L4M3 VALID DUMPS EBOOK | L4M3 EXAM BLUEPRINT

L4M3 Valid Dumps Ebook | L4M3 Exam Blueprint

L4M3 Valid Dumps Ebook | L4M3 Exam Blueprint

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CIPS L4M3 gives practice material that is as per the legitimate CIPS L4M3 exam. A free demo is other than open to test the parts prior to buying the entire thing for the CIPS L4M3. You can pass CIPS Commercial Contracting on the off chance that you use CIPS L4M3 Dumps material. Not withstanding zeroing in on our material, expecting that you went after in the CIPS L4M3 exam, you can guarantee your cash back as per systems.

CIPS L4M3 (CIPS Commercial Contracting) Certification Exam is a professional certification exam offered by the Chartered Institute of Procurement and Supply (CIPS). CIPS Commercial Contracting certification is designed to help procurement professionals enhance their knowledge and skills in commercial contracting. CIPS Commercial Contracting certification is suitable for individuals who are seeking to develop a career in procurement, contract management or commercial management.

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CIPS L4M3 is a professional qualification exam designed for individuals who want to develop their knowledge and skills in commercial contracting. L4M3 exam is part of the Chartered Institute of Procurement and Supply (CIPS) Level 4 Diploma in Procurement and Supply, which is highly recognized by employers in the procurement industry.

CIPS Commercial Contracting Sample Questions (Q68-Q73):

NEW QUESTION # 68
SFO procurement manager sent a request for quotation to Vogon International in which he determined the contract terms and specification. In SFO's standard terms and conditions, it is stated that 'Goods shall be delivered and Services performed by the applicable Delivery Date. Supplier must notify Buyer 3 days prior to the Delivery Date if Supplier is likely to be unable to meet a Delivery Date.' Vogon replied with a quotation without any amendment to SFO's terms & conditions. The SFO procurement manager found the prices were reasonable and submitted to senior management. Senior management team accepted that quotation and sent a notification to Vogon. On the Delivery Date, Vogon said they had no capacity to supply the product as the quotation due to a workers' strike. Did Vogon breach any agreement with SFO?

  • A. Yes, because the contract was formed since Vogon had sent the quotation as an acceptance to SFO's offer
  • B. Yes, because the contract had been formed between SFO and Vogon with the quotation as an offer and the notification as an acceptance
  • C. No, because Vogon had no intention to be bound by the quotation, therefore, it didn't constitute a contract
  • D. No, because the strike is a force majeur event, so Vogon did not breach any contract with SFO

Answer: B

Explanation:
SFO issued an RFQ with defined terms and condition and detailed specification. This RFQ can be considered as an invitation to treat. Vogon's quotation is an answer to the purchaser's RFQ and is an offer to SFO. The contract come to life at the time Vogon received the notification from SFO senior management.
The strike may be a force majeur event, depending on the contract particular clauses and jurisdiction. In common law countries, force majeur is applicable as an exclusion of liability only if the contract allows it. In many civil law countries, force majeur is an implied term. But in every jurisdiction, force majeur is only a reason for excluding liability for non-performance of a contract. In other words, the non-performance party is not liable for any breach if force majeur event occurs but the event does not exclude the breach.
LO 1, AC 1.2


NEW QUESTION # 69
Which of the following are likely to be advantages of using invitation to tender? Select TWO that apply:
Short turnaround times

  • A. Driving forward planning culture
  • B. Lower administration costs
  • C. Reducing risks of bribery and corruption
  • D. Quick implementation

Answer: A,C

Explanation:
Advantages of using invitation to tender may be as below:
No Nepotism: Tenders or bids are evaluated on the basis of certain predetermined criteria, such as price, quality and value for money. In other words, the firm offering the highest quality product or service at the lowest price point would win the contract. As most tender documents are opened and evaluated in a public process, I think that there remains little room for nepotism or favoritism of any kind.
Value for Money: From the perspective of the client, tenders offer the greatest value for the amount of money spent. This is due to the fact that the client can choose from a wide pool of potential suppliers to select the ones that can produce the highest quality product or service at the lowest price point. This allows the company, establishment or organization to save money without having to compromise on quality. Therefore, despite being quite time consuming, tendering is, in my opinion, a profitable long-term process from an organization's point of view.
Encourages Competition: The process of tendering helps promote a competitive market. This is because a number of potential contractors, firms or suppliers get a chance to bid for every project. And because selection depends on quality and price, every bidder tries to reduce operational inefficiencies and redundancies as much as possible in order to lower expenses and improve quality. This entire process encourages healthy competition in the market and prevents complacency and laziness, which in turn provides a boost to innovation and new ideas.
Easier Entry: The system of tendering makes it easier and simpler for new firms to enter the market or even a particular industry. This is due to the fact that contracts under this system are awarded on the basis of predetermined, objective criteria. As a result, even a firm that is a new entrant to the market, having no connections or contacts in the industry, can win a prestigious and lucrative contract by providing the highest value for the client's money. This process therefore helps new firms to quickly get a foothold in the market or industry, thus significantly lowering the traditional barriers to entry.
Reference:
- Characteristics and Benefits of the Tendering Process
- CIPS study guide page 6-8
LO 1, AC 1.1


