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L4M3 Valid Exam Dumps & L4M3 Exam Bible

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Achieving the CIPS L4M3: CIPS Commercial Contracting qualification demonstrates that the candidate has a good understanding of commercial contracting activities and can effectively manage contracts. This qualification is highly respected in the procurement and supply chain profession and is recognized globally. It can help professionals to advance their careers and increase their earning potential.

CIPS Commercial Contracting course is designed for procurement and supply chain professionals who have already completed the CIPS level 4 diploma and are looking to improve their skills in the management of commercial contracts. This course is particularly suitable for those who operate in a procurement or supply management role that involves the negotiation, drafting, and management of complex contracts. The CIPS Commercial Contracting course has been carefully structured to provide procurement professionals with the skills and knowledge required to effectively execute contracts that are essential to the success of their organization.

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CIPS Commercial Contracting Sample Questions (Q66-Q71):

NEW QUESTION # 66
Which of the following should be done by procurement professionals right after obtaining a pre-written specification for a critical item so that the added value will be the greatest?

A. Select the best supplier
B. Challenge the used specification
C. Evaluate tender or quotation
D. Issue invitation to tender or request for quotation

Answer: B

Explanation:
A previously used specification must always be robustly challenged to see how well it fits the proposed circumstances. Aspects which appear not to fit should be analysed to understand why they were included in the sample specification and whether this changes the view on whether or not they should be omitted or changed.
Reference:
LO 2, AC 2.1

NEW QUESTION # 67
In a contract, both buyer and supplier agreed the lead time is 3 days. The contract also requires that any variation must be made in writing. Then the buyer places an order by phone call and requests delivery the next day, but the supplier delivers on the third day since the order. Can buyer refuse to pay as supplier did not deliver per time?

A. Yes, late delivery is a force majeure event
B. No, supplier has shortened lead time to 1 day
C. No, the supplier delivers within a reasonable time
D. Yes, the supplier has breached the contract

Answer: C

Explanation:
Lead time is the amount of time that passes from the start of a process until its conclusion. In procurement, lead time can be understood as the amount of time that passes from placing an order until the delivery.
In the scenario, the contract requires the supplier to make a delivery within 3 days since the order. This contract can only be amended with written consent from both parties. Therefore, there is no ground for shortening the lead time to 1 day because the new lead time is only the request of buyer. Then the supplier still makes delivery within agreed lead time.
LO 1, AC 1.1

NEW QUESTION # 68
A purchase order can become a contract between supplier and purchaser if it is...?

A. Accepted by the supplier
B. Issued by the buyer
C. Edited by the supplier
D. Received by the supplier

Answer: A

Explanation:
A purchase order is a document sent from a buyer to a seller, with a request to order a product. The purchase order often has its number, description and quantity of the goods, unit prices and total price, name of issuer, time of delivery, standard terms and conditions, etc. It is effectively an offer to supplier. The purchase order will become a formal contract if supplier accepted it by written notice or by performance (such as deliver the goods to the buyer's premise).
Reference:
LO 1, AC 1.2

NEW QUESTION # 69
Which of the following should be used in a contract for window cleaning during the next three months?

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

Answer: A

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:
LO 3, AC 3.3

NEW QUESTION # 70
Which of the following is most likely to reduce ITT preparation time while maintaining the clarity of tendering documents?

A. Monitoring usage
B. Eliminating pre-qualification stage from all tendering processes
C. Using request for quotation
D. Standardising documentation whenever possible

Answer: D

Explanation:
One of the major disadvantages of tendering process is that it is lengthy, bureaucratic and slow. To reduce the preparation time, buying organisation can:
- Plan forward
- Standardise tendering documents (such as notices, terms and conditions,...) whenever possible
- Train procurement staff
- Write down policies for tender-waiver
Buying organisation should not eliminate the pre-qualification stage from all tendering processes. This stage is used as a filter to select the most competent suppliers for next stage in restricted tendering. To save time in this process, you can design a model questionnaire.
Reference: CIPS study guide page 5
LO 1, AC 1.1

NEW QUESTION # 71
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