WHAT DOES A CONTRACT SPECIALIST DO?
Published: September 25, 2024 - The Contract Specialist manages the entire contracting process, including reviewing and analyzing solicitations and administering Cost Plus Award Fee contracts for logistics services. This position coordinates key contract data, liaises across multiple departments, ensures compliance with legal and regulatory requirements, and facilitates internal and external audits. This role streamlines contract review and compliance procedures, enhancing organizational efficiency and adherence to client and government standards.
A Review of Professional Skills and Functions for Contract Specialist
1. Contract Specialist Duties
- Contract Monitoring: Monitors contract performance to ensure deliveries are in accordance with contract requirements.
- Documentation Coordination: Coordinates data and hardware shipping documents to ensure accurate and complete contract data.
- Finance Coordination: Interfaces with Finance and Billing functions to ensure timely invoicing and payments.
- Change Management: Reviews customer change requests and coordinates changes with the program team.
- Approval Submission: Submits customer change requests for appropriate review and approval.
- Performance Evaluation Management: Upon receipt from the customer, forwards any customer performance evaluations to the assigned supervisor/manager.
- Contract Closeout: Leads and completes internal contract closeout efforts in coordination with multi-functional program team members.
- Manpower Liaison: Liaises with other departments regarding manpower issues.
- Cost Management: Manages costs related to manpower.
- Performance Review Support: Supports the Site Manager for employee performance reviews.
- HR Coordination: Communicates with the HR team in Tokyo/Osaka to align HR policies, etc.
- Employee Well-being Management: Manages the mental and emotional well-being of Nagareyama Logistics Centre employees.
2. Contract Specialist Details
- Contract Management: Responsible for managing the contracting process, including review and analysis of solicitations.
- Contract Administration: Administers Cost Plus Award Fee contracts, primarily for logistics services.
- Data Capture: Captures key contract data and terms for each client contract.
- Liaison Coordination: Acts as a liaison between Finance, Sales, Quality Assurance, Legal, and other departments on contract issues.
- Approval Coordination: Coordinates all approval signatures for contract and compliance documents.
- Record Maintenance: Maintains all contract records in both electronic and hard copy formats.
- Compliance Assistance: Assists in the completion of contract compliance documents, insurance certificate requests, vendor registrations, and other required forms per contract requirements.
- Reporting Oversight: Responsible for contract compliance reporting requirements as applicable.
- Registration Management: Gathers the company’s status with respect to State Registrations, Business Licenses, and Annual Report Filings.
- Audit Preparation: Organizes information for audits as may be required to provide contractual documentation.
- Process Improvement: Works with Legal to manage and improve the contract process.
- Contract Review: Responsible for a high-level review of contracts and RFx, highlighting issues for Legal review and awareness.
- Document Review: Reviews all document submissions, including proposals and estimates, while ensuring compliance with the contract, the Contractor’s approved business systems, and client/US Government requirements, rules, processes, or regulations.
3. Contract Specialist Responsibilities
- Draft Coordination: Coordinates review of draft language with internal stakeholders and the Legal Team.
- Document Management: Coordinates term sheets and incentive documents.
- Cover Letter Preparation: Prepares draft cover letters.
- Legal Draft Assistance: Assists Channel Lead in preparing drafts for legal review.
- Approval Coordination: Coordinates the approval process.
- Template Management: Manages Channel templates and access, coordinating with the Legal Team.
- Agreement Collection: Collects executed agreements and SOA approvals for inclusion in the Channel contracts database.
- Database Management: Manages the Channel contract database for storage through the legal ContractPod library and Channel SharePoint site.
- CRM Updating: Updates CommScope CRM tools with the latest accurate information.
- Contract Correspondence: Prepares and provides agreements, letters, and other contract-related correspondence to partners in coordination with Channel Leads and Account Managers.
- Term Provisioning: Provides existing agreement terms to Regional Leaders, internal support units, and Customer Service upon request.
- Distributor Management: Manages the Distributor Locator.
- Contracting Operations: Performs all aspects of contracting, including drafting, contract negotiations, and preparation of contract revisions.
- Negotiation and Administration: Negotiates contract and proposal terms and conditions, and administers commercial and government contracts in accordance with company policies and legal requirements.
4. Contract Specialist Job Summary
- Negotiation Support: Provides insight/support with negotiations of contracts.
- Scope Creation: Assists team leaders with the creation of Scopes of Work for each contract/PO.
- Cost Control Implementation: Creates and ensures Cost Control mechanisms are included in each contract/PO.
- Document Organization: Provides organization and development of draft, final, and executed documents relating to contracts and associated purchase orders.
