Contracts Analyst
Quick Facts
Median Salary$73,808
Most Common EducationBachelor's degree
Projected 10-Year Growth-9.00%
Assessment MatchTake the Assessment
What They Do
A Contracts Analyst reviews business contracts for a company or organization. Reviews proposed contract terms and conditions, communicates with management about contract obligations, and communicates and negotiates with clients. Prepares contract cost estimates and reviews proposals for contract changes. Confirms that contract terms have been met before a contract is closed out.
Core Tasks:
- Monitor and follow applicable laws and regulations.
- Purchase the highest quality merchandise at the lowest possible price and in correct amounts.
- Prepare purchase orders, solicit bid proposals, and review requisitions for goods and services.
- Formulate policies and procedures for bid proposals and procurement of goods and services.
- Write and review product specifications, maintaining a working technical knowledge of the goods or services to be purchased.
- Analyze price proposals, financial reports, and other data and information to determine reasonable prices.
- Research and evaluate suppliers, based on price, quality, selection, service, support, availability, reliability, production and distribution capabilities, and the supplier's reputation and history.
- Hire, train, or supervise purchasing clerks, buyers, and expediters.
- Negotiate, renegotiate, and administer contracts with suppliers, vendors, and other representatives.
- Evaluate and monitor contract performance to ensure compliance with contractual obligations and to determine need for changes.
- Study sales records and inventory levels of current stock to develop strategic purchasing programs that facilitate employee access to supplies.
- Confer with staff, users, and vendors to discuss defective or unacceptable goods or services and determine corrective action.
- Maintain and review computerized or manual records of purchased items, costs, deliveries, product performance, and inventories.
- Monitor changes affecting supply and demand, tracking market conditions, price trends, or futures markets.
- Monitor shipments to ensure that goods come in on time, and resolve problems related to undelivered goods.
- Review catalogs, industry periodicals, directories, trade journals, and Internet sites and consult with other department personnel to locate necessary goods and services.
- Attend meetings, trade shows, conferences, conventions, and seminars to network with people in other purchasing departments.
What to expect as a Contracts Analyst
1Earn a Bachelor's degree
70% of people achieve this level of education.
2Gain skills and experience
See Contracts Analyst related courses on Tallo
3Land a job
3578 openings for Contracts Analysts
Career Progression
in United States (Nation)
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