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[General] Updated CIPS Questions Ensure Thorough L4M3 Exam Preparation

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【General】 Updated CIPS Questions Ensure Thorough L4M3 Exam Preparation

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Exam candidates grow as the coming of the exam. Most of them have little ideas about how to deal with it. Or think of it as a time-consuming, tiring and challenging task to cope with L4M3 exam questions. So this challenge terrifies many people. Perplexed by the issue right now like others? Actually, your anxiety is natural, to ease your natural fear of the L4M3 Exam, we provide you our L4M3 study materials an opportunity to integrate your knowledge and skills to fix this problem.
CIPS L4M3 exam focuses on providing professionals with the knowledge and skills required to understand the legal and commercial aspects of contracting. It covers a range of topics including contract law, contract formation, contract management, dispute resolution, and ethical issues in contracting. L4M3 Exam is designed to test a candidate's ability to apply this knowledge in practical scenarios.
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CIPS L4M3 Certification Exam is ideal for procurement professionals who want to demonstrate their expertise in commercial contracting. It is also ideal for anyone who is looking to advance their career in procurement and supply chain management. By earning this certification, individuals can demonstrate to their employers and peers that they have the knowledge and skills necessary to effectively manage commercial contracts.
CIPS Commercial Contracting Sample Questions (Q65-Q70):NEW QUESTION # 65
Which of the following are likely to be advantages of using request for quotation? Select TWO that apply:
  • A. Short turnaround times
  • B. Helping the buying organisation assess both price and quality
  • C. No specification required
  • D. Lower administration costs
  • E. Encouraging suppliers to submit creative solutions
Answer: A,D
Explanation:
One of the advantages of using the RFQ method to procure pricing is that the company making the solicitation does not need to prepare any documentation, as requests are sent out privately. With less paperwork to prepare, turnaround times for quotes are reduced. Administration cost is also lower in compare with other procurement method like ITT or RFP. RFQ is usually used in low value purchase, where buyer knows the detailed specification and the price is the only variable that need to consider.
To use RFQ effectively, the buyer should attach the detailed specification and standard terms & conditions. The RFQ should only be sent to verified suppliers.
Reference:
- What is an RFQ?
- CIPS study guide page 3-4
LO 1, AC 1.1

NEW QUESTION # 66
A company needs to source a product from overse
a. It wants to overcome technical barrier to cross-border trade by using standards in the specification. Which of the following is most likely to be incorporated into that specification?
  • A. Company standards
  • B. National standards
  • C. Brands
  • D. International standards
Answer: D
Explanation:
Exporting enterprises must sometimes incur additional costs as they adapt their production to the changing legal requirements of the recipient country. Such requirements can thus create technical barriers to trade. Discrepancies between product rules adopted by different countries can involve numerous aspects: weight, size, packaging, ingredients, mandatory labeling, shelf-life conditions, testing and certification procedures etc.
One way to overcome these barriers is to adopt international standards. Overseas companies may be more familiar with international standards without looking at specific regulations of importing countries.
Reference:
- What is a technical barrier to trade?
- CIPS study guide page 88-89
LO 2, AC 2.1

NEW QUESTION # 67
A purchase order can become a contract between supplier and purchaser if it is...?
  • A. Accepted by the supplier
  • B. Issued by the buyer
  • C. Edited by the supplier
  • D. Received by the supplier
Answer: A
Explanation:
A purchase order is a document sent from a buyer to a seller, with a request to order a product. The purchase order often has its number, description and quantity of the goods, unit prices and total price, name of issuer, time of delivery, standard terms and conditions, etc. It is effectively an offer to supplier. The purchase order will become a formal contract if supplier accepted it by written notice or by performance (such as deliver the goods to the buyer's premise).
Reference: CIPS study guide page 33
LO 1, AC 1.2

NEW QUESTION # 68
A procurement manager is preparing a long-term contract with a major supplier. She decides to use the variable pricing arrangement using price indices. The payment terms describe the circumstances and mechanism where the price is allowed to change. In order to successfully manage this type of contract, the buying organisation should have...?
  • A. Economy of scale
  • B. Good market knowledge
  • C. Value for money
  • D. Selection of base year
Answer: B
Explanation:
There are several approaches to price adjustment for long-term contract. Describing circumstances and mechanism is one of them. Although this approach has some limitations, it is the best option. It relies on good market knowledge but provides the most equitable approach to satisfying the needs of the purchaser and the supplier.
Reference: CIPS study guide page 184
LO 3, AC 3.3

NEW QUESTION # 69
A procurement professional is preparing a sale & purchase contract of a machinery. Which of the following clauses should be added to the contract? Select TWO that apply
  • A. Supplier selection mechanism
  • B. Period of hire
  • C. Insurance requirements
  • D. Guarantees
  • E. Ratio decidendi
Answer: C,D
Explanation:
The complexity of the contract will reflect the complexity of the purchase. For simple, low-value purchases, standard terms and conditions may be all that is required, but do not assume that just because the purchase is one-off, the contract will be simple. It may still need to cover the following areas:
- Warranties and guarantees if the one-off purchase has a considerable life-span and is business-critical (e.g., a back-up generator for the office which houses the national computer servers).
- Insurance requirements: including professional indemnity, public/products liability, employer's liability, and cover for any specific risks such as pollution or working at height.
- Specification requirements on quality, timing and delivery
- Minimum quality standards on the business operation (e.g., a catering provider might only be providing sandwiches for a team meeting lunch, but you still need to know its hygiene practices).
- Built-in change process for any goods or services that are beyond very simple (e.g., works contracts always have variations procedures because of the unpredictable nature of such projects).
- Ability to extend the scope of the contract should be minimal or none, and restrained to the single requirement.
- Ability to extend the duration of the contract should be limited to the ability to accommodate unexpected time overruns (which itself should be subject to a damages/penalty provision where they are attributable to the supplier, and an extension to overheads costs where they are attributable to the purchaser).
- Data security protocols need to be considered if personal data is being shared.
Reference: CIPS study guide page 57
LO 1, AC 1.3

NEW QUESTION # 70
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