated for their company.
• The contract specialist also performs other administrative and analytical duties as per the management requirements.