Companies who need to discover new ways to advertise products or services sometimes enter into agreements with marketing firms or agencies with proven track records of success.
These agencies need to be vetted, considered over time, and then held to the agreements they enter into with companies. By ensuring the smooth maintenance of business arrangements, market contract specialists facilitate effective working relationships between two parties.
Market contract specialists plan, develop, and draft contractual agreements between a company and a marketing firm. These professionals look at market conditions and the product environment to determine contract terms, and hold both parties to those terms.
According to Indeed.com, several locations are most in need of market contract specialists, including:
Working with both businesses, they evaluate and monitor contract performance, and determine any needed contract amendments through the relationship. For example, sometimes circumstances necessitate deviations from an agreed-upon contact. The contract specialist would determine if those deviations are in the best interest of the company, and if the company would agree.
Market contract specialists work with a number of professionals across multiple companies. Some of these professionals include:
Some companies require their market contract specialists to earn certification from the National Contract Management Association. This gives them experience and training in developing legally-safe contractual agreements.
Many market contract specialists earn at least bachelor's degrees in business or marketing, though many earn master's of business administration degrees. However, each separate company requires different levels of educational attainment.
Typically, market contract specialists earn between $50,000 and $60,000 in salary each year, though that varies by experience and number of contracts.
If you're interested in learning more about developing contracts between companies and businesses, contact schools offering degrees in marketing.