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CIPS L4M3 Certification Exam covers a wide range of topics related to commercial contracting, including contract law, contract management, procurement, negotiation, and risk management. L4M3 exam is divided into two parts: the first part consists of multiple-choice questions, while the second part is a written exam that assesses the candidate's ability to apply their knowledge to real-world scenarios. L4M3 exam is designed to test the candidate's understanding of commercial contracting principles, as well as their ability to apply these principles to practical situations.

CIPS L4M3 Exam is a valuable certification for procurement professionals who are involved in commercial contracting. It demonstrates that the individual has a comprehensive understanding of the commercial contracting process and is able to negotiate and manage contracts effectively. CIPS Commercial Contracting certification is recognized globally and is highly regarded by employers in the procurement industry. Passing the CIPS L4M3 Exam is a significant achievement and demonstrates a commitment to professional development in the field of procurement.

CIPS Commercial Contracting Sample Questions (Q146-Q151):

NEW QUESTION # 146
Which of the following are likely to be implied terms in a contract? Select TWO that apply:

A. Contract appendix
B. Statute
C. Legal precedence
D. Contract clause
E. Definition & interpretation

Answer: B,C

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:
- terms implied under statute
- terms implied under common law
- terms implied because of custom or usage
- terms implied due to previous dealings
- terms implied 'in fact' or to reflect the parties' intentions
Reference:
- Contracts: Express and Implied Terms
- CIPS study guide page 32
LO 1, AC 1.2

NEW QUESTION # 147
A service contract is going to be expired, which data source is good to create specifications for ITT?
1. Incumbent supplier
2. Maintenance services
3. Alternative supplier
4. User's knowledge

A. 1, 2 and 4
B. 1, 3 and 4
C. 1, 2 and 3
D. 2, 3 and 4

Answer: B

Explanation:
There are a number of shortcuts that can be taken when drafting the specification. These include the following:
- The use of brand names
- The use of recognised standards
- The use of samples
- Information and knowledge from users/other buyers: Drafting a specification should naturally include those already used within the organisation itself, but also variants used by other companies in the same sector and other companies in different sectors
- Information from suppliers: suppliers will always be willing to assist in specification development, as this this one way in which they can seek to influence the design to favour their own products.
Reference: CIPS study guide page 81-85
LO 2, AC 2.1

NEW QUESTION # 148
Bandpro is a reseller of branded computer products to the private and public sector. The procurement team must purchase 500 items each day solely by multiple phone calls and emails to suppliers. Due to this practice, it takes a lot of time to track and collect relevant documents.Some important documents even get lost, which makes procurement audit more burdensome. Which of the following would increase the robustness of audit trails in procurement activities?

A. Adopt e-procurement
B. Spend less time on auditing procurement procedures
C. Rectify non-compliant activities
D. Every evidence must be recorded by paper

Answer: A

Explanation:
Audit trail is a chronological record the sequence of events connected to a given transaction, such as a purchase of raw materials, payroll disbursements, or a detailed financial statement. The record includes all the source documents connected to the transaction, providing context and clarity in the event a review is required.
The more comprehensive the documentation, the more effective the audit trail is when used to create financial reports, verify information, and ensure compliance while eliminating fraud.
In the scenario, the procurement team gets the quotation from phone calls and emails which have weak audit trails and lack of transparency. One solution may be increasing the use of e-procurement system.
Reference:
- What is an audit trail?
- CIPS study guide page 6-7
LO 1, AC 1.1

NEW QUESTION # 149
Which of the following is always automatically considered as a contract?

A. Call-off
B. Framework arrangement
C. Performance management framework
D. Framework agreement

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 # 150
Which of the following statements is FALSE on contracts for the leasing of assets?

A. In lease agreement, the possession and right of use of an asset are transferred to the lessee
B. The lessee may bear some risks of ownership, such as the liability to insure the asset
C. The ownership of leased asset is transferred to the lessee at the end of the period
D. The party responsible for maintenance, insurance and taxes is subject to negotiation

Answer: C

Explanation:
A lease is a contractual arrangement calling for the lessee (user) to pay the lessor (owner) for use of an asset. Some characteristics of Leases are:
- The right to use the lessor's asset is granted in exchange for a fee called the lease payment.
- The lease payments are usually paid in installments.
- Leases may be long- or short-term.
- At its inception a lease agreement constitutes a mutually unperformed contract Though the ownership of the asset is not transferred to the lessee, some responsibilities and risks do. The lessor and lessee may negotiate on who is responsible on maintenance, insurance, etc.
Reference:
LO 1, AC 1.3

NEW QUESTION # 151
......

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Lee Stone Lee Stone

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