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L4M3 Practice Exam Fee - L4M3 Latest Exam Testking

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CIPS Commercial Contracting exam is designed to test the knowledge and skills of individuals in the areas of commercial contracting, contract law, and contract management. L4M3 exam covers a wide range of topics, including procurement principles, contract formation, contract types, risk management, and contract administration. L4M3 exam is designed to help individuals develop a comprehensive understanding of the legal and commercial aspects of contracting.
To be eligible for the CIPS L4M3 Certification Exam, candidates must have completed the CIPS L3M3 (CIPS Ethical Procurement and Supply) certification or have an equivalent qualification. Candidates must also have at least two years of experience in procurement, contract management, or a related field. L4M3 exam is available to take globally, and candidates can choose to take the exam in person or online.
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CIPS Commercial Contracting Sample Questions (Q150-Q155):NEW QUESTION # 150
A tire manufacturer entered into a contract with a distributor. In the contract, the distributor is prohibited from selling the tire under the price list. The distributor must pay $5 for each tire sold in breach. The amount of $5 is known as...?
  • A. Caveat Emptor
  • B. Penalty
  • C. Quantum meruit
  • D. Liquidated damages
Answer: D
Explanation:
This scenario is in fact based on a famous case law: Dunlop Pneumatic Tyre Company v New Garage & Motor co [1915] AC 79. In this case law, the House of Lords identified the clause as liquidated damages, and therefore enforceable.
However, if this case had happened in 2015 or afterwards, there would be some legal issues:
- The price agreement is prohibited by Competition Act 1998
- If the agreement is allowed by Competition Act, as in the case Cavendish Square Holding BV (Appellant) v Talal El Makdessi (Respondent), the clause can also be identified as a penalty and it is still enforceable.
Reference:
LO 3, AC 3.2

NEW QUESTION # 151
XYZ Ltd is negotiating a long-term supply contract of important parts with a supplier. Dave, procurement manager teams up with Alla, legal manager to construct a service level agreement. Dave is concerned that poor performance of supplier may cause damages to the operations of the organisation. Which of the following can be used in conjunction with SLA to compensate the buying organisation in case of supplier's poor performance?
1. Warranties
2. Force majeure clauses
3. Penalty clauses
4. Service credits
  • A. 1 and 3 only
  • B. 3 and 4 only
  • C. 4 and 2 only
  • D. 1 and 2 only
Answer: B
Explanation:
Service level agreement often sets out the minimum quality standards of the services provided, remedies if that standards are not met, consequences if the targets are exceeded. Penalty clauses and service credits are remedies that are often used in conjunction with service level agreement to ensure the performance and to compensate the purchaser if targets are not met.
Reference: CIPS study guide page 110
LO 2, AC 2.2

NEW QUESTION # 152
When a supplier signs an insurance policy with an insurance company, which of the following is transferred to insurance company?
  • A. Legal responsibility
  • B. Risk
  • C. Contractual obligation
  • D. Right
Answer: B
Explanation:
An insurance policy transfers a specific set of risks such as the fire and flood risk for a particular asset.
The legal liability does not transfer to the insurance company (known as insurer).
Reference:
LO 3, AC 3.2

NEW QUESTION # 153
Which of the following is the best definition of "ultra vires"?
  • A. Let the buyer beware
  • B. In good faith
  • C. Beyond powers
  • D. From one party
Answer: C
Explanation:
Ultra vires is a Latin phrase, meaning "beyond the powers." Describes actions taken by government bodies or corporations that exceed the scope of power given to them by laws or corporate charters. When referring to the acts of government bodies (e.g., legislatures), a constitution is most often the measuring stick of the proper scope of power.
Reference:
LO 1, AC 1.2

NEW QUESTION # 154
The model form contract invented by Institute of Civil Engineers is...?
  • A. JCT
  • B. FIDIC
  • C. IMechE/IET
  • D. NEC
Answer: D
Explanation:
NEC - New Engineering Contracts is a family of contracts invented by Institute of Civil Engineers. The contracts are suitable for procuring a diverse range of works, services and supply, ranging from major framework projects through to minor works and the purchase of supplies and goods.
FIDIC is a French language acronym for Federation Internationale Des Ingenieurs-Conseils, which means the international federation of consulting engineers. It was started in 1913 by the trio of France, Belgium and Switzerland. The United Kingdom joined the Federation in 1949. FIDIC is headquartered in Switzerland and now boasts of membership from over 60 different countries. FIDIC published its first contract, titled The Form of contract for works of Civil Engineering construction, in 1957. As the title indicated, this first contract was aimed at the Civil Engineering sector and it soon became known for the colour of its cover, and thus, The Red Book. It has become the tradition that FIDIC contracts are known in popular parlance by the colour of their cover. This first contract by FIDIC was undertaken jointly with the International federation of Building and Public works. FIDIC's concerted effort at achieving broad consultation and acceptance of its contract forms has seen subsequent editions of its contracts being ratified by the International Federation of Asian and Western Pacific Contractors Association, Associated General Contractors of America and the Inter-American Federation of the Construction Industry, Multilateral Development Banks among others. Because of the broad support it enjoys, FIDIC contracts are the foremost contracts in international construction.
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 construction industry in the United Kingdom.
From its establishment in 1931, JCT has expanded the number of contributing organisations.
IMechE/IET: Institution of Mechanical Engineers/Institution of Engineering and Technology - two separate institutes that issue jointly agreed model forms covering the design, supply and installation of electrical, electronic and mechanical plant including special conditions for the ancillary development of software.
Reference: CIPS study guide page 142
LO 3, AC 3.1

NEW QUESTION # 155
......
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