What is Commercial Contract Management?
Last Updated January 5, 2021
Commercial contract management involves negotiating formal business agreements between two companies. Deals are established by contract managers, who coordinate the process and make sure each party clearly understands their rights, responsibilities and deliverables. Because of the nature of these business arrangements and legally binding contracts, professionals working in this field need to be highly knowledgeable and skilled in all aspects of commercial contract management.
Basics of Commercial Contract Management
There are numerous phases in commercial contract management – from submitting the initial proposal, to negotiating the terms of the agreement, to terminating or renewing the contract upon its expiration. Professional contract managers are not only responsible for creating and renewing contracts, but they also interpret, manage and enforce existing contracts. Depending on the company, a single contract manager may oversee all aspects of its commercial contract management, or a team of specialists may work together on various steps of the process. The responsibilities of these professionals will vary considerably based on their role and the level of seniority they have attained. However, given the complex nature of this work and the significant amount of money involved, most companies prefer to hire certified contract managers to fill even entry-level positions.
Types of Contract Management Certifications Available
There are several industry-recognized certifications available for contract managers through the National Contract Management Association (NCMA). The Certified Commercial Contract Manager (CCCM) designation is the standard for professionals engaged in commercial contract management, while their peers in the government sector typically hold Certified Federal Contract Manager (CFCM) status. Professionals with training and experience in both areas are eligible to become a Certified Professional Contract Manager (CPCM).
NCMA certification is an important asset if you are looking to pursue or advance a career in commercial contract management. Not only does it demonstrate your mastery of all aspects of commercial contract management and prove that your skills meet recognized industry standards, but it shows current and prospective employers that you are committed to excellence in your field and dedicated to your profession.
Steps to Becoming a Certified Commercial Contract Manager
In order to attain NCMA certification, professionals usually must complete formal training in the areas of government and/or commercial contract management, acquire relevant work experience and pass an exam. Even if you already have experience in the field, you are required to have 80 hours of continuing professional education to be eligible for CCCM or CFCM certification, or 120 hours for CPCM certification. In general, candidates must also hold a bachelor’s degree from a regionally accredited institution. Refer to the NCMA website for the most current certification requirements information.
Prepare for Commercial Contract Management Certification 100% Online
The Certificate in Contract Management allows professionals to develop applicable skills while earning continuing education credits and preparing for the NCMA certification exams. The program is made up of three online courses: Essentials of Government Contract Management, Essentials of Commercial Contract Management and Advanced Contract Management.
