Oversee contract lifecycle from request intake to final signature, ensuring compliance and timely processing. Review, coordinate approvals, manage storage, and provide training on contract processes.
Job Summary & Responsibilities
Responsibilities include but are not limited to:
- Oversee the complete lifecycle of contracts from intake of requests, through negotiation support, approval, final signature, and contract distribution/storage. Ensure each stage is completed in a timely and compliant manner.
- Review a variety of contracts, including vendor contracts, NDAs, service agreements, and amendments. Pay special attention to key clauses (e.g., indemnification, liability, confidentiality, termination) to ensure they are accurately tracked. Highlight and escalate any deviations or unusual terms to attorneys for further review.
- Coordinate the internal approval process for contracts, ensuring all necessary stakeholder reviews (e.g. business approvers, finance, risk management) are obtained in accordance with company policies. Once approvals are in place, manage the signature process to obtain all required signatures (wet ink or electronic) from both internal authorized signatories and external parties. Verify that fully executed copies are received for organizational records.
- Maintain and update the centralized contract management system/contract database with current contract information, such as key terms, parties, effective dates, renewal dates, and termination dates. Ensure that all executed contracts and related documentation are accurately logged, stored, and easily retrievable.
- Track critical dates and periods for each contract (renewal notice windows, expiration dates, etc.). Proactively notify the Legal team and business owners of upcoming renewals or termination deadlines.
- Assist in preparing renewal agreements or termination notices, and ensure proper documentation of any changes in terms or the conclusion of agreements. Serve as a liaison between the Legal Department and internal departments (such as Procurement, Third Party Risk Management, and business units) for contract-related matters.
- Ensure that all contract activities follow the company's internal Contract Management Procedures and any relevant regulatory guidelines. This includes making sure that high-risk or high-value contracts receive necessary legal review and that executed contracts are archived according to policy.
- Maintain and improve standard contract templates and clause libraries, incorporating lessons learned and best practices to streamline future contract preparation. Work with attorneys to update templates for compliance with new laws or corporate policies. Additionally, identify opportunities to optimize the contract management process (for example, improved use of the CLM software) and assist in implementing enhancements.
- Provide guidance and/or training to legal staff and business colleagues on contract lifecycle processes and use of the CLM tools. Assist in creating quick reference guides or conducting informal training sessions for stakeholders on how to submit contracts for review or how to use electronic signature tools and contract databases effectively.
Required Skills:
- Expertise in Contract LifecycIn-depth understanding of the stages of contract lifecycle (drafting, negotiation, execution, post-execution management) and the paralegal's role in facilitating each stage efficiently. Ability to manage a high volume of contracts without sacrificing attention to detail.
- Ability to review complex contract clauses critically. Familiarity with typical contract structures and legal terms; able to identify risks or anomalies in clauses and suggest appropriate revisions or flag for attorney review.
- Proficiency in CLM Software and Databases: Demonstrated experience using contract management software or databases to log contracts, track statuses, and generate reports. Comfortable learning new legal tech tools, including artificial intelligence tools; able to serve as an administrator or power-user for the organization's CLM system (for example, running searches, pulling contract metrics, updating configurations). High proficiency in standard office software (Microsoft Office Suite) and PDF editing tools for document comparison and formatting is also required.
- Outstanding organizational skills to maintain an orderly contract repository and to juggle multiple contracts at different stages in the lifecycle. Capable of tracking deadlines and deliverables meticulously, with strong time management. Project management mindset to drive contracts from initiation to completion, including coordinating inputs from various parties and keeping everyone on schedule.
- Excellent written and verbal communication skills. Ability to explain contract requirements and statuses to non-legal stakeholders in clear terms. Skilled in collaborating with attorneys, clients, vendors, and internal business teams. Adept at building positive working relationships across departments
- Strong analytical thinking to interpret contract terms and how they impact the business. Resourceful in resolving issues that arise during the contract process (such as conflicting terms or delays in approval) by consulting with attorneys or proposing solutions. Able to conduct targeted legal or factual research related to contracts when necessary (e.g., verifying legal references in clauses or checking a vendor's background information) and summarize findings effectively.
- Meticulous attention to detail to ensure accuracy in contract preparation, data entry in contract records, and proofreading of documents. A high degree of professionalism and discretion in handling confidential information and sensitive contract negotiations, with understanding of when to escalate issues to counsel.
- Comfortable working in a fast-paced environment with shifting priorities. Shows initiative in improving contract workflows and keeping knowledge up-to-date (e.g., staying informed on new regulations affecting contracts or new features of the CLM software). Technologically adept and continuously willing to enhance skills in contract management and legal operations tools, serving as a resource for best practices in the department.
Required Experience:
- High School Diploma or GED equivalent with a Paralegal Certificate and a minimum of 5 years of experience as a paralegal or contract administrator, with substantial experience in contract lifecycle management and extensive work with CLM software.
Preferred Experience:
- Bachelors degree. Prior experience in a financial services or corporate legal environment dealing with vendor or client contracts is highly desirable. Familiarity with banking or regulatory compliance as it relates to third-party contracts is a plus. Project management experience or training is a plus.
Top Skills
Clm Software
Microsoft Office Suite
Pdf Editing Tools
Valley Bank Morristown, New Jersey, USA Office
70 Speedwell Ave, Morristown, New Jersey, United States, 07960
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