NEW QUESTION # 70
Parkers Medical Supplies is a distributor of first aid supplies to supermarkets nationwide. A new supplier has approached Parkers with an offer to supply a new and innovative product. Parkers have never dealt with this company before, so are looking to ensure that the new supplier has the necessary insurance cover as the new product could potentially cause personal injury. Which type of insurance should Parkers insist the new supplier takes out?

  • A. Professional indemnity
  • B. Public liability
  • C. Product liability
  • D. Employers' liability

Answer: C

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
In the context of commercial contracting, it's crucial for buyers to ensure that suppliers have appropriate insurance coverage to mitigate potential risks associated with the products or services provided. Product liability insurance specifically covers the supplier against claims of personal injury or property damage caused by products they have supplied. This type of insurance is essential when introducing new or innovative products to the market, as there may be unforeseen risks associated with their use.
According to the CIPS L4M3 Commercial Contracting Study Guide, product liability insurance is designed to protect against claims arising from injuries or damages caused by defective products. This insurance is particularly important when the buyer is introducing a new product from a supplier with whom they have no prior experience, as it provides a safety net against potential legal and financial repercussions.
Reference:CIPS L4M3 Commercial Contracting Study Guide, Chapter 3, Section 3.2.1 - Key terms in contracts for indemnities and liabilities, sub-contracting, insurances, guarantees, and liquidated damages.


NEW QUESTION # 71
The model form contract invented by Institute of Civil Engineers is...?

  • A. IMechE/IET
  • B. NEC
  • C. JCT
  • D. FIDIC

Answer: B

Explanation:
NEC - New Engineering Contracts is a family of contracts invented by Institute of Civil Engineers. The contracts are suitable for procuring a diverse range of works, services and supply, ranging from major framework projects through to minor works and the purchase of supplies and goods.
FIDIC is a French language acronym for Federation Internationale Des Ingenieurs-Conseils, which means the international federation of consulting engineers. It was started in 1913 by the trio of France, Belgium and Switzerland. The United Kingdom joined the Federation in 1949. FIDIC is headquartered in Switzerland and now boasts of membership from over 60 different countries. FIDIC published its first contract, titled The Form of contract for works of Civil Engineering construction, in 1957. As the title indicated, this first contract was aimed at the Civil Engineering sector and it soon became known for the colour of its cover, and thus, The Red Book. It has become the tradition that FIDIC contracts are known in popular parlance by the colour of their cover. This first contract by FIDIC was undertaken jointly with the International federation of Building and Public works. FIDIC's concerted effort at achieving broad consultation and acceptance of its contract forms has seen subsequent editions of its contracts being ratified by the International Federation of Asian and Western Pacific Contractors Association, Associated General Contractors of America and the Inter-American Federation of the Construction Industry, Multilateral Development Banks among others. Because of the broad support it enjoys, FIDIC contracts are the foremost contracts in international construction.
The Joint Contracts Tribunal, also known as the JCT, produces standard forms of contract for construction, guidance notes and other standard documentation for use in the construction industry in the United Kingdom.
From its establishment in 1931, JCT has expanded the number of contributing organisations.
IMechE/IET: Institution of Mechanical Engineers/Institution of Engineering and Technology - two separate institutes that issue jointly agreed model forms covering the design, supply and installation of electrical, electronic and mechanical plant including special conditions for the ancillary development of software.
Reference: CIPS study guide page 142
LO 3, AC 3.1


NEW QUESTION # 72
When a supplier signs an insurance policy with an insurance company, which of the following is transferred to insurance company?

  • A. Contractual obligation
  • B. Legal responsibility
  • C. Risk
  • D. Right

Answer: C

Explanation:
An insurance policy transfers a specific set of risks such as the fire and flood risk for a particular asset.
The legal liability does not transfer to the insurance company (known as insurer).
Reference: CIPS study guide page 150
LO 3, AC 3.2


NEW QUESTION # 73
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