The Real Meaning of Commercial Contract Management
Commercial contract management includes contracting formal business settlements between two parties. Deals are organized by contract managers, who organize the whole process and assure that all party simply knows their deliverables, rights, and responsibilities. Due to the essence of these legally binding contracts and business arrangements, specialists operating in this field must be highly skilled and knowledgeable in all phases of commercial contract management.
Basics of Commercial Contract Management
There are a lot of stages in a commercial contract management – from passing the initial proposal to settling the terms of the contract, to terminating or renewing the agreement upon its expiration. Contract managing experts are not only accountable for renewing and creating contracts, but they also interpret, enforce and manage subsisting contracts. Depending on the organization, a contract manager may command all aspects of its commercial contract management, or a group of experts may work together on specific steps of the process.
Kinds of Contract Management Certifications Available
There are numerous industry-recognized certifications available for contract managers through the National Contract Management Association (NCMA). The Certified Commercial Contracts Manager (CCCM) designation is the standard for experts involved in commercial contract management, while their rivals in the government sector typically hold Certified Federal Contracts Manager (CFCM) status. Specialists with experience and training in both areas are qualified to become a Certified Professional Contracts Manager (CPCM).
NCMA accreditation is an essential resource in the event that you are hoping to seek after or propel a profession in business contract administration. Not exclusively does it exhibit your dominance of all parts of business contract administration and demonstrate that your aptitudes meet perceived industry norms, however, it indicates present and forthcoming managers that you are focused on perfection in your field and committed to your profession.
What You Need to Do to Be a Certified Commercial Contract Manager
In order to retain the NCMA certification, experts normally must finish formal training in the areas of government and/or commercial contract management, procure related work experience and pass a test. Even if you already have expertise in the field, you are obligated to have 80 hours of continuing professional education to be qualified for CCCM or CFCM certification, or 120 hours for CPCM certification. In that sense, applicants must also hold a bachelor’s degree from an accredited institution.