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CIPS L4M3 (CIPS Commercial Contracting) Exam covers a wide range of topics related to commercial contracting. This includes contract management, negotiation techniques, risk management, contract law, procurement strategy, and supplier selection and evaluation. Candidates who are interested in taking L4M3 Exam must have a good understanding of these topics and be able to apply them in a real-world setting. L4M3 exam consists of multiple-choice questions and case studies, and candidates must pass the exam to obtain the professional diploma.
L4M3 Latest Exam Questions, Training L4M3 SolutionsWe offer you L4M3 questions and answers for you to practice, the L4M3 exam dumps are of high quality. The soft test exam will offer you realest environment for you, so you can know the detailed information of the exam, it will help you have a deeper understanding of e exam. You confidence will also be set up through the practicing of L4M3 Questions and answers, a good mental state will help you to exert the ability you should have. CIPS Commercial Contracting Sample Questions (Q63-Q68):NEW QUESTION # 63
Which of the following statement is true about one-off contract?
A. Suppliers have many opportunities to improve the quality during the performance of one-off contract
B. One-off contracts only apply to low-value, low-risk purchase
C. One-off contracts can be used for services and works
D. Ad-hoc purchase is not a type of one-off purchase
Answer: C
Explanation:
One-off contract is the type of contract that relates to a single purchase. One-off contracts can be used for goods, services or works. One-off contract can be simple (such as buying a small number of office stationeries) or complex (such as a construction project or buying an aircraft).
A one-off contract lasts "until completion of the obligations of the parties". The performance is unlikely to be improved during contract performance since the duration is relatively shorter than framework agreement or call-off contract.
Ad-hoc purchase is an item bought for a single and non-recurring use or purpose. Ad-hoc purchase is a type of one-off contract.
Reference:
LO 1, AC 1.3
NEW QUESTION # 64
Which of the following is the model form of contract for construction which is recommended by World Bank?
A. FIDIC
B. ITC
C. JCT
D. CIPS
Answer: A
Explanation:
FIDIC is the International Federation of Consulting Engineers (or Federation Internationale des Ingenieurs Conseils in French). FIDIC has produced many publications, including the model form contracts, best practice guidances, research on sustainability, integrity and risk management. FIDIC model form contracts have been developed by this organisation since 1999, now they consist of several different books which are marked by colours. Thus, FIDIC model contracts also have the nickname "Rainbow suite of contracts". Basically, the
"Rainbow Suite" include the following books:
* Yellow book: Plant and Design-Build Contract (2 editions: 1999 and 2017)
* Silver book: EPC/Turnkey Contract (2 editions: 1999 and 2017)
* Red book: Construction Contracts (2 editions: 1999 and 2017)
* Emerald book: Conditions of Contract for Underground Works (1st Ed 2019)
* Blue-Green book: Dredgers Contract (2 editions: 2006 and 2016)
* Gold book: Design, Build and Operate Contract Guide
* Pink book: Construction Contract Multilateral Development Bank Harmonised Ed (2 editions: 2005 and
2010)
This type of model contract is commonly used around the world because its author, International Federation of Consulting Engineers, collaborates closely with development banks such as World Bank, Africa Development Bank, Asia Development Bank, etc. Every construction project that is financed by these institutions must adopt the FIDIC contracts.
The Joint Contracts Tribunal, also known as the JCT, produces standard forms of contract for construction, guidance notes and other standard documentation for use in the constructionindustry in the United Kingdom.
From its establishment in 1931, JCT has expanded the number of contributing organisations.
ITC (International Trade Centre) produces contracts specifically designed for small companies doing international business, covering the sale of goods, distribution, services and joint ventures. Many small companies are now engaged in international trade, but don't have access to the necessary contract forms to protect themselves. ITC and leading legal experts developed eight generic contract templates that incorporate internationally recognized standards and laws for most small business situations.
