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CIPS L4M3 (CIPS Commercial Contracting) Certification Exam is designed for procurement and supply chain professionals who are interested in enhancing their knowledge and skills in commercial contracting. CIPS Commercial Contracting certification exam is part of the CIPS (Chartered Institute of Procurement and Supply) qualifications and is recognized globally. The CIPS L4M3 exam covers a range of topics related to commercial contracting, including contract management, contract law, and negotiation skills.
CIPS L4M3 certification exam is an internationally recognized qualification that focuses on commercial contracting. CIPS Commercial Contracting certification is designed to equip professionals with the skills and knowledge required to effectively manage contracts in a commercial environment. L4M3 course covers a wide range of topics such as contract formation, contract administration, contract negotiation, and contract termination. Successful completion of this certification exam demonstrates a high level of proficiency in commercial contracting and is highly valued by employers across various industries.
CIPS Commercial Contracting Certification Exam, also known as L4M3, is a professional certification program designed to assess and validate the knowledge and skills of procurement and contract management professionals in the commercial sector. L4M3 exam is part of the Chartered Institute of Procurement and Supply (CIPS) certification program, which is globally recognized as the leading professional body for procurement and supply chain management.
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CIPS Commercial Contracting Sample Questions (Q80-Q85):
NEW QUESTION # 80
Sally places a purchase order to the supplier for some components that her company requires. The supplier delivers the goods as she asks, but the quality assurance team finds that these components are defective and unfit for the company's operations. Which document is the ground to decide whether the goods received are fit for purpose?
- A. Specification
- B. Pre-qualification questionnaire
- C. Code of conduct
- D. CSR policies
Answer: A
Explanation:
According to USLegal Inc, fitness for purpose refers to the standard that must be met by a seller in the course of a business. Generally, when a buyer makes known to a seller the particular purpose for which the goods are bought, there is an implied condition that the goods are reasonably fit for that purpose (customer's requirements, needs, or desires). Specification is the ground for deciding whether goods received are fit for purpose.
We already know that there are two types of specifications: conformance and performance specifications.
With conformance specification, the buyer lists out technical requirements to which the goods must conform.
Lacking of any requirement may be enough for the goods to be unfit. On the other hand, if performance specification is in use, the goods must be fit for specific outputs that buyer has listed in the specification.
Providing the 'fit for purpose' goods is one of the fundamental obligations of seller in sale contract.
Unfulfilling this obligation would lead to legal consequences. If the goods are unfit for purpose, seller may have to:
- replace the non-conforming goods
- pay the damages to the buyer
Reference:
- Why you should keep attention to the specification when contracting with suppliers
- CIPS study guide page 137
LO 3, AC 3.1
NEW QUESTION # 81
A construction company is undertaking a housing development project. They need lots of bricks and other building materials, but the construction site doesn't have large area for storage of materials. Therefore, the company's suppliers must deliver the building materials with fixed quantity and at fixed time intervals. What type of contract is used between the construction company and its suppliers?
- A. Call off contract
- B. Spot transaction
- C. One off contract
- D. Framework agreement
Answer: A
Explanation:
In the scenario, the contract between the company and its suppliers is continuous rather than one-off. So it cannot be one-off contract or spot purchase. The quantity and time is well known and fixed, this type of contract is known as call-off contract or blanket order.
Reference:
LO 1, AC 1.3
NEW QUESTION # 82
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. Competitiveness of the market
- B. Business strategy
- C. Process efficiency
- D. Threat of substitution
- E. Procurement policy
- F. Relative bargaining power of supplier and purchaser
Answer: A,D,F
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 # 83
Which of the following are likely to be advantages of using request for quotation? Select TWO that apply:
- A. No specification required
- B. Helping the buying organisation assess both price and quality
- C. Encouraging suppliers to submit creative solutions
- D. Lower administration costs
- E. Short turnaround times
Answer: D,E
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 # 84
Which of the following is always automatically considered as a contract?
- A. Call-off
- B. Framework arrangement
- C. Framework agreement
- D. Performance management framework
Answer: A
Explanation:
- A call off or a term contract is one which exists for a fixed period of time, rather than for a specific purpose
- A formal framework agreement does have some legal standing but it is not a contract, primarily because there is no consideration involved, but it is an overarching (or umbrella) agreement under which contracts can be created (this holds true in English law but may not be right in other jurisdiction)
- A framework arrangement is a rather loose set-up, without any legal standing. It usually occurs when an organisation has decided for itself to limit the number of suppliers it is willing to work with and, through a purely internal process, sets up an approved list of such suppliers.
- A performance management framework including KPIs and targets, the assessment scheme and incentives, disincentives, bonuses and penalties. It is a schedule to a contract and only legally binding if it is referred from contract clauses.
Reference:
LO 1, AC 1.3
NEW QUESTION # 85
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