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CIPS L4M3 Certification Exam covers a wide range of topics related to commercial contracting, including contract formation, contract performance, contract management, contract negotiation, and contract dispute resolution. L4M3 Exam is designed to test the candidate's ability to apply their knowledge and skills to real-world situations and to demonstrate their proficiency in commercial contracting.
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Successful completion of the CIPS Commercial Contracting course leads to the award of the CIPS level 4 management of commercial contracts (L4M3) qualification. This internationally recognized qualification is highly valued by employers looking for procurement and supply chain professionals who can manage complex commercial contracts effectively. The CIPS L4M3 qualification represents a significant achievement in a procurement professional's career and it is a clear indicator of their ability to manage commercial contracts effectively. The knowledge and skills gained through the course can be applied to a broad range of industries, including manufacturing, retail, construction, and healthcare.
CIPS Commercial Contracting Sample Questions (Q173-Q178):
NEW QUESTION # 173
Electro Systems PLC is a public sector manufacturer of highly technical solutions for the telecommunications industry. The market in which it operates is fast-paced and ever-changing because of the latest inventions and developments. The products it procures are high-cost and can be subject to lengthy lead times. Michael Jones, the procurement director, believes that establishing framework agreements would be beneficial to the tendering process. How could this assist them?
- A. Improve supplier lead times
- B. Improve supplier product quality
- C. Enable the use of mini-competitions
- D. Enable the use of e-tendering
Answer: C
Explanation:
Framework agreements allow for pre-approved suppliers to be used over a contract period with simplified ordering processes. A key benefit is the use of mini-competitions among these suppliers to secure value and innovation without repeating the full tender process. This approach is highly effective in dynamic sectors like telecommunications.
Reference:CIPS L4M3 Commercial Contracting Study Guide, Chapter 4, Section 4.1.2 - Framework agreements and mini-competitions.
NEW QUESTION # 174
Which of the following can be considered as implied terms in a contract?
1. Case law
2. Statute
3. Trade custom
4. A term can never be implied, it must always be expressed by the parties
- A. 1, 2 and 4 only
- B. 2, 3 and 4 only
- C. 1,3 and 4 only
- D. 1, 2 and 3 only
Answer: D
Explanation:
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:
- Contracts: Express and Implied Terms
- CIPS study guide page 126
LO 3, AC 3.1
NEW QUESTION # 175
Which of the following are implied terms in sales contracts? Select THREE that apply.
- A. Payment method
- B. Transfer of ownership
- C. Fitness for purpose
- D. Mode of transportation
- E. Customer satisfaction
- F. Risk transfer
Answer: B,C,F
Explanation:
Generally, under the Sale of Goods Acts (in UK, Singapore, Australia,...) or Commercial Codes (in France, Germany, Vietnam,...), the sale contracts have the following implied terms:
- the seller has the right to sell the goods. This is also a condition of the contract
- the goods are free from undisclosed security interests
- the goods supplied under the contract will be reasonably fit for any purpose which the buyer made known to the seller
- sales of unseen goods will be of merchantable quality, and match their description and conform with a sample.
- Passing of risk
- Passing of possession and title
...
Reference:
LO 3, AC 3.1
NEW QUESTION # 176
Carillion Ltd is a major construction contractor in the UK. The company commits to continuous improvement and sets out a performance management program that is integrated across the organisational, individual, and supplier levels. To ensure that the suppliers acknowledge the program, every time negotiating the contract terms with suppliers, the procurement team of Carillion appends a performance management framework to the draft document as a schedule. Is the action of procurement team appropriate?
- A. No, because the performance management should be solely developed by suppliers
- B. Yes, because Carillion wants to implement early supplier involvement
- C. Yes, because the framework should have legal standing as a part of contract
- D. No, because the framework will increase the complexity of the contract
Answer: C
Explanation:
Performance management framework often consists of KPIs, targets and consequences that arise from achieved scores. To ensure that the framework has binding effect on contracting parties, it should be developed, appended to the main contract document and agreed by both parties. So the answer should be
"Yes, because the framework should have legal standing as a part of contract".
Reference: CIPS study guide page 11-14
LO 1, AC 1.1
NEW QUESTION # 177
Express terms in a contract are stated in which of the following? Select TWO that apply
- A. Statutes
- B. Orality
- C. Idea
- D. Trade customs
- E. Writing form
Answer: B,E
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.
Reference:
- Contracts: Express and Implied Terms
- CIPS study guide page 126-132
LO 3, AC 3.1
NEW QUESTION # 178
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