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CIPS L4M3 Exam covers various topics related to commercial contracting, including the procurement process, contract formation, contract administration, and dispute resolution. L4M3 exam assesses the ability of candidates to apply legal principles and best practices to manage commercial contracts effectively. L4M3 Exam is particularly relevant for procurement professionals working in industries such as construction, engineering, and IT, where complex contracts are common.

CIPS Commercial Contracting Sample Questions (Q61-Q66):

NEW QUESTION # 61
Which of the following is most likely to be an one-off contract?

A. Contract for construction of a power plant
B. Framework Agreement for supply of mono-crystalline silicon
C. Commercial lease agreement of an office building
D. Franchise Agreement

Answer: A

Explanation:
One-off contracts are used where a supplier is only needed for a single activity unlikely to be repetitive, and where the need of the buyer is concrete and finite. Among the answers, only construction for power plant is one-off since the work is non-repetitive and the need is clearly defined.
A framework agreement is an agreement between one or more businesses or organisations, "the purpose of which is to establish the terms governing contracts to be awarded during a given period, in particular with regard to price and, where appropriate, the quantity envisaged".
A Commercial Lease Agreement is a contract used when renting business property to or from another individual or company. It gives the tenant (or renter) the right to use the property for business purposes during the term of the lease in exchange for payment to the landlord.
A franchise agreement is a legally binding document that outlines a franchisor's terms and conditions for a franchisee. Every franchise is governed by these terms, which are generally outlined in a written agreement between both parties.
Reference: CIPS study guide page 55-58
LO 1, AC 1.3

NEW QUESTION # 62
Which of the following are likely to feature within an outcome-specification?
1. Dimension
2. Performance requirement
3. Input material
4. Product function

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

Answer: C

Explanation:
There are two main types of specification: performance specification and conformance specification (sometimes called prescriptive or technical specifications).
Performance specifications have following features:
- Focus on outputs
- Set out result to be achieved
- The 'what', not the 'how'
- Give supplier flexibility to present solutions that the buyer may not have considered Reference:
LO 1, AC 1.1

NEW QUESTION # 63
Which of the following is an invitation to treat?

A. Purchase order
B. Price list
C. Invoice
D. Tender bid

Answer: B

Explanation:
An invitation to treat is an action inviting other parties to make an offer to form a contract. These actions may sometimes appear to be offers themselves, and the difference can sometimes be difficult to determine. The distinction is important because accepting an offer creates a binding contract while "accepting" an invitation to treat is actually making an offer.
One simple test to distinguish an offer and an invitation to treat is to ask what this statement will become when it is accepted. Now we apply this test to four options:
- Tender bid: Tender bid is submitted by a supplier to an invitation to tender from the buyer. It states the specific quantity, price and other elements. If buyer accepts the bid, there will be a contractbetween them.
Therefore, a tender bid is an offer.
- Purchase order: Purchase order which is sent by a buyer will state the items, the quantity, the price and terms and conditions. If supplier accepts the purchase order, there will also be a contract between two parties. It is also an offer.
- Price list: Price list is prepared by a supplier. The price list often states the items and unit price. If a buyer accepts it, the contract has not yet been formed since the contract scope has not yet been decided. It is an invitation to treat.
- Invoice: Invoice is often sent after a contract is formed. It is in fact a request for payment, neither offer nor invitation to treat.
Reference:
- CIPS study guide page 29-32
- What Is an Invitation to Treat?
LO 1, AC 1.1

NEW QUESTION # 64
Which of the following would be useful tools to incentivise supplier innovation over the duration of the contract?
1. Gainshare arrangement
2. Liquidated damages
3. Service credits
4. Fixed bonus payments

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

Answer: C

Explanation:
Gainshare is an incentive for cost control
Liquidated damage is common type of disincentive for late completion
Service credit is a remedy for not achieving targets set out in an SLA
Fixed bonus payment is an incentive for early completion
Reference: CIPS study guide page 185-188
LO 3, AC 3.3

NEW QUESTION # 65
Which of the following should be used in a contract for window cleaning during the next three months?

A. Variable pricing arrangement
B. Cost-plus arrangement
C. Fixed pricing arrangement
D. Standard schedule of rates

Answer: C

Explanation:
A contract for window cleaning during the next three months is a short-term service contract in which changes of input costs (labour, tools,...) are very unlikely to happen.
Fixed pricing arrangement is useful for small to medium scope project, with short timelines, where what is delivered can be adequately specified and the likelihood of changes to the specification, scope and input costs is limited.
Reference: CIPS study guide page 172-176
LO 3, AC 3.3

NEW QUESTION # 66
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Latest CIPS L4M3 Exam Pass4sure - Latest L4M3 Test Objectives

Latest L4M3 Test Objectives & L4M3 Reliable Test Book

CIPS Commercial Contracting Sample Questions (Q61-Q66):

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