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The CIPS L4M3 exam covers a wide range of topics related to commercial contracting, including contract formation and management, contractual terms and conditions, contract negotiation, and dispute resolution. It also covers the legal, ethical, and regulatory aspects of commercial contracting, as well as the importance of effective communication and stakeholder management. Passing the CIPS L4M3 exam demonstrates that a professional has a deep understanding of commercial contracting concepts and is able to apply them in a practical setting, making them a valuable asset to any organization.

CIPS L4M3 (CIPS Commercial Contracting) Exam is designed to assess a candidate's knowledge and skills in the field of commercial contracting. L4M3 Exam focuses on contract management techniques and principles, as well as procurement and supplier management concepts. Individuals who pass L4M3 exam are deemed to have a deep understanding of commercial contracting and are equipped with the necessary skills to excel in this field.

CIPS L4M3 Certification Exam covers a range of topics related to commercial contracting, including the principles of contract law, procurement and contract management, contract negotiation, risk management, and dispute resolution. L4M3 exam is designed to be challenging and comprehensive, ensuring that candidates have a thorough understanding of the subject matter.

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L4M3 Practice Test - L4M3 Training Torrent: CIPS Commercial Contracting - L4M3 Study Guide

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CIPS Commercial Contracting Sample Questions (Q20-Q25):

NEW QUESTION # 20
A procurement professional is drafting payment terms for a commercial contract. He is considering about payment method if defective products are found. Which of the following should be embedded in payment terms to control this issue?

A. Invoice preparation
B. Retention clause
C. Pay-less notice
D. Remedies for late payment

Answer: B

Explanation:
Retention money is the payment for a service or product that is withheld pending the completion of some specified condition. For example, buyer may withhold the amount due until the supplier replace all defective goods.
Pay-less notice is the notice under a contract which states that the invoice will only be partially paid because of some issues such as supplier has to pay the damages.
Remedies for late payment are remedies that supplier may seek when a buyer pay it later than the stated payment terms. Normally, the buyer will be charged an interest rate.
Reference: CIPS study guide page 190-191
LO 3, AC 3.3

NEW QUESTION # 21
In what way might a contract clause be used to stop the supplier from making unwarranted price increases during the term of the contract?

A. The buyer deletes any contract clauses that may refer to price increases
B. The buyer inserts a contract clause that stipulates the invoice payment dates
C. The buyer deletes any contract clauses that may refer to stage payments
D. The buyer inserts a price adjustment clause in the contract

Answer: D

Explanation:
A price adjustment clause, also known as a price variation or indexation clause, provides a structured method for managing potential changes in price over the contract's duration. This clause ensures that any price increase must be based on predefined and agreed-upon criteria, such as inflation rates or cost indices. This prevents arbitrary or unexpected price increases from the supplier.
Reference:CIPS L4M3 Commercial Contracting Study Guide, Chapter 4, Section 4.2.1 - Pricing schedules and contractual provisions relating to pricing.

NEW QUESTION # 22
An example of a qualitative performance measure could be one that relates to opinions about the service quality of the supplier. Is this correct?

A. Yes, this will relate to the actual number of complaints received
B. Yes, this is often how satisfaction is measured
C. No, this will relate to how much prices have increased by
D. No, this type of measure will relate to the number of incomplete deliveries

Answer: B

Explanation:
Qualitative performance measures capture subjective or non-numerical aspects of service, such as customer satisfaction, perceptions, and opinions. These are often gathered through surveys or interviews. While quantitative data is crucial, qualitative insights can reveal hidden issues and improve relationship management.
Reference:CIPS L4M3 Commercial Contracting Study Guide, Chapter 4, Section 4.3.2 - Qualitative and quantitative performance measures.

NEW QUESTION # 23
A buyer and a supplier plan to sign a contract with cost-plus arrangement. If the cost base is $350 and the markup component is 11% then the invoice price will be...

A. 393.26
B. 0
C. 388.5
D. 368.5

Answer: C

Explanation:
Markup is the percentage between the profit and costs. The cost is $350, markup is 11%. So final price is: 350
+ 350x0.11 = 388.5
Reference: CIPS study guide page 177
LO 3, AC 3.3

NEW QUESTION # 24
A procurement manager is preparing a long-term contract with a major supplier. She decides to use the variable pricing arrangement using price indices. The payment terms describe the circumstances and mechanism where the price is allowed to change. In order to successfully manage this type of contract, the buying organisation should have...?

A. Value for money
B. Good market knowledge
C. Economy of scale
D. Selection of base year

Answer: B

Explanation:
There are several approaches to price adjustment for long-term contract. Describing circumstances and mechanism is one of them. Although this approach has some limitations, it is the best option. It relies on good market knowledge but provides the most equitable approach to satisfying the needs of the purchaser and the supplier.
Reference: CIPS study guide page 184
LO 3, AC 3.3

NEW QUESTION # 25
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Practice L4M3 Mock & Exam L4M3 Training

L4M3 Practice Test - L4M3 Training Torrent: CIPS Commercial Contracting - L4M3 Study Guide

CIPS Commercial Contracting Sample Questions (Q20-Q25):

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