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CIPS L4M3 certification exam is an essential qualification for procurement professionals who want to demonstrate their expertise in commercial contracting. L4M3 exam provides candidates with a comprehensive understanding of the principles, practices, and legal frameworks governing commercial contracts, and demonstrates that an individual has achieved the necessary competencies to manage contracts effectively. With the CIPS L4M3 certification, procurement professionals can enhance their career prospects and make a significant contribution to their organization's success.

CIPS (Chartered Institute of Procurement and Supply) L4M3 Exam is one of the most important exams for professionals who want to enhance their skills in commercial contracting. L4M3 exam is designed for individuals who are interested in gaining knowledge and skills in contract management, drafting, and negotiation. It is a Level 4 exam that is equivalent to a foundation degree and is part of the CIPS diploma in procurement and supply. L4M3 exam is recognized globally and is highly valued by employers in the procurement and supply chain field.

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CIPS Commercial Contracting Sample Questions (Q119-Q124):

NEW QUESTION # 119
Which of the following should be taken to avoid the conflicts between orally negotiated terms before the conclusion of contract and the final written contract?

A. Prevailing orally negotiated terms over the final written contract
B. Avoiding long negotiation
C. Embedding a term excluding all prior oral discussions that are not mentioned in the final written contract
D. Finding signs of misrepresentation of the other contracting party

Answer: C

Explanation:
When a written contract is based on oral negotiation, to avoid the conflicts between orally negotiated terms and final written contract, the contract should include an express term that specifically excludes all prior oral discussion. However, orally negotiated terms can be used to interpret the final contract.
This practice (excluding prior discussion) is so common in international commercial contract that UNIDROIT Principles of International Commercial Contracts have an article (2.1.17) dealing with this.
Reference:
LO 3, AC 3.1

NEW QUESTION # 120
Which of the following best defines an 'express' term in general contract arrangements?

A. It is not necessarily discussed by the parties, but nonetheless forms part of the contract
B. It is clearly agreed between the parties, and is virtually always written down in the contract
C. It is the term that is added to the contract by the law or based upon the facts of the case.
D. It is a standard set of terms and conditions published by CIPS

Answer: B

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 126-132
LO 3, AC 3.1

NEW QUESTION # 121
What is the pricing method that incentivises the supplier to control their costs?

A. Target Costing
B. Penetration pricing
C. Skimming pricing
D. Cost-plus pricing

Answer: A

Explanation:
Penetration pricing is a marketing strategy used by businesses to attract customers to a new product or service by offering a lower price during its initial offering. The lower price helps a new product or service penetrate the market and attract customers away from competitors.
Price skimming is a product pricing strategy by which a firm charges the highest initial price that customers will pay and then lowers it over time. As the demand of the first customers is satisfied and competition enters the market, the firm lowers the price to attract another, more price-sensitive segment of the population. The skimming strategy gets its name from "skimming" successive layers of cream, or customer segments, as prices are lowered over time.
Incentive contracts allow sharing of the risks between the contractor and the client. The contractor is reimbursed all its justifiable costs in addition to a calculated fee. Target costing is an element of incentive contracts.
Cost-plus pricing is also known as markup pricing. It's a pricing method where a fixed percentage is added on top of the cost to produce Reference: CIPS study guide page 185 LO 3, AC 3.3

NEW QUESTION # 122
Which of the following is always automatically considered as a contract?

A. Call-off
B. Performance management framework
C. Framework arrangement
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) agreementunder 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: CIPS study guide page 59-63
LO 1, AC 1.3

NEW QUESTION # 123
A construction company is undertaking a housing development project. They need lots of bricks and other building materials, but the construction site doesn't have large area for storage of materials. Therefore, the company's suppliers must deliver the building materials with fixed quantity and at fixed time intervals. What type of contract is used between the construction company and its suppliers?

A. Spot transaction
B. Framework agreement
C. Call off contract
D. One off contract

Answer: C

Explanation:
In the scenario, the contract between the company and its suppliers is continuous rather than one-off. So it cannot be one-off contract or spot purchase. The quantity and time is well known and fixed, this type of contract is known as call-off contract or blanket order.
Reference:
LO 1, AC 1.3

NEW QUESTION # 124
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CIPS Commercial Contracting Sample Questions (Q119-Q124):

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