L4M3 RELIABLE DUMPS PDF - L4M3 VALID EXAM BOOTCAMP

L4M3 Reliable Dumps Pdf - L4M3 Valid Exam Bootcamp

L4M3 Reliable Dumps Pdf - L4M3 Valid Exam Bootcamp

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CIPS L4M3 exam also covers contract termination, which is an essential part of the contract lifecycle. Procurement professionals will learn about the different ways in which a contract can be terminated, including by mutual agreement, breach of contract, and force majeure. They will also learn about the steps that need to be taken to ensure a smooth and orderly termination of the contract.

CIPS Commercial Contracting Certification Exam focuses on the principles of commercial contracting, including contract formation, contract administration, and contract termination. It also covers the legal and ethical aspects of contracting, as well as the practical skills required to manage contracts effectively. L4M3 exam is intended to test not only theoretical knowledge but also practical application, so candidates should be prepared to answer questions that require critical thinking and problem-solving.

CIPS L4M3 Certification Exam is an excellent way for procurement professionals to gain specialized knowledge and advanced skill sets in commercial contracting. With the increasing need for competent commercial contracting professionals worldwide, individuals acquiring this certification are quite valuable to organizations. Moreover, this certification provides insight into key factors affecting the contracting process, including legal and financial aspects. Overall, it offers an excellent opportunity for those looking to develop their careers in procurement and contracting.

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CIPS Commercial Contracting Sample Questions (Q100-Q105):

NEW QUESTION # 100
Under which of the following scenarios an RFQ is most likely to be used?

  • A. Purchase of complex machinery
  • B. When the buying organisation does not know the requirements in details and needs the input from suppliers
  • C. Purchase of a small number of standardised products under a framework agreement
  • D. Design of a unique and complex software code

Answer: C

Explanation:
The request for quotations is a procurement method that is used for small value procurements of readily available off-the-shelf goods, small value construction works, or small value services procurements. Request for quotations works best under a framework agreement This procurement method is also known as invitation to quote and shopping, and it does not require the preparation of tender documents to the same extent as open tendering, request for proposals or two-stage tendering.
Among 4 options:
- "Purchase of a small number of standardised products under a framework agreement": the products are standardised and there is a framework agreement in place, so RFQ is the best solution.
- "Purchase of complex machinery": Complex machinery is often a large purchase. Furthermore, suppliers' quality may vary. So RFQ is not suitable, instead, depending on the situation, buyer may opt ITT or RFP to purchase this type of machinery.
- "Design of a unique and complex software code": Unique and complex software is not off-the-shelf, thus RFQ is not suitable.
- "When the buying organisation does not know the requirements in details and needs the input from suppliers": When the detailed requirements are unknown, the best solution is request for proposal or developing dialogue with suppliers.
Reference:
- Request for Quotations
- CIPS study guide page 3-4
LO 1, AC 1.1


NEW QUESTION # 101
Rochdale Ltd is looking for a new IT system to automate some of its operations. In designing the specification, procurement manager supposes that it should be done solely by the IT department who have deep expertise on this matter. Is procurement manager's opinion appropriate?

  • A. Yes, because procurement professional has no expertise in IT sector
  • B. Yes, because designing complex specification would waste procurement manager's time
  • C. No, because challenging the user's demand is the role of procurement
  • D. No, because designing complex specification could only be outsourced

Answer: C

Explanation:
Procurement professionals have a role in challenging specifications. Technical experts can get things wrong and asking naive questions can be useful in bringing these to light. The challenging may include:
- Does the organisation really need these features/functions?
- With this specification, are there many available suppliers in the market?
- How many does the organisation really need?
etc
Reference: CIPS study guide page 9-10
LO 1, AC 1.1


NEW QUESTION # 102
What are disadvantages of a buyer contracting on the supplier's terms? Select TWO that apply.

  • A. Goods received late will incur penalties for the supplier
  • B. Prices may increase without notification to the buyer
  • C. Title to goods may remain with the supplier until payment is received
  • D. The buyer would not be subject to any indemnity clause obligations
  • E. Materials will not be changed without the buyer's consent

Answer: A,B,C,E

Explanation:
Contracting on the supplier's terms can pose risks for the buyer. Common disadvantages include retention of title clauses (C), where the supplier retains ownership of goods until full payment is made. Also, suppliers may include clauses allowing them to raise prices without notification (E). These terms shift risk to the buyer and reduce predictability and control.
Reference:
CIPS L4M3 Commercial Contracting Study Guide, Chapter 3, Section 3.1.3 - Standard forms of contract and negotiating key terms.


NEW QUESTION # 103
Which of the following is the procedure that makes no further competition under a framework agreement?

  • A. Closed system
  • B. Direct call-off
  • C. Standing offer
  • D. Blanket order

Answer: B

Explanation:
Direct call off is the act of placing an order under a framework agreement without having further competition.
Standing offer is an available offer.
Blanket order is another name of framework agreement
Closed system is a requirement of framework agreement. It is a system or process that, once started, does not allow new entrants.
Reference:
LO 1, AC 1.3


NEW QUESTION # 104
Which of the following are the conditions for revocation of offer to be valid?
1. The offeree has not received the offer yet
2. Revocation of offer must be communicated with the offeree
3. Revocation of offer must be sent via email
4. Offeree has not accepted the offer yet

  • A. 2 and 3 only
  • B. 1 and 3 only
  • C. 2 and 4 only
  • D. 1 and 4 only

Answer: C

Explanation:
A revocation of offer is the withdrawal of a previous offer to engage in some sort of legally binding contract.
The previous offer had to have been such that it would have immediately become legally binding if the other party had formally agreed to it.
A core ruling defining revocation of offers was established by Payne v. Cave. This case established that neither party is bound to an agreement until an offer has been made by one and formally accepted by the other.
If an offer has been made, the offering party has a right to withdraw it up to formal acceptance by the offeree.
Revocation basically serves as formal, legally verifiable notice that a withdrawal was made, and it's valid so long as it is communicated to the offeree before they accept.
The case of Byrne v. Van Tienhoven supports this by establishing that the withdrawal of an offer by telegram is only valid if the telegram is received before the offer is accepted. The case of Dickinson v. Dodds further establishes that the party making the offer can communicate the revocation through a third party.
Reference:
- What Is a Revocation of Offer?
- CIPS study guide page 31
LO 1, AC 1.2


NEW QUESTION # 105
......

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