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To be eligible to take the CIPS L4M3 Certification Exam, candidates must have completed the CIPS Level 4 Diploma in Procurement and Supply. This diploma covers a range of topics related to procurement, including procurement strategy, supplier management, and risk management. It is designed to equip procurement professionals with the knowledge and skills they need to succeed in their roles.
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CIPS L4M3 Exam covers various topics related to commercial contracting, including the procurement process, contract formation, contract administration, and dispute resolution. L4M3 exam assesses the ability of candidates to apply legal principles and best practices to manage commercial contracts effectively. L4M3 Exam is particularly relevant for procurement professionals working in industries such as construction, engineering, and IT, where complex contracts are common. CIPS Commercial Contracting Sample Questions (Q232-Q237):NEW QUESTION # 232
Since services are intangible, so KPIs for services must be qualitative in all circumstances. Is this statement correct?
A. No, some KPIs for services are measurable by means of outcome, time and space performed
B. No, KPIs for services must always be quantitative so that they can be measured easily
C. Yes, quantitative KPIs are limited to timeliness of supply of goods, defective rates and in-full quantities, which are applied to monitor supplier of physical goods
D. Yes, the only measure mattered to supply of services is end-users' satisfaction
Answer: A
Explanation:
KPIs are used to monitor supplier's performance. They can be qualitative or quantitative. Of course, service providers can be monitored by quantitative KPIs regarding the outcome achieved (such as uptime in IT contracts), timeliness of deliveries (such as in construction contracts)...
Reference:
LO 2, AC 2.2
NEW QUESTION # 233
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 # 234
Under a price adjustment agreement, which of the following would be supplier's justification for increasing unit price?
A. Rise in shares price
B. Rise in customer's satisfaction
C. Rise in economies of scale
D. Rise in fuel price
Answer: D
Explanation:
Normally in a price adjustment agreement, the supplier is allowed to change price based on an indexation, which is published by a third party (for example, government or exchange market). The selected indices often associate with input materials of supplier. For instance, the plastics manufacturer may adjust their price based on crude oil price as oil is major input of producing plastics. Other suppliers may select different set of indices, such as Producer Perception Index.
In this question, only 'Rise in fuel price' could be a justification for supplier to increase price because:
- It may affect the input material price
- The index is checked and published by an independent third party.
Reference: CIPS study guide page 179-184
LO 3, AC 3.3
NEW QUESTION # 235
Which of the following are typically included in an SLA? Select TWO that apply:
A. Code of conduct
B. KPI details
Correct)
C. Service definition
D. Requirements for packaging
E. Product's lifespan
Answer: B,C
Explanation:
The core elements of an SLA are set out below:
- Service definition
- Quality definition
- KPI details
- KPI management response
- Operational performance and management response
- Constraints or mitigating factors
Reference:
LO 2, AC 2.2
NEW QUESTION # 236
An organization has a normal tender process that often last 1 month from defining the needs to contract award. Manufacturing department suddenly required a new special part that they could not foresee within a month. Which of the following should be the priority actions of procurement manager in this urgent situation?
Select TWO that apply:
A. Review contract performance
B. Submit full business justification
C. Develop relationships with potential suppliers
D. Design new specification
E. Get high-level authority approval
Answer: B
Explanation:
This urgent needs occasionally occur due to a sudden change in circumstances. The process for selecting a replacement supplier must still be controlled. If there is a reason for normal processes to be waived, this must be fully documented and approved at a high level.
Reference: CIPS study guide page 7
LO 1, AC 1.1