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In short, contract administration involves the planning, negotiation, execution and performance of any contact with customers or vendors. The preparation and implementation of contracts has great potential for aligning mutually agreeable contracts that lead to positive business outcomes.
An attorney or accountant who has his or her own office, advertises in the yellow pages of the phone book under Attorneys or Accountants, bills clients by the hour, is engaged by the job or paid an annual retainer, and can hire a substitute to do the work is an example of an independent contractor.
An independent contractor agreement is a legally binding document signed by a 1099 employee and the company that hires them. It outlines the scope of work and the terms under which that work will be completed, which goes a long way to making sure both parties are on the same page about the project from the start.
A contract administrator manages contracts made between building contractors, employers, and clients. Their responsibility is to administer construction contracts, whereby they may act as project managers, engineers, consultants and client representatives.
What Is an Independent Contractor? An independent contractor is a self-employed person or entity contracted to perform work foror provide services toanother entity as a nonemployee. As a result, independent contractors must pay their own Social Security and Medicare taxes.
What does an contracts administrator do? Contracts administrators manage business contracts, including purchasing, sales, and employment contracts. They act as liaison between internal business parties and external vendors and suppliers, making sure that conditions are correctly documented and followed through.
What should be included in a Contractor Agreement?Statement of Relationship.Project Description.Payment and Billing Terms.Responsibilities of Each Party.Project Timeline and Deadlines.Termination Conditions.Nondisclosure Terms, and Confidentiality and Non-Compete Clauses.
How to become a Contract AdministratorExcellent attention to detail, with the ability to find inconsistencies and errors.Teamwork and the ability to work with a variety of people at all levels.Language comprehension and reading skills.Oral and written communication skills.Ability to execute and negotiate contracts.More items...
Ten Tips for Making Solid Business Agreements and ContractsGet it in writing.Keep it simple.Deal with the right person.Identify each party correctly.Spell out all of the details.Specify payment obligations.Agree on circumstances that terminate the contract.Agree on a way to resolve disputes.More items...
GeneralBecome familiar with a Statement of Work (SOW).Develop a contract administration plan based on the complexity of the contract.Create a checklist of all aspects of the contract to monitor, based on the contract itself and the SOW.Conduct internal and external pre-performance conferences.More items...