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[General] L4M3 Trustworthy Exam Content - Exam L4M3 Discount

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【General】 L4M3 Trustworthy Exam Content - Exam L4M3 Discount

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CIPS L4M3 exam is a comprehensive and challenging certification that requires candidates to demonstrate their knowledge and skills in commercial contracting. L4M3 exam is designed to test candidates' ability to apply their knowledge to real-world scenarios and make informed decisions based on sound procurement principles. CIPS Commercial Contracting certification is highly valued by employers in both the public and private sectors, and it can help procurement professionals advance their careers and increase their earning potential. Overall, the CIPS L4M3 Exam is an excellent certification for procurement professionals who want to develop their skills in commercial contracting and stay ahead in their careers.
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CIPS Commercial Contracting Sample Questions (Q61-Q66):NEW QUESTION # 61
Infra Constructions receive a contract for construction of a building, and following terms were agreed upon. "The entire cost of the project will be reimbursed to Infra Constructions (estimated cost of the project being $ 25 million). The profits will be 20% of the entire cost of a project subject to a max of $ 5 million." This arrangement is an example of...?
  • A. Cost-plus pricing arrangement
  • B. Fixed-pricing arrangement
  • C. Gain-share/pain-share arrangment
  • D. Incentive pricing arrangement
Answer: A
Explanation:
In the contract term, the buyer agrees to pay the contractor the cost of doing project plus a profit. This is an example of cost-plus pricing arrangement.
On the other hand, "Fixed-pricing arrangement" often refers to lump-sum contract or supply/service contract with fixed price. "Incentive pricing arrangement" and "Gain-share/pain-share arrangement" have the same meaning. In this type of arrangement, both supplier and buyer agree on a target (it can be cost, or lead time, or quality, etc). Once the supplier reaches that target, it will be rewarded with a portion of the gain that the buyer gets, and will pay the price if it fails.
Reference:
LO 3, AC 3.3

NEW QUESTION # 62
Maximum Score 1
A purchase order has been raised for £5,000. It allows the user department to order items of a £50 value when they need them. This is an example of what type of order?
  • A. Call-off
  • B. Stand-off
  • C. Shut-off
  • D. Straight-off
Answer: A
Explanation:
A call-off order is raised against an existing agreement or blanket order that sets an overall value limit (£5,000 in this case). Users can "call off" small quantities or values (£50 each time) when required.
Reference: CIPS L4M3 Commercial Contracting - "Framework agreements and call-off contracts."

NEW QUESTION # 63
Which of the following is the reason why liquidated damage clauses are embedded into a contract?
  • A. Because compensation will be awarded immediately
  • B. Because liquidated damages are the only remedy
  • C. To penalise the supplier for their wrongdoing
  • D. To avoid argument on correct measure of damage
Answer: D
Explanation:
Liquidated damages are an amount of money, agreed upon by the parties at the time of the contract signing, that establishes the damages that can be recovered in the event a party breaches the contract. The amount is supposed to reflect the best estimate of actual damages when the parties sign the contract. These usually apply to a specific type of breach, and in construction, it is frequently the failure to complete work on time.
Liquidated damages clauses are usually written as some sort of formula, for example:
Total Contract Price - [(X amount of $ per day) x (number of days late)] Including a liquidated damages clause can provide many benefits, the most important of which is predictability. When setting a predetermined amount of damages, it allows both parties a chance to negotiate and settle on a number they both feel is fair and reasonable.
From the owner's perspective, this acts like a cheap form of insurance against your contractors. In the event of a breach, the owner can immediately calculate the damages without going through the trouble of proving actual damages. Proving actual damages can be a complicated, lengthy, and costly process.
From a contractor perspective, this allows them to analyze the level of risk involved, and schedule appropriately. It also allows them the opportunity to limit the damage claims of the owner.
Reference:
- Construction Contract Clauses: What Is a Liquidated Damages Clause?
- CIPS study guide page 158-159
LO 3, AC 3.2

NEW QUESTION # 64
Which of the following is a true statement on express and implied terms?
  • A. Express terms always take precedent over implied terms
  • B. Implied terms may derive from oral negotiations
  • C. Express terms must always be in writing
  • D. Express terms must be prepared by the party with expert knowledge
Answer: B
Explanation:
Express terms are the terms of the agreement which are expressly agreed between the parties. Ideally, they will be written down in a contract between the parties but where the contract is agreed verbally, they will be the terms discussed and agreed between the parties.
Implied terms are terms implied into the contract by the courts. They are not expressly set out in the contract but are taken to be as effective as if they were and as if they had been included from day one of the contract. The express terms and any implied terms together create the legally binding obligations on the parties.
The types of express terms to be found in a contract are many and varied and will depend on the type of contract. Any term written into the contract is an express term and may refer to price, time scales, warranties and indemnities, limitations on liability, conditions precedent and so on.
An implied term is a term which the courts imply into a contract because it has not been expressly included by the parties. This may be because the parties did not consider it, did not think that any problem would arise in relation to it or simply omitted to include it.
The courts are very reluctant to imply terms into contracts and will only do so in the following circumstances:
1. terms implied under statute
2. terms implied under common law
3. terms implied because of custom or usage
4. terms implied due to previous dealings
5. terms implied 'in fact' or to reflect the parties' intentions
Reference:
- CIPS study guide page 126-132
- Contracts: Express and Implied Terms
LO 3, AC 3.1

NEW QUESTION # 65
To check whether supplier actually complies with the labour standards set out in the contract, the purchaser should have...?
  • A. Right of audit
  • B. Right to terminate the contract
  • C. Right to rescind the contract
  • D. Right to penalise the supplier
Answer: A
Explanation:
Many firms have compliance policies for suppliers in place. To ensure that the supplier actually comply with the standards set out, the purchaser can employ the right to audit. The buyer usually obtains the right to examine records of a vendor to determine if a fraud or a violation of company policy has occurred through the following methods:
- Right-to-audit agreement The agreement can be printed on the back of a purchase order, contract, or other procurement form.
- A simple request If the right-to-audit agreement wasn't included on the procurement form, and the buyer suspects irregularities, he may have to beg the vendor to allow an audit to be performed. If the buyer is a major customer of the vendor, the buyer may be able to wield a big enough stick to obtain permission to look at the records.
- Right-to-audit Pitfalls
Reference:
- CIPS study guide page 160
- Reserving the Right to Audit the Suspicious Vendor: Right-to-audit clauses in vendor contracts help control fraud and abuse by affording discovery devices in examinations.
LO 3, AC 3.2

NEW QUESTION # 66
......
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