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Contracts Specialist

Job in Schaumburg, Cook County, Illinois, 60159, USA
Listing for: Mennonite Economic Development Associates (MEDA)
Full Time position
Listed on 2026-03-05
Job specializations:
  • Business
  • IT/Tech
    Cybersecurity, IT Business Analyst, Data Security
Salary/Wage Range or Industry Benchmark: 60000 - 80000 USD Yearly USD 60000.00 80000.00 YEAR
Job Description & How to Apply Below

Role Summary

The contract specialist plays a key role in protecting the company's interests by managing the entire lifecycle of domestic and international contracts. This includes reviewing, negotiating, interpreting, and maintaining contractual agreements in accordance with applicable laws and corporate standards.

Acting as a central point of coordination and effective communication between internal teams and external stakeholders, the specialist provides legal guidance to mitigate risks, ensure alignment, and support operational effectiveness across the organization.

This is a role that requires legal knowledge, but it is not a position to act as the company's legal counsel. It is a type of internal consulting, based on the standards required by the legal department for the formalization of contracts of various kinds, acting as a bridge between the needs of the departments and the premises of the legal department.

Key

Role Specific Requirements
  • Ensure direct communication with the legal department, monitoring deadlines, determining priorities, and aligning whenever possible, with the aim of anticipating possible conditions that may impact the regular progress of contract
  • Prepare, review, draft, negotiate, and manage commercial contracts, service agreements, supply contracts, NDAs, amendments, and other contractual instruments.
  • Review legal documents for risk exposure and suggest changes and alternative wording, in addition to participating directly in negotiations with other parties.
  • Ensure compliance with contractual clauses and deadlines, monitoring obligations, deliverables, milestones, KPIs, and due dates throughout the contract lifecycle.
  • Negotiate contract terms directly with third parties.
  • Support negotiation processes with customers, suppliers, and strategic partners, providing technical and legal support ensuring alignment with business interests.
  • Interact with internal areas (Procurement, Finance, Sales, Operations, Compliance, Human Resources and others) and external stakeholders to ensure proper interpretation and alignment of contractual terms.
  • Control, organize, and maintain updated contract records, ensuring proper filing, digital archiving, and use of contract management systems (CLM).
  • Support training and guidance for internal teams regarding contract best practices, processes, and compliance.
  • Monitor contract performance, ensuring that services, deliverables, and payments follow the terms agreed upon.
  • Support internal and external audits, providing contract-related information, documentation, status reports, and compliance evidence.
  • Prepare contract summaries, risk assessments, and executive reports to support decision‑making by management.
  • Ensure compliance with applicable local legislation, corporate governance standards, internal policies, and regulatory requirements.
  • Advise internal stakeholders on employment law, commercial law, and related compliance obligations.
  • Identify contractual risks (legal, operational, financial, compliance), proposing and implementing mitigation strategies.
  • Participate in the improvement of contract templates, playbooks, policies, and workflows, contributing to standardization and operational efficiency.
  • Prepare contract summaries, risk assessments, and executive reports to support decision‑making by management and business teams.
  • Monitor contract performance, ensuring that services, deliverables, and payments follow the terms agreed upon (SLAs, KPIs, pricing, penalties, renewals, terminations, etc.).
  • Support training and guidance for internal teams regarding contract best practices, processes, and compliance obligations.
Competencies Required for the Role
  • ACCOUNTABILITY/EXECUTION: A willingness to accept responsibility or to account for one’s actions. Accountability is when an individual or a department experiences consequences for their performance or actions.
  • FOSTERING COLLABORATION/TEAMWORK: Is the ability to work jointly with others or together especially in an intellectual endeavor; the ability and desire to work cooperatively with others on a team; as a team leader, the ability to demonstrate interest, skill, and success in getting groups to learn to work…
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