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CIPS L4M3 exam is a crucial milestone for procurement professionals who want to excel in the field of commercial contracting. L4M3 exam is designed to test the candidates’ knowledge and skills in drafting, negotiating and managing commercial contracts. It is a level 4 exam, which means that it is ideal for procurement professionals who have some experience in the field and are looking to advance their careers.

In order to pass the CIPS Commercial Contracting exam, individuals must demonstrate a comprehensive understanding of the legal and commercial aspects of contracting. L4M3 Exam consists of multiple choice questions, case studies, and practical exercises. Individuals who successfully pass the exam will be awarded the CIPS Level 4 qualification, which is an internationally recognized qualification in procurement and supply chain management.

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Additionally, the web-based CIPS Commercial Contracting (L4M3) practice test works on all operating systems such as Windows, iOS, Android, and Linux, providing flexibility to users. Browsers including MS Edge, Internet Explorer, Safari, Opera, Chrome, and Firefox also support the online version of the CIPS Commercial Contracting (L4M3) practice exam. Features we have discussed in the above section of the PrepAwayETE CIPS Commercial Contracting (L4M3) practice test software are present in the online format as well. But the web-based version of the L4M3 practice exam requires a continuous internet connection.

To be eligible to take the CIPS L4M3 Certification Exam, candidates must have completed the CIPS Level 4 Diploma in Procurement and Supply. This diploma covers a range of topics related to procurement, including procurement strategy, supplier management, and risk management. It is designed to equip procurement professionals with the knowledge and skills they need to succeed in their roles.

CIPS Commercial Contracting Sample Questions (Q99-Q104):

NEW QUESTION # 99
Which of the following are always considered as minimum preconditions for a contract? Select TWO that apply:

• A. Consideration
• B. Omission
• C. Promise
• D. Intention to be bound
• E. Specification

Answer: A,D

Explanation:
In order to form a contract to come into being, there are five conditions:
- Offer
- Acceptance
- Consideration
- Intention to be legally bound
- Capacity to contract
Reference:
LO 1, AC 1.2

 

NEW QUESTION # 100
In a contract, both buyer and supplier agreed the lead time is 3 days. The contract also requires that any variation must be made in writing. Then the buyer places an order by phone call and requests delivery the next day, but the supplier delivers on the third day since the order. Can buyer refuse to pay as supplier did not deliver per time?

• A. No, the supplier delivers within a reasonable time
• B. Yes, late delivery is a force majeure event
• C. No, supplier has shortened lead time to 1 day
• D. Yes, the supplier has breached the contract

Answer: A

Explanation:
Lead time is the amount of time that passes from the start of a process until its conclusion. In procurement, lead time can be understood as the amount of time that passes from placing an order until the delivery.
In the scenario, the contract requires the supplier to make a delivery within 3 days since the order. This contract can only be amended with written consent from both parties. Therefore, there is no ground for shortening the lead time to 1 day because the new lead time is only the request of buyer. Then the supplier still makes delivery within agreed lead time.
LO 1, AC 1.1

 

NEW QUESTION # 101
Company A based in Canada signed a commercial contract with Company B in Egypt. Both countries are Contracting States to Vienna Convention on Contracts for the International Sale of Goods. The contract states that "The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of Canada". Which of the following set of rules will be applied if dispute between contracting parties occurs?

• A. WTO rules
• B. CISG
• C. Egypt's legal system
• D. Canada's legal system

Answer: D

Explanation:
Where the sale of goods is between two businesses in different Contracting States, then it is international and the CISG rules of law automatically apply unless they have been excluded. A contract clause stating that the contract is subject to the legal systems and courts of a particular country overrides or excludes the CISG rules, since the local rules of that country would apply instead.
So the answer should be Canada's legal system.
Reference: CIPS study guide page 49-52
LO 1, AC 1.2

 

NEW QUESTION # 102
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 ownership of leased asset is transferred to the lessee at the end of the period
• C. The party responsible for maintenance, insurance and taxes is subject to negotiation
• D. The lessee may bear some risks of ownership, such as the liability to insure the asset

Answer: B

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: CIPS study guide page 67-69
LO 1, AC 1.3

 

NEW QUESTION # 103
Which of the following encourages social and environmental criteria in public sector contracting in the UK?

• A. Supply and Appropriation Act
• B. Social Action, Responsibility and Heroism Act
• C. The Public Services Act
• D. Children and Social Work Act

Answer: C

Explanation:
Social and environmental criteria are increasingly encouraged in public sector contracting. In the UK, The Public Services (Social Value) Act 2012 encourages public organising to apply social and environmental criteria in contract.
Reference:
LO 2, AC 2.1

 

NEW QUESTION # 104
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