- Document Compliance: Ensures referenced documents and exhibits are attached with accuracy and compliance.
- Bid Process Involvement: Involved in preliminary bid processes, proposal planning, kickoff, and weekly contractor meetings.
- Revision Documentation: Ensures all contractual revisions are documented and logged.
- Draft Administration: Administers/reviews draft contract revisions, change orders, and/or supplements in coordination with management.
- Legal Liaison: Serves as a liaison to the legal department.
- Policy Implementation: Implements and interprets company policies and procedures to ensure quality and compliance.
- Change Order Management: Identifies, reviews, and logs change orders.
- Vendor Oversight: Monitors vendor progress, milestones, and damages.
- Change Management: Manages change management processes and procedures.
- Collaboration: Collaborates with Subject Matter Experts such as Legal, Finance, Tax, and Insurance to ensure that all contracts comply with Baker Hughes’ contracting guidelines.
5. Contract Specialist Accountabilities
- Contract Lifecycle Management: Provides comprehensive contract lifecycle management.
- Agreement Drafting and Negotiation: Independently drafts, reviews, negotiates, and provides oversight in the execution of various agreements, including confidentiality, material transfer, services, consulting, clinical trial, purchase, and other business agreements in accordance with Homology’s legal standards.
- Database Management: Assists in implementing and managing a contract database, including preparing reports and correspondence, organizing and updating files, and performing other administrative tasks related to contract management.
- Stakeholder Coordination: Coordinates and liaises with multiple internal stakeholders, outside counsel, and counterparties to ensure timely preparation, review, negotiation, execution, tracking, and management of contracts.
- Point of Contact: Serves as a point of contact for contract-related questions from internal and external stakeholders.
- Vendor Management Support: Supports internal stakeholders with vendor management and negotiations.
- Meeting Facilitation: Schedules and leads meetings and contract negotiations with internal and external stakeholders.
- Template Improvement: Maintains and continuously improves contract templates and processes.
- Issue Identification: Identifies contract management issues and proposes solutions for resolving them.
- Goal Achievement: Meets contracting goals, including timing, terms, conditions, and related criteria.
- Contract Implementation: Ensures effective implementation of new and renewing contracts through communication and coordination with other functional areas.
- Risk Advisory: Advises Project Managers and other project personnel on contract requirements and risk mitigation approaches.
- Documentation Preparation: Prepares and maintains contract documentation such as task orders, contract modifications, letters, correspondence, and notices.
6. Contract Specialist Functions
- Stakeholder Coordination: Coordinates with stakeholders, both internal and external, to ensure contracts developed mitigate risk and deliver a competitive advantage by knowing and following all established Company contracting policies and procedures.
- Contracting Strategy Advice: Proactively provides advice to stakeholders regarding contracting strategies and analyzes scopes of work to determine the appropriate contracting strategy.
- Supplier Identification: Identifies potential suppliers and qualification criteria and prepares RFx (request for proposal, request for quote, etc.) packages.
- Proposal Evaluation: Coordinates proposal evaluation activities, completes commercial evaluations, and negotiates with suppliers.
- Award Recommendations: Prepares award recommendations and awards contracts.
- Meeting Facilitation: Facilitates and conducts pre-proposal, proposal clarification, and contract kick-off meetings with suppliers and key stakeholders.
- Department Support: Supports department initiatives.
- Mentorship: Assists and mentors junior members.
- Issue Communication: Communicates commercial and contractual issues to internal clients.
- Negotiation and Influence: Negotiates with and influences internal and external stakeholders.
- Documentation Preparation: Prepares documentation involving the expression of the company’s position on potential disputes, claims, or protests.
- Government Liaison: Interfaces with US Government Contracting Officers (CO) on a regular and routine basis.
- Relationship Development: Develops collaborative, positive working relationships based on respect, honesty, and transparency.
7. Contract Specialist Job Description
- Agreement Negotiation: Negotiates and drafts agreements and amendments outlining contractual terms.
- Database Management: Loads contracts and amendments into the Contracting Database Application (CDA) and routes electronic Change Forms to implement contracts or amendments.
- Claims Management: Assists in managing the Claims Inquiries Box and Referral Queue.
- MOU Negotiation: Negotiates MOUs to provide contracts for referrals to non-contracted providers and secures savings on claims for retro dates of service.
- Contract Clarification: Provides clarification on contractual arrangements to internal departments, providers, and billing companies.
- Follow-Up Coordination: Follows up for the return of signed contracts, amendments, or credentialing applications.
