Latest CIPS L4M3 Exam Test | L4M3 Top Exam Dumps

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Our CIPS L4M3 practice exam simulator mirrors the L4M3 exam experience, so you know what to anticipate on L4M3 certification exam day. Our CIPS Commercial Contracting (L4M3) practice test software features various question styles and levels, so you can customize your CIPS L4M3 exam questions preparation to meet your needs.

Achieving the CIPS L4M3 Certification demonstrates that an individual has a strong understanding of the principles of commercial contracting, as well as the ability to apply those principles in a practical setting. CIPS Commercial Contracting certification is highly respected in the procurement and supply chain management field and can lead to enhanced career opportunities and increased earning potential.

CIPS Commercial Contracting Sample Questions (Q68-Q73):

NEW QUESTION # 68
In what way might a contract clause be used to stop the supplier from making unwarranted price increases during the term of the contract?

Answer: A

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 # 69
Which of the following is likely to reduce risks of different rules regarding when offers and acceptance become effective between legal systems?

Answer: B

Explanation:
Regarding rule of offer and acceptance, there are some differences among legal system around the world. For example, mailbox rule is generally applied in common law countries such as UK, US, Australia,.. while it is ignored in civil law countries. To clarify on rule of offer and acceptance in international trade, offerors may use expressed terms in their offers. These terms known as deemed receipt protocol.
Reference:
LO 1, AC 1.2


NEW QUESTION # 70
Which of the following is the type of insurance that cover the liabilities of service provider such as legal advice, accountancy, technical designs, etc?

Answer: C

Explanation:
The most usual forms of insurance cover are as below:
- Employer's liability: Employers' liability insurance, sometimes known as employment practices liability insurance (EPLI), protects employers from financial loss if a worker has a job-related injury or illness not covered by workers' compensation. Employers' liability insurance can be packaged with workers' compensation insurance to further protect companies against the costs associated with workplace injuries, illnesses, and deaths. Employers' liability insurance is also called "part 2" of a workers' compensation policy.
- Public/product liability: Public liability insurance covers you against any claims made against your business
- for example if you were held legally liable for personal injury, or for damage done to property. The insurance will also cover you for any legal costs associated with defending claims against your business.
- Professional indemnity insurance (PII): 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 coverage: Goods in transit insurance, sometimes referred to as GIT, covers goods against loss or damage while being moved from one place to another. These goods can be being carried by individuals in their own vehicle, self employed drivers or contractors or by third party carriers. The insurance can cover both domestic and international trips, with specific add-ons available for insurance within Europe.
Reference: CIPS study guide page 151-152
LO 3, AC 3.2


NEW QUESTION # 71
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?

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 # 72
Which of the following is an invitation to treat?

Answer: D

Explanation:
An invitation to treat is an action inviting other parties to make an offer to form a contract. These actions may sometimes appear to be offers themselves, and the difference can sometimes be difficult to determine. The distinction is important because accepting an offer creates a binding contract while "accepting" an invitation to treat is actually making an offer.
One simple test to distinguish an offer and an invitation to treat is to ask what this statement will become when it is accepted. Now we apply this test to four options:
- Tender bid: Tender bid is submitted by a supplier to an invitation to tender from the buyer. It states the specific quantity, price and other elements. If buyer accepts the bid, there will be a contract between them. Therefore, a tender bid is an offer.
- Purchase order: Purchase order which is sent by a buyer will state the items, the quantity, the price and terms and conditions. If supplier accepts the purchase order, there will also be a contract between two parties. It is also an offer.
- Price list: Price list is prepared by a supplier. The price list often states the items and unit price. If a buyer accepts it, the contract has not yet been formed since the contract scope has not yet been decided. It is an invitation to treat.
- Invoice: Invoice is often sent after a contract is formed. It is in fact a request for payment, neither offer nor invitation to treat.
Reference:
- CIPS study guide page 29-32
- What Is an Invitation to Treat?
LO 1, AC 1.1


NEW QUESTION # 73
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