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The CIPS Commercial Contracting (L4M3) study material of Dumpleader is available in three different and easy-to-access formats. The first one is printable and portable CIPS Commercial Contracting (L4M3) PDF format. With the PDF version, you can access the collection of actual CIPS L4M3 Questions with your smart devices like smartphones, tablets, and laptops.

CIPS L4M3 Exam is a comprehensive test, with a syllabus that covers topics like contract formation, types, scope, and execution. It also delves into different types of contracts, including commercial, construction, and government contracts. L4M3 Exam also provides an overview of the legal aspects of commercial contracting, such as the essential elements of a contract, its enforceability, and termination methods.

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CIPS Commercial Contracting Exam Practice Dump Provide Best L4M3 Study Questions

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To prepare for the CIPS L4M3 exam, candidates can access a range of study materials, including textbooks, online resources, and practice exams. It is recommended that candidates have a good understanding of the CIPS Level 4 syllabus and have completed the previous two core modules before attempting L4M3 Exam.

CIPS Commercial Contracting Sample Questions (Q83-Q88):

NEW QUESTION # 83
In order to monitor supplier's performance, an organization decides to draft performance management frameworks. Which of the following are the components of a performance management framework? Select THREE that apply:

A. Consequences
B. Justification
C. Indemnity
D. KPIs
E. Force majeure
F. Targets

Answer: A,D,F

Explanation:
There are three key components of a performance management framework:
- Key performance indicators (KPIs) - What you are measuring
- Targets - the performance level to be achieved
- Consequences - what happens if the measures are not achieved and/or if they are exceeded Reference: CIPS study guide page 11-14 LO 1, AC 1.1

NEW QUESTION # 84
Bandpro is a reseller of branded computer products to the private and public sector. The procurement team must purchase 500 items each day solely by multiple phone calls and emails to suppliers. Due to this practice, it takes a lot of time to track and collect relevant documents.Some important documents even get lost, which makes procurement audit more burdensome. Which of the following would increase the robustness of audit trails in procurement activities?

A. Spend less time on auditing procurement procedures
B. Rectify non-compliant activities
C. Every evidence must be recorded by paper
D. Adopt e-procurement

Answer: D

Explanation:
Audit trail is a chronological record the sequence of events connected to a given transaction, such as a purchase of raw materials, payroll disbursements, or a detailed financial statement. The record includes all the source documents connected to the transaction, providing context and clarity in the event a review is required.
The more comprehensive the documentation, the more effective the audit trail is when used to create financial reports, verify information, and ensure compliance while eliminating fraud.
In the scenario, the procurement team gets the quotation from phone calls and emails which have weak audit trails and lack of transparency. One solution may be increasing the use of e-procurement system.
Reference:
- What is an audit trail?
- CIPS study guide page 6-7
LO 1, AC 1.1

NEW QUESTION # 85
MWB operates serviced offices in central London. Rock entered a contractual licence with MWB to occupy office space in Marble Arch and had accumulated licence fees in arrears. The original licence agreement contained a 'No Oral Modification' clause that said: 'All variations to this licence must be agreed, set out in writing and signed on behalf of both parties before they take effect'.
After 6 months, Rock director re-negotiated to extend payment period over phone call and MWB credit controller agreed his proposal. Is this agreement considered as an effective variation to the original licence agreement?

A. Yes, because parties who agree to altering the original contract orally despite a 'No Oral.
B. Yes, because the credit controller had agreed with Rock director's proposal
C. No, because the mechanism for variation has been set out in the original contract
D. No, because Rock director assumed that the variation was effective and convinced credit controller to believe it
E. Modification' clause, must have intended to dispense with the clause

Answer: C

Explanation:
The license can be amended during its lifespan. However, in this case, it already has a clauseallowing for mechanism of variation which sets out who can authorise changes and prohibits any oral variation. Therefore, the agreement between Rock's director and MWB credit controller is not an effective variation to the license.
Reference: CIPS study guide page 26-27
LO 1, AC 1.1

NEW QUESTION # 86
Which of the following is set down in statute as a liability that exists without any need to prove fault?

A. Contingent liability
B. Non-current liability
C. Strict liability
D. Current liability

Answer: C

Explanation:
- Strict liability, sometimes called absolute liability, is the legal responsibility for damages, or injury, even if the person found strictly liable was not at fault or negligent. Strict liability has been applied to certain activities in tort, such as holding an employer absolutely liable for the torts of her employees, but today it is most commonly associated with defectively manufactured products. In addition, for reasons of public policy, certain activities may be conducted only if the person conducting them is willing to insure others against the harm that results from the risks the activities create.
- Current liabilities are a company's short-term financial obligations that are due within one year or within a normal operating cycle.
- Non-current liabilities, also called long-term liabilities or long-term debts, are long-term financial obligations listed on a company's balance sheet
- Contingent liability is a potential liability that may occur, depending on the outcome of an uncertain future event.
Reference: CIPS study guide page 148
LO 3, AC 3.2

NEW QUESTION # 87
Which of the following is the most suitable model contract for car lift manufacturing?

A. CIPS
B. FIDIC
C. ITC
D. IMechE/IET

Answer: D

Explanation:
IMechE/IET: Institution of Mechanical Engineers/Institution of Engineering and Technology - two separate institutes that issue jointly agreed model forms covering the design, supply and installation of electrical, electronic and mechanical plant including special conditions for the ancillary development of software. Car lifts are mechanical products, so IMechE/IET is the most suitable model contract for this type of product.
FIDIC is a French language acronym for Federation Internationale Des Ingenieurs-Conseils, which means the international federation of consulting engineers. It was started in 1913 by the trio of France, Belgium and Switzerland. The United Kingdom joined the Federation in 1949. FIDIC is headquartered in Switzerland and now boasts of membership from over 60 different countries. FIDIC published its first contract, titled The Form of contract for works of Civil Engineering construction, in 1957. As the title indicated, this first contract was aimed at the Civil Engineering sector and it soon became known for the colour of its cover, and thus, The Red Book. It has become the tradition that FIDIC contracts are known in popular parlance by the colour of their cover. This first contract by FIDIC was undertaken jointly with the International federation of Building and Public works. FIDIC's concerted effort at achieving broad consultation and acceptance of its contract forms has seen subsequent editions of its contracts being ratified by the International Federation of Asian and Western Pacific Contractors Association, Associated General Contractors of America and the Inter-American Federation of the Construction Industry, Multilateral Development Banks among others. Because of the broad support it enjoys, FIDIC contracts are the foremost contracts in international construction.
The Chartered Institute of Procurement and Supply (CIPS) has some model contracts for IT functions including: supply and installation of computer equipment, support and maintenance of bespoke software, servicing of computer equipment,...
The International Trade Centre (ITC) produces contracts specifically designed for small companies doing international business, covering the sale of goods, distribution, services and joint ventures.
Reference: CIPS study guide page 142
LO 3, AC 3.1

NEW QUESTION # 88
......

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