CIPS COMMERCIAL CONTRACTING UPDATED TRAINING MATERIAL & L4M3 STUDY PDF VCE & CIPS COMMERCIAL CONTRACTING ACTUAL EXAM QUESTIONS

CIPS Commercial Contracting Updated Training Material & L4M3 Study Pdf Vce & CIPS Commercial Contracting Actual Exam Questions

CIPS Commercial Contracting Updated Training Material & L4M3 Study Pdf Vce & CIPS Commercial Contracting Actual Exam Questions

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Successful completion of the CIPS L4M3 Certification Exam demonstrates that an individual has the knowledge and skills required to manage commercial contracts effectively. CIPS Commercial Contracting certification is highly respected in the procurement and contract management industry and can help individuals to advance their careers by demonstrating their expertise in this area.

CIPS Commercial Contracting exam is a highly respected qualification that is recognized by employers across the globe. The qualification is designed for individuals who are looking to enhance their knowledge and skills in the field of procurement and supply chain management. L4M3 Exam is also suitable for individuals who are already working in the procurement and supply chain management field and are looking to further their career prospects.

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CIPS Commercial Contracting Sample Questions (Q108-Q113):

NEW QUESTION # 108
Express terms in a contract are stated in which of the following? Select TWO that apply

  • A. Writing form
  • B. Trade customs
  • C. Orality
  • D. Idea
  • E. Statutes

Answer: A,C

Explanation:
Express terms are the terms of the agreement which are expressly agreed between the parties. Ideally, they will be written down in a contract between the parties but where the contract is agreed verbally, they will be the terms discussed and agreed between the parties.
Implied terms are terms implied into the contract by the courts. They are not expressly set out in the contract but are taken to be as effective as if they were and as if they had been included from day one of the contract.
The express terms and any implied terms together create the legally binding obligations on the parties.
Reference:
- Contracts: Express and Implied Terms
- CIPS study guide page 126-132
LO 3, AC 3.1


NEW QUESTION # 109
Which of the following are always included within a framework agreement? Select TWO that apply:

  • A. Call-off procedure
  • B. Duration
  • C. Insurance
  • D. Exact price to be paid
  • E. Exact quantity to be purchased

Answer: A,B

Explanation:
A framework agreement will set out the following:
- How call offs can be made - whether a mini-competition is required or a direct call off can be made
- How price is calculated
- The specification - this may have various options to cater for different needs
- The duration of the agreement
- Who can access the agreement
- Any limitations
- The main terms to be included in the contract or the form of contract to be used, where this is intended to be a standard form.
Reference:
LO 1, AC 1.3


NEW QUESTION # 110
Solus Trading has begun a project to improve the level of delivery performance from its suppliers. They need to develop a key performance indicator (KPI) to measure the performance improvement. Which KPI would be suitable to use?

  • A. Percentage of rejects and returns
  • B. Percentage of on-time in full
  • C. Percentage of customer complaints
  • D. Percentage of cost reduction

Answer: B

Explanation:
"On-time in full" (OTIF) is a key performance indicator used widely in logistics and supply chain management to assess how reliably suppliers meet delivery schedules. It reflects both delivery timing and completeness of orders, making it highly relevant to Solus Trading's project.
Reference:CIPS L4M3 Commercial Contracting Study Guide, Chapter 4, Section 4.3.1 - Use of KPIs in supplier performance monitoring.


NEW QUESTION # 111
Which of the following is the best definition of consideration in contract law?

  • A. The act of thinking carefully about one thing
  • B. One thing given in exchange
  • C. Formal discussion between people who are trying to reach an agreement
  • D. Full statement about something to provide

Answer: B

Explanation:
A simple definition of consideration is as follows - an exchange between the parties which results in a benefit to one party, and a detriment to the other. The case of Currie v Misa (1874) LR 10 Ex 153 provides an apt description of this:
"A valuable consideration, in the sense of the law, may consist either in some right, interest, profit, or benefit accruing to the one party, or some forbearance, detriment, loss, or responsibility, given, suffered, or undertaken by the other." A practical example of this can be found by examining a simple contract. Party A offers £500 to Party B, who in exchange will fit his car with a new engine. Party A receives the benefit of his car being fixed, whilst Party B incurs the detriment of having to take time, effort, and perhaps expenses to fix the car.
Reference:
- Consideration & Promissory Estoppel
- CIPS study guide page 36-40
LO 1, AC 1.2


NEW QUESTION # 112
Various terms are used to qualify a party's obligations under contract. Which of the following gives absolute obligation?

  • A. Reasonable endeavours
  • B. Best endeavours
  • C. Should
  • D. Shall

Answer: D

Explanation:
"Shall" denotes a mandatory requirement in contract language and implies absolute obligation. Unlike
"reasonable endeavours" or "best endeavours", which indicate a duty to try, "shall" creates a strict, enforceable duty to perform the task specified.
Reference:CIPS L4M3 Commercial Contracting Study Guide, Chapter 3, Section 3.1.2 - Clauses defining performance obligations.


NEW QUESTION # 113
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Regular practice can give you the skills and confidence needed to perform well on your L4M3 exam. By practicing your CIPS Commercial Contracting (L4M3) exam regularly, you can increase your chances of success and make sure that all of your hard work pays off when it comes time to take the test. We understand that every CIPS Commercial Contracting (L4M3) exam taker has different preferences. To make sure that our CIPS Commercial Contracting (L4M3) preparation material is accessible to everyone, we made it available in three different formats. You can choose the most suitable and convenient one for you.

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