The Contracts Specialist is responsible for preparing, reviewing, and managing contracts, ensuring legal compliance and clarity, negotiating terms, and addressing contract-related inquiries while collaborating with internal teams and stakeholders.
Job Summary & ResponsibilitiesPreferred Qualifications
Responsibilities include but are not limited to:
- Prepare, review and edit both standard and non-standard contracts, including Non-Disclosure Agreements (NDAs), professional services agreements, purchase agreements, software license/SaaS agreements, and other business contracts.
- Ensure clarity, accuracy, and legal soundness in contract language to protect the bank's interests.
- Collaborate with internal stakeholders (legal, procurement, business counterparts, etc.) and external parties to negotiate favorable contract terms. This includes negotiating clauses on confidentiality, indemnity, liabilities, payment terms, and service level expectations to achieve mutually beneficial agreements while mitigating risk.
- Assist in managing the contract lifecycle from draft to execution and renewal. This may involve coordinating approvals, maintaining version control, and ensuring all obligations and milestones are tracked.
- Address inquiries related to contract interpretation and provide guidance to business teams on contract obligations. Serve as a point of contact for clarifying contract scope, terminations, or ambiguities. Advise internal departments on compliance with contractual obligations in cost-effective ways.
- Verify that contract terms comply with all relevant laws, regulations, and company policies (e.g. interagency guidance, data privacy laws, internal risk policies).
- Analyze contract clauses to identify potential risks or conflicts.
- Recommend amendments or protective provisions to prevent future disputes.
- Resolve contract-related issues or escalate as needed, protecting the bank's interests.
- Contribute to improving contract processes and may help develop contract playbooks, templates, or checklists to streamline review of recurring contract types. Must have working proficiency with contract management software.
Required Skills:
- Contract Law Knowledge: A strong understanding of contract law and legal terminology. Candidate should be well-versed in key contractual concepts (indemnities, warranties, limitations of liability, termination clauses, etc.) and stay updated on any laws or regulations that impact the bank's contracts (for instance, financial regulatory compliance, privacy laws like CCPA for data in vendor contracts, etc.)
- Negotiation & Communication: Excellent negotiation skills and communication abilities are core skills for this role. Must confidently negotiate with outside parties (vendors, service providers, partners) to secure terms favorable to the bank, which requires persuasion and a clear understanding of the bank's risk tolerance. The candidate will also need to communicate complex legal concepts in plain language to internal stakeholders.
- Organization & Time Management: Given the high volume of contracts that the bank handles, the ability to manage multiple contracts simultaneously and prioritize workload effectively is mandatory. Strong organizational skills -- including maintaining meticulous records and tracking deadlines -- are required.
- Detail Orientation and Analytical Skills: Candidate must be detail-oriented and employ analytical thinking to catch discrepancies or unfavorable terms.
- Technical Skills: Proficiency with contract management software or database systems. Additionally, general MS Office proficiency (especially Word for redlining contracts and Excel for tracking) is expected.
- A willing team player who can collaborate with attorneys, procurement professionals, and business owners is critical.
- Candidate must be able to work cross-functionally and adapt to fast-paced or changing business needs.
Required Experience:
- Bachelor's Degree and 5 years of relevant experience in commercial contract drafting management, analysis, and negotiation. Experience with emerging legal tech or AI tools is a plus.
Preferred Experience:
- Juris Doctor, Licensed Attorney: Strong preference for candidates who are licensed attorneys and have practiced law in the past. Familiarity with the banking or financial services industry is a strong plus.
- Experience with technology contracts (software licensing, SaaS, cloud services), outsourcing agreements, consulting agreements, and NDAs, is a strong plus.
- Preference for candidates who have shown initiative in improving contract processes -- e.g., developing contract templates, implementing a contract tracking system, or training business teams on contracting policies.
Top Skills
Contract Management Software
Excel
MS Office
Word
Valley Bank Morristown, New Jersey, USA Office
70 Speedwell Ave, Morristown, New Jersey, United States, 07960
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