Job Description:
At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. We do this by driving Responsible Growth and delivering for our clients, teammates, communities and shareholders every day. Being a Great Place to Work and providing a culture of caring is core to how we drive Responsible Growth. We are intentional about fostering an inclusive workplace where every teammate has the opportunity to succeed, build a career and contribute to our shared success. This includes attracting and developing exceptional talent, recognizing and rewarding performance, and supporting our teammates’ physical, emotional, and financial wellness through affordable, competitive and flexible benefits. We value the unique perspectives individuals bring from all backgrounds and career paths - whether shaped by military service, community college education, or a wide range of work and life experiences. These journeys foster resilience, leadership and innovation, strengthening our workforce and positively impact the communities we serve. Bank of America is committed to an in-office culture that supports collaboration, engagement, and career development. Our approach includes clear in-office expectations, while providing an appropriate level of flexibility based on role-specific responsibilities and business needs. At Bank of America, you can build a successful career with opportunities to learn, grow, and make an impact. Join us!
Job Description:
Our purpose in Global Payments Solutions is to deliver a comprehensive suite of payment solutions across our eight lines of business, making us the preferred partner for consumers’ and businesses’ transaction and cash management needs. Work with us at the confluence of responsible growth, risk management and exceptional client care as a critical part of the Contract Management team. The team closes contractual negotiations with Bank of America clients around the world as quickly and efficiently as possible, reducing time to revenue and minimizing legal costs, while protecting both the client relationship and BofA’s risk position.
The Contract Manager serves as an internal “business consultant” regarding all contract matters and performs the most complex work associated with client contracting services for the organization. A central aspect of the role is to review, negotiate and draft complex, high-value and multifaceted contracts. The contract negotiator works closely with business stakeholders and clients to understand the client’s commercial requirements, develop pragmatic contractual solutions and accommodate those requirements where appropriate, while ensuring that the resulting agreement remains within the Bank’s contractual risk appetite, internal standards and broader legal and risk parameters.
Responsibilities:
- Apply experience, industry standards and knowledge of treasury management products, corporate formation documents, and Bank of America policies to address related credit, risk, compliance, legal, operational, and business issues with our clients primarily in the APAC region but may be Global. The broader contract management team supports all GPS cash management business which includes trade services, card products, and deposit account control agreements.
- Draft, negotiate, review and administer complex, high-value, multifaceted contracts, working closely with business stakeholders and external clients.
- Facilitate communications among sales, implementation, product, operations, compliance, risk, credit officers, legal staff, and client managers to promptly resolve documentation issues
- Perform analytic, legal and business reviews of contractual language in contracts, schedules and amendments and develop general, special and operational provisions in contracts to ensure maximum benefit to the company and to limit risk.
- Apply strong verbal and written communications skills to represent Bank of America in negotiations and communications with clients, stakeholders and internal/external counsel at all levels of management.
- Conduct contract administration duties including contract request receipt, contract documentation, execution and record-keeping, ensuring the smooth flow of contract execution and administration.
- Develop strategies to resolve and manage potential problems on major contracts to effectively meet organizational goals and objectives.
- Assess and advise business personnel of contractual issues and business risks associated with contracts to eliminate unnecessary liability, ensure compliance and reduce legal entanglements.
- Serve as an expert resource, reinforcing, advising and instructing company personnel on corporate policy, compliance and legal requirements, documentation standards and options and procedures related to developing contractual arrangements.
Requirement:
- Strong communicators who value giving and receiving feedback, can easily build relationships and who are quick thinking, flexible and always learning and sharing knowledge
- Broad knowledge of and comfort working with complex legal documentation (contracts). Candidates must be comfortable with the fundamentals of contract drafting.
- Excellent analytical, verbal and written communications skills in English and Chinese.
- Savvy negotiation skills, able to conduct negotiations effectively, balancing competing objectives to achieve optimal results
- Strong project management and process skills, able to handle a full workload with tight deadlines and manage competing priorities
- Demonstrate organizational and prioritization skills to manage numerous competing, complex documentation assignments.
- Exercise sound judgment and independent decision-making, including knowing when to escalate contract matters and issues to managers and/or attorneys when appropriate.
- Ability to maintain objectivity in balancing bank risk with client needs and satisfaction
- Reliability, discretion and ability to handle sensitive information and maintain confidentiality
- An undergraduate or graduate degree is required. A Juris Doctor degree, paralegal or technical contract training, or equivalent work experience is preferred (minimum of three years).
- Previous experience in the financial services industry, corporate or commercial banking, or a commercial or corporate law firm.
- Previous legal experience is an advantage, particularly experience in contract drafting and risk assessment.
- Knowledge of company legal structures, e.g., sole proprietorships, partnerships, limited partnerships, LLCs, corporations, trusts, etc.
- Familiarity with transaction banking products, particularly the principal aspects of the regulatory framework applicable to banks and the conduct and ethical requirements associated with working in such an environment.