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Study Materials L4M3 Review | L4M3 Valid Dumps Files

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CIPS L4M3 exam mainly focuses on equipping learners with knowledge and skills in the following areas: the contract formation process, contract types, performance management, dispute resolution, and contract termination. Additionally, the certification also covers the importance of standards, ethical behavior, and current legislation to ensure best practices in commercial contracting. This knowledge continues to be crucial for all levels of commercial contracting, further underlining the importance of this certification exam.

The CIPS L4M3 exam covers a wide range of topics related to commercial contracting including the different types of contracts, their formation and termination, contract performance, and legal and regulatory frameworks. It also assesses candidates' ability to manage the contractual relationship with suppliers, and their ability to draft and negotiate effective contracts. Passing the CIPS Commercial Contracting Certification Exam is an indication of the candidate's capability to deliver successful outcomes through effective contract management. CIPS Commercial Contracting certification is a valuable addition to a procurement and supply management professional's qualifications and enhances their career prospects.

Obtaining the CIPS L4M3 Certification demonstrates to employers and clients that an individual has a comprehensive understanding of commercial contracting practices, which can contribute to increased efficiency, risk management, and better-informed business decisions. CIPS Commercial Contracting certification offers a significant career advantage in a competitive job market and can lead to new career opportunities and increased earning potential.

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CIPS Commercial Contracting Sample Questions (Q72-Q77):

NEW QUESTION # 72
Which of the following statement is true about insurance?

A. The supplier must always pay the insurance premium for goods-in-transit
B. An insurance policy can be mechanism of substance to back up indemnity
C. Professional indemnity insurance provides the insured business with financial protection against the liabilities caused by or arising out of the products supplied
D. An insurance policy transfers the legal liabilities from the insured to the insurer

Answer: B

Explanation:
An insurance policy transfers a risk from one party to another in exchange for payment, it does not transfer the liabilities from the insured to insurer.
Insurance policies are taken out as a form of protection against a specific risk or unfortunate occurrence. If one party indemnifies another to protect that other party in the event of a risk occurring then the indemnity itself is merely a statement of intent. There also need to be some mechanism of substance to back up that indemnity. This BACK UP is the insurance policy which can be relied upon to meet the indemnity being given. In fact, most indemnity provisions are backed up by insurance coverage.
Professional indemnity or liability insurance offers such coverage to professional advice or service providing individuals and companies ensuring protection against any legal costs and damages awarded as a result of claims relating to negligence. Whereas more general forms of liability insurance focus on direct forms of harm such as sustaining injuries, professional indemnity insurance provides a far more detailed and comprehensive form of coverage. The cover protects a firm or individual's liability relating to any financial loss caused by errors or omissions in the service provided as well as any alleged failure to perform on behalf of a client.
Goods in transit insurance does what it says on the tin, protecting any goods your business delivers or transports from place to place. The responsibility to pay the insurance premium is negotiable, it may belong to the supplier or the buyer.
Reference:
- Is that Covered? Insurance and Indemnity Clauses
- Professional Indemnity Insurance
- Goods in transit insurance
- CIPS study guide page 150-153
LO 3, AC 3.2

NEW QUESTION # 73
Which of the following is the best definition of "ultra vires"?

A. From one party
B. In good faith
C. Let the buyer beware
D. Beyond powers

Answer: D

Explanation:
Ultra vires is a Latin phrase, meaning "beyond the powers." Describes actions taken by government bodies or corporations that exceed the scope of power given to them by laws or corporate charters. When referring to the acts of government bodies (e.g., legislatures), a constitution is most often the measuring stick of the proper scope of power.
Reference: CIPS study guide page 42-43
LO 1, AC 1.2

NEW QUESTION # 74
Which of the following are features of performance specification?
1. Method of achieving the buyer's desired result
2. What needs to be achieved when using the product
3. Purposes of the product
4. Technical and physical characteristics of the product

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

Answer: B

Explanation:
There are 2 major types of specifications:
1. Performance specifications
These are Specifications that define the purpose of the goods or services in terms of how effectively it will perform. Performance is a logical extension of function. Performance specifications define the task or desired result by focusing on what is to be achieved. They do not describe the method of achieving the desired result.
2. Technical (or conformance) specifications
These are Specifications that define the technical and physical characteristics and/or measurements of a product, such as physical aspects (e.g. dimensions, colour, and surface finish), design details, material properties, energy requirements, processes, maintenance requirements and operational requirements. They are used when functional and performance characteristics are insufficient to define the requirement and are often used for engineering and information technology requirements.
Reference:
- Specification Writing
- CIPS study guide page 9-11
LO 1, AC 1.1

NEW QUESTION # 75
Which of the following is the procedure that makes no further competition under a framework agreement?

A. Standing offer
B. Closed system
C. Direct call-off
D. Blanket order

Answer: C

Explanation:
Direct call off is the act of placing an order under a framework agreement without having further competition.
Standing offer is an available offer.
Blanket order is another name of framework agreement
Closed system is a requirement of framework agreement. It is a system or process that, once started, does not allow new entrants.
Reference: CIPS study guide page 59-62
LO 1, AC 1.3

NEW QUESTION # 76
Which of the following are most likely to be liabilities of suppliers under a guarantee clause? Select

A. Repair
B. Installation
C. Replacement
D. Decommissioning
E. Upgrading
F. TWO that apply

Answer: A,C

Explanation:
A guarantee is an agreement given by a trader to a consumer, without any extra charge, to repair, replace or refund goods that do not meet the specifications set out in the guarantee. A guarantee is usually issued by the manufacturer of goods or by a trader that provides goods as part of a service - replacement windows, for instance. Generally, a guarantee provider undertakes to carry out free repairs, for a set period of time, for problems that can be attributed to manufacturing defects.
Reference:
- Guarantees and warranties
- CIPS study guide page 157-159
LO 3, AC 3.2

NEW QUESTION # 77
......

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