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One of the key areas that the CIPS L4M3 exam covers is contract formation. This includes the various types of contracts that can be used, as well as the different stages of the contract formation process. Procurement professionals will learn how to develop a contract strategy, draft a contract, negotiate terms and conditions, and finalize the agreement.
CIPS L4M3: CIPS Commercial Contracting exam is a computer-based exam that consists of 60 multiple-choice questions. Candidates have two hours to complete the exam. The pass mark for L4M3 Exam is 50%, and it is graded on a scale of 0-100%.
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The CIPS Commercial Contracting (L4M3) certification exam is one of the hottest and most industrial-recognized credentials that has been inspiring beginners and experienced professionals since its beginning. With the CIPS Commercial Contracting (L4M3) certification exam successful candidates can gain a range of benefits which include career advancement, higher earning potential, industrial recognition of skills and job security, and more career personal and professional growth.
Successfully passing the CIPS L4M3 (CIPS Commercial Contracting) Certification Exam demonstrates to employers and colleagues that an individual has the knowledge, skills, and expertise to manage complex commercial contracts and negotiate effectively with suppliers and other stakeholders. It is a valuable credential for procurement and supply chain professionals who are seeking to advance their careers and take on more senior roles within their organizations.
CIPS Commercial Contracting Sample Questions (Q187-Q192):
NEW QUESTION # 187
A fashion company is drafting a specification for an order in next year. The company wants to expand its supply base in low cost countries. The procurement department is considering applying standard ISO 3759 on method for the preparation, marking and measuring of textile fabrics, garments and fabric assemblies for use in tests for assessing dimensional change after a specified treatment. Which of the following should be taken into account when embedding this standard into the specification?
- A. Legality
- B. Date of publication
- C. Supplier selection
- D. Type of specification
Answer: B
Explanation:
Standards are incorporated into specifications by simply cross-refering to the relevant standard by its number and date of publication. It is important to include the date of publication. All standardsare reviewed from time to time and their content changes. The absence of the publication date will lead to disrupts over which version of the standard actually applies to the contract.
Reference: CIPS study guide page 85-89
LO 2, AC 2.1
NEW QUESTION # 188
In order to reduce the internal cost of administration from the raising of high-volume, low-value orders such as office stationery, a procurement manager implements the use of call-off orders for such circumstances. Is this an acceptable thing to do?
- A. Yes, as the procurement manager will be able to track more easily the volume of small orders and where the spend is occurring
- B. No, the procurement manager fears that they will lose staff and prefers to keep the administration costs high
- C. Yes, the use of a blanket order cuts the staff administration time and paperwork that would be involved in numerous small orders
- D. No, as the role of the administration staff is to keep a check on the items being ordered and they would lose this ability
Answer: C
Explanation:
Call-off or blanket orders are common procurement tools used to streamline the acquisition of routine, low- value items. This reduces the administrative workload and simplifies the process, allowing multiple deliveries under a single contract, thereby increasing efficiency and control.
Reference:CIPS L4M3 Commercial Contracting Study Guide, Chapter 4, Section 4.1.2 - Use of call-off and framework agreements.
NEW QUESTION # 189
Esther Francis has recently changed job from a supply role at Shine Cleaning Services (SCS) to a purchasing role at Southern Commercial Property (SCP). Esther requires industry technical input to develop a cleaning services requirements specification for her new employer. Esther Francis wants to include her former employer SCS in a market engagement exercise to inform the specification. Which of the following would be the most appropriate way to deal with the conflict of interest?
- A. Declare the potential conflict of interest to a senior manager of SCS
- B. Ask a colleague to conduct the market engagement with SCS
- C. Conduct the market engagement with SCS off the record
- D. Conduct market engagement with several capable suppliers, including SCS
Answer: D
Explanation:
The best way to manage conflicts of interest is through transparency and fairness. Including multiple suppliers in the market engagement process ensures no single supplier, including the one with a perceived connection, gains an advantage. This protects the integrity of the procurement process.
Reference:CIPS L4M3 Commercial Contracting Study Guide, Chapter 2, Section 2.1.1 - Ethical and fair practice in early market engagement.
NEW QUESTION # 190
Transformers & Rectifiers Ltd wanted to buy some specialist gaskets. They sent a request for quotation with specification to Needs Ltd. The supplier replied with a quotation in which had its own terms and conditions. The buyer edited delivery terms on the quotation and sent the document back to Needs Ltd. Gaskets were delivered to Transformers' premise with an invoice from Needs Ltd. Which of the following is most likely to be the governing terms if the two companies must settle the dispute at court?
- A. Terms and conditions in the invoice
- B. Terms & conditions in the original quotation
- C. Terms and conditions in the request for quotation
- D. Edited terms and conditions
Answer: D
Explanation:
In the 'battle of the forms', generally who shot the last will win. This is not applied to this case. Initial RFQ is an invitation to treat, then the quotation forms an offer. Transformers & Rectifiers Ltd edits terms and conditions then sends back to supplier, this act terminates Needs's offer and makes a new offer. Delivery of goods can be deemed as acceptance from Needs Ltd. The contract is formed with its details in the edited terms and conditions.
Reference:
LO 1, AC 1.2
NEW QUESTION # 191
Royal Naval Hospital at Rockstown, Anyport manages a fleet of nine ambulance vehicles. During busy periods, it becomes very difficult to keep track of the location of each ambulance (and the nature of their journey). Continual problems lead to the proposal for a new control system (ERNS).
For this ERNS project, the procurement department has drafted a specification in which only a bullet point list of basic requirements was written down. The procurement manager understands that the specification should be developed more specifically but a cross functional team from the Hospital could not do that. A senior buyer suggests that some of Hospital's pre-qualified suppliers could support them in developing the specification.
Which of the following should be a priority approach of procurement department in developing dialogue with those suppliers about specification development?
- A. One-to-one meeting with the suppliers
- B. Request for quotation from the suppliers
- C. Internal discussion
- D. General networking
Answer: A
Explanation:
The procurement team has drafted basic requirements in the specification. They will need to develop it further and more specific. Developing market dialogue with supplier is a good solution. There are number of approaches which can be taken to engage with suppliers:
- General meetings: buyer meets supplier at a networking event (such as trade show) or social media. These discussions are unlikely to deliver very specific information.
- One-to-one meetings: This will be most likely to deliver direct input into specification development and supplier-specific product development information.
- Group visits
- Meet-the-buyer events
- Formal negotiations or competitive
The answer for this QUESTION should be One-to-one meeting.
Reference: CIPS study guide page 83-84
LO 2, AC 2.1
NEW QUESTION # 192
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