- Credentialing Support: Works with the credentialing department to obtain credentialing documents; upon completion of the credentialing process, presents contracts for execution.
- Auditing: Audits CDA and Contract Summaries to ensure executed contracts are accurately entered.
- Change Form Submission: Creates and submits electronic change forms for new agreements, terminations, demographic changes, and new tax identification numbers.
- Provider Support: Receives calls from assigned network providers and provides customer service by responding to contracting inquiries, claim questions, and credentialing issues.
- Cost Savings Calculation: Calculates cost savings by comparing contract rates to billed charges or non-contracted rates, whichever applies.
- Cost Savings Documentation: Documents all cost savings on the Cost Savings report.
- Financial Impact Analysis: Outlines requested contract terms, completes Financial Impact Analysis forms, and submits them to Decision Support for analysis and approval.
- Administrative Support: Supports Contract Administrators and the Department by drafting contracts, updating contract summaries, updating CDA, and generating reports.
8. Contract Specialist Overview
- Support Assistance: Provides assistance to the Client Resident Engineer of Construction as directed.
- Organizational Skills: Seeks an organized, highly motivated individual capable of completing assignments with little to no supervision.
- Task Execution: Under the general supervision of the Resident Engineer, performs support duties of a diverse nature requiring independent analysis, exercise of judgment in task execution, and detailed knowledge of company procedures related to the work performed.
- Construction Management Support: Supports construction management operations.
- Payment Processing: Processes Contractors' Applications for Payments, prepares Change Orders/PACCs, audits Time and Material Tickets submitted by the GC, and updates WINTRAK monthly while tracking and updating contract status.
- File Maintenance: Maintains construction project files and coordinates with staff.
- Internal Correspondence: Responsible for internal correspondence.
- Billing Audits: Performs desk audits of contractor billings.
- Documentation Management: Ensures proper documentation is received from contractors for all aspects of the contract.
- Report Preparation: Prepares monthly reports and monitors contracts.
- Meeting Minutes: Prepares Project Meeting Minutes.
- General Correspondence: Prepares general correspondence, faxing, shipping, and contract closeout documents.
- RFI Tracking: Tracks/logs RFIs, analyzes RFIs, and manages Change Orders.
- Contractor Deliverables: Responsible for contractor deliverables.
- Reconciliation Development: Develops three-way match reconciliation for materials.
9. Contract Specialist Details and Accountabilities
- Contract Support: Provides cradle-to-grave contract support utilizing Department of Defense contracting authority.
- Business Advisory: Serves as acquisition business advisor to client senior leadership, contracting officers, program managers, and other stakeholders.
- Acquisition Evaluation: Evaluates acquisition requests and assists in developing acquisition strategies.
- Contract Type Determination: Assists in the determination of the contract type and contract method.
- Justification Preparation: Assists program personnel in the preparation of justifications.
- Documentation Preparation: Assists in the preparation of pre- and post-award documentation.
- File Maintenance: Maintains contract file folders.
- Solicitation Documentation: Assists in the preparation of solicitation documentation.
- Proposal Review: Assists in the review of proposals for compliance.
- Proposal Evaluation: Assists in the evaluation of proposals.
- Cost Analysis: Assists in the preparation of cost and price analysis.
- Negotiation Preparation: Assists in preparing negotiation positions.
- Negotiation Advisory: Serves in an advisory capacity during negotiations.
10. Contract Specialist Tasks
- Contract Preparation: Assists in the preparation of contract awards and staff for Contracting Officer signature.
- Contract Administration: Assists with contract administration.
- Modification Preparation: Assists in the preparation of contract modifications.
- Performance Oversight: Assists the Contracting Officer in overseeing contract performance, as necessary, to ensure delivery of supplies or services.
- Procurement Knowledge Sharing: Imparts procurement knowledge to all levels of the OCS acquisition workforce.
- Acquisition Package Generation: Generates acquisition packages, including preparing Acquisition Plans, Source Selection Plans, Justifications and Approvals, etc.
- Solicitation Preparation: Prepares solicitations and other contract documentation, establishing contract terms and conditions, and performing other relevant tasks.
- Policy Development: Assists in the development of agency procurement policies.
- Advisory Support: Provides advisory support for source selections, from initial planning through contract award.
- Approval Process Support: Supports, reviews, and assists with approval processes associated with client acquisition reviews.
- Direct Support: Provides direct support to program offices and key components for acquisition and contractual issues (i.e., during the formation and administration of contracts).
- Strategic Research and Analysis: Assists with in-depth strategic-level research and analysis to support recommendations for implementing acquisition best practices and lessons learned to improve acquisition processes and support the customer.