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Exam L4M3 Questions Answers | Reliable L4M3 Test Vce

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The L4M3 online exam simulator is the best way to prepare for the L4M3 exam. Pass4sureCert has a huge selection of L4M3 dumps and topics that you can choose from. The CIPS Exam Questions are categorized into specific areas, letting you focus on the L4M3 subject areas you need to work on. Additionally, CIPS L4M3 exam dumps are constantly updated with new L4M3 questions to ensure you're always prepared for L4M3 exam.

CIPS L4M3 exam is ideal for procurement professionals who are involved in the procurement of goods, services, and works. It is also suitable for those who are responsible for managing the contractual relationship with suppliers. L4M3 exam covers a broad range of topics, including contract formation, contract management, contract law, risk management, dispute resolution, and supplier performance management. Candidates who pass L4M3 exam will gain a deep understanding of the commercial contracting process and will be equipped with the skills and knowledge required to manage contracts effectively.

CIPS Commercial Contracting Certification Exam is ideal for procurement and supply management professionals who are seeking to strengthen their skills and knowledge in commercial contracting. L4M3 Exam is aimed at professionals who are responsible for managing contractual relationships with suppliers, drafting and negotiating contracts, and ensuring contract compliance. It is also suited for professionals interested in developing their understanding of legal and regulatory frameworks related to contracting.

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CIPS L4M3 exam is a challenging exam that requires candidates to have a solid understanding of the principles of commercial contracting. Candidates who pass the exam are recognized as experts in the field and are highly sought after by employers. L4M3 Exam is an excellent opportunity for procurement and supply chain professionals to enhance their skills and knowledge, improve their career prospects, and contribute to the success of their organizations.

CIPS Commercial Contracting Sample Questions (Q24-Q29):

NEW QUESTION # 24
A manufacturing company signed a contract with a raw material supplier. The contract includes a clause on liquidated damages in case of late delivery. Purchaser was obliged to pay after 30 days from delivery.
Eventually raw material was delivered 1 week later than initial plan due to supplier's slow production process.
There is no defect in the delivered batch. Which of the following can be claimed by the manufacturing company?

A. Right of third party
B. Rights to refunds or repairs
C. Right of set-off
D. Right of extending payment

Answer: C

Explanation:
In certain circumstances, where two parties have monetary debts against each other, the right to set-off may arise. A right of set-off allows a ("Party 1") to take into account the amount owed to it by the second party ("Party 2") against any amount owed by Party 1 to Party 2, each party must be a debtor and a creditor.
Common law provides the key features that must be present for set-off to arise are;
1. mutuality of debts (each party must be the sole beneficial owner of the debt it is owed and the sole person liable for the debt it owes)
2. the claims each party has must be for non-payment of money
The common law provisions of set-off can be greatly enhanced by the inclusion of a contractual right to set- off (this is discussed further below) so that set-off is applicable in a greater range of situations. If you envisage set-off being a useful right it is not advisable to rely on the implied ability to use it (via common law or equitable set-off). Common law and equitable set-off are subject to various conditions and limitation however, a contractual right of set-off can be drafted to ensure parties are able to agree exactly how and when set-off should be applied.
In the above scenario, the supplier owes the manufacturer the payment for damages, while the manufacturer owes the supplier the payment for goods. This is mutuality of debts, which leads to right of set off.
Reference:
- Set-off on the right foot: a practical guide to set-off
- CIPS study guide page 158-159
LO 3, AC 3.2

NEW QUESTION # 25
In a contract, express terms and implied terms may contradict on the same issues. Under which of the following circumstances, implied terms will override express terms?

A. Implied terms are created by law which prevents them to be overridden
B. Implied terms are created by trade customs
C. No circumstances. Express terms always take precedence over implied terms
D. Contracting parties are silent on a matter that was not included in express terms

Answer: A

Explanation:
Express terms are the terms of the agreement which are expressly agreed between the parties. Ideally, they will be written down in a contract between the parties but where the contract is agreed verbally, they will be the terms discussed and agreed between the parties.
Implied terms are terms implied into the contract by the courts. They are not expressly set out in the contract but are taken to be as effective as if they were and as if they had been included from dayone of the contract.
The express terms and any implied terms together create the legally binding obligations on the parties.
Express terms are explicit and will normally override implied terms unless the implied term is created by statute and the law states that it cannot be overridden.
Reference:
- Contracts: Express and Implied Terms
- CIPS study guide page 126-132
LO 3, AC 3.1

NEW QUESTION # 26
Which of the following is the model form of contract for construction which is recommended by World Bank?

A. CIPS
B. JCT
C. ITC
D. FIDIC

Answer: D

Explanation:
FIDIC is the International Federation of Consulting Engineers (or Federation Internationale des Ingenieurs Conseils in French). FIDIC has produced many publications, including the model form contracts, best practice guidances, research on sustainability, integrity and risk management. FIDIC model form contracts have been developed by this organisation since 1999, now they consist of several different books which are marked by colours. Thus, FIDIC model contracts also have the nickname "Rainbow suite of contracts". Basically, the
"Rainbow Suite" include the following books:
* Yellow book: Plant and Design-Build Contract (2 editions: 1999 and 2017)
* Silver book: EPC/Turnkey Contract (2 editions: 1999 and 2017)
* Red book: Construction Contracts (2 editions: 1999 and 2017)
* Emerald book: Conditions of Contract for Underground Works (1st Ed 2019)
* Blue-Green book: Dredgers Contract (2 editions: 2006 and 2016)
* Gold book: Design, Build and Operate Contract Guide
* Pink book: Construction Contract Multilateral Development Bank Harmonised Ed (2 editions: 2005 and
2010)
This type of model contract is commonly used around the world because its author, International Federation of Consulting Engineers, collaborates closely with development banks such as World Bank, Africa Development Bank, