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The Chartered Institute of Procurement & Supply (CIPS) is an internationally recognized professional organization dedicated to advancing the procurement and supply management profession. The CIPS Commercial Contracting Certification Exam, also known as L4M3, is designed to validate the professional competencies of procurement and supply management professionals in the area of commercial contracting.
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CIPS L4M3 exam is ideal for professionals who are involved in the procurement and contracting process, including contract managers, procurement managers, and supply chain professionals. L4M3 exam provides a comprehensive understanding of the commercial contracting process and enables professionals to develop skills and techniques that are essential for effective contract management. Successful completion of the CIPS L4M3 exam demonstrates a commitment to professional development and provides a competitive advantage in the job market.
CIPS L4M3 Exam is an excellent certification program for individuals who are looking to advance their careers in procurement and contract management. It provides a comprehensive understanding of the commercial contracting process and equips individuals with the skills needed to negotiate, manage, and close contracts successfully.
CIPS Commercial Contracting Sample Questions (Q102-Q107):
NEW QUESTION # 102
Which of the following would be considered as advantages of an industry model form contract?
It provides greater flexibility for negotiation
It reduces the cost of contract development
It is usually designed to be fair to both parties
It removes the need for the buyer to understand it
- A. 1 and 3 only
- B. 2 and 4 only
- C. 2 and 3 only
- D. 1 and 2 only
Answer: C
Explanation:
Industry model contracts are pre-written templates that include widely accepted terms. They save time and legal costs during contract development and are generally written to be neutral or fair toboth parties. They do not remove the need for buyers to understand the terms and are not necessarily highly flexible.
Reference:CIPS L4M3 Commercial Contracting Study Guide, Chapter 3, Section 3.1.3 - Use of industry standard form contracts.
NEW QUESTION # 103
Which of the following will be included in a conformance specification?
1. Brand names
2. Description of the operating environments
3. Chemical formulae
4. Required safety level
- A. 1 and 3 only
- B. 1 and 4 only
- C. 2 and 3 only
- D. 1 and 2 only
Answer: C
Explanation:
According to CIPS, there are two main types of specification:
- Conformance specification - is more output driven as it outlines the product details exactly which may include the material, dimensions, tolerances, source, ingredients, packaging, storage of the part or material.
- Performance specification - is more output driven in terms of what the part or material must achieve.
Among the four options, only 2. 'Description of the operating environments' and 3.'Chemical formulae' are possible components of a conformance specification.Brand names can be a part of a performance specification, according to a document published by CIPS and NIGP.
Graphical user interface, text, application Description automatically generated
Reference:
- CIPS study guide page 8-10
- Knowledge Byte - Specification Development
- Principles and Practices of Public Procurement: Specifications
LO 1, AC 1.1
NEW QUESTION # 104
Sally places a purchase order to the supplier for some components that her company requires. The supplier delivers the goods as she asks, but the quality assurance team finds that these components are defective and unfit for the company's operations. Which document is the ground to decide whether the goods received are fit for purpose?
- A. Code of conduct
- B. CSR policies
- C. Pre-qualification questionnaire
- D. Specification
Answer: D
Explanation:
According to USLegal Inc, fitness for purpose refers to the standard that must be met by a seller in the course of a business. Generally, when a buyer makes known to a seller the particular purpose for which the goods are bought, there is an implied condition that the goods are reasonably fit for that purpose (customer's requirements, needs, or desires). Specification is the ground for deciding whether goods received are fit for purpose.
We already know that there are two types of specifications: conformance and performance specifications.
With conformance specification, the buyer lists out technical requirements to which the goods must conform.
Lacking of any requirement may be enough for the goods to be unfit. On the other hand, if performance specification is in use, the goods must be fit for specific outputs that buyer has listed in the specification.
Providing the 'fit for purpose' goods is one of the fundamental obligations of seller in sale contract.
Unfulfilling this obligation would lead to legal consequences. If the goods are unfit for purpose, seller may have to:
- replace the non-conforming goods
- pay the damages to the buyer
Reference:
- Why you should keep attention to the specification when contracting with suppliers
- CIPS study guide page 137
LO 3, AC 3.1
NEW QUESTION # 105
Which of the following should be used in a contract for window cleaning during the next three months?
- A. Standard schedule of rates
- B. Cost-plus arrangement
- C. Fixed pricing arrangement
- D. Variable pricing arrangement
Answer: C
Explanation:
A contract for window cleaning during the next three months is a short-term service contract in which changes of input costs (labour, tools,...) are very unlikely to happen.
Fixed pricing arrangement is useful for small to medium scope project, with short timelines, where what is delivered can be adequately specified and the likelihood of changes to the specification, scope and input costs is limited.
Reference: CIPS study guide page 172-176
LO 3, AC 3.3
NEW QUESTION # 106
Nestle gave away records of "Rockin' Shoes" or a voucher to people who sent in three wrappers from Nestle' s 6d. milk chocolate bars as well as 1s 6d. Which of the following were the consideration of Nestle's customer? Select TWO that apply
- A. Three wrappers
- B. "Rockin' Shoes" record
- C. The voucher
- D. Milk chocolate bar
- E. 1s 6d
Answer: A,E
Explanation:
Consideration is one thing given in exchange for another.
In this case, considerations of customers are three wrappers and 1s6d. Consideration of Nestle is Rockin' Shoes record or a voucher.
Reference: CIPS study guide page 36-40
LO 1, AC 1.2
NEW QUESTION # 107
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