CIPS has several model forms of contract designed specifically for IT buying and servicing.
Reference: CIPS study guide page 142
LO 3, AC 3.1
NEW QUESTION # 65
A company is considering entering a new market. Which of the following are the external factors that influence the difference between cost and price of this company? Select THREE that apply
A. Threat of substitution
B. Relative bargaining power of supplier and purchaser
C. Competitiveness of the market
D. Business strategy
E. Procurement policy
F. Process efficiency
Answer: A,B,C
Explanation:
The difference between cost and price is profit. According to Michael E.
Porter, the profitability of an industry is shaped by five forces:
1. Competition in the industry
2. Potential of new entrants into the industry
3. Power of suppliers
4. Power of customers
5. Threat of substitute products
The Question: only mentions
external factor, then business strategy is not accepted.
Reference:
LO 3, AC 3.3
NEW QUESTION # 66
In which scenarios would it be appropriate for a procurement organisation to include contractual indexation and/or price adjustment formulae clauses in a services contract? Select TWO that apply.
A. The supplier's preference is to switch to a more expensive material specification
B. The supplier's directors shall be paid dividends during the term
C. The market rates for the supplier's material costs will vary during the term
D. The supplier's contract staffing costs will be subject to regulatory increase
E. The material components were tendered as fixed costs for the term
Answer: A,B,C,D
Explanation:
Indexation and price adjustment clauses are appropriate when future costs are uncertain or likely to change, such as regulatory-driven wage increases (B) or fluctuating material costs (E). These clauses allow adjustments based on objective indices while preserving the integrity of the contract.
Reference:CIPS L4M3 Commercial Contracting Study Guide, Chapter 4, Section 4.2.2 - Index-linked pricing and adjustments.
NEW QUESTION # 67
Michelle contacts Hannah and asks her if she would be interested in purchasing her car for £2000. Hannah immediately takes £2000 to Michelle and says she wants to buy the car. Michelle subsequently refuses to proceed. Has the contract between Michelle and Hannah been made?
A. No, because by refusing to proceed, Michelle rejects Hannah's counter-offer
B. Yes, by her performance Hannah has accepted Michelle's offer on selling the car
C. No, because Michelle has rejected Hannah's offer on buying the car
D. Yes, because both parties have full legal capability to enter into a contract
Answer: C
Explanation:
To solve the question, you must distinguish the following notion:
- Offer: The case of Storer v Manchester City Council [1974] 1 WLR 1403 outlines that an offer is: An expression of willingness to contract on specified terms, with the intention that it is to be binding once accepted
- Acceptance: in order for a contract to be formed, the offer must be accepted. Acceptance represents the meeting of the minds of the parties to the contract - both agree to exchange something for the other (payment, services, goods, etc.).
- Counter offer: is an offer made in response to a prior offer.
- Invitation to treat: An important distinction to make in contract law is that between an offer and an invitation to treat. An invitation to treat is usually an invitation for another party to make an offer. It may also be defined as an indication that a party is open to negotiation.
Here are some key distinctions of offers and invitation to treats.
Offer:
* Certain promise to be bound
* Clear and specified terms
* The conduct or words of the party show certainty
* There is no room for negotiation
Invitation to treat:
* There is room for negotiation
* There is an invitation for offers
* There is a request for information
* Lack of certainty
In the scenario above, initially Michelle just gives an invitation to treat because she is asking whether Hannah is interested to buy her car (request for information from Hannah). Hannah may reject or go into a negotiation with Michelle. Then, Hannah makes an offer by taking the money and shows her intention to be legally bound. At this point, when Hannah's offer is present, Michelle can accept or reject. When she rejects, the contract is not formed. The answer must be "No, because Michelle has rejected Hannah's offer on buying the car".
Reference:
- Definition of Counter Offer
- Formation of the contract
- CIPS study guide page 28-35
LO 1, AC 1.2
NEW QUESTION # 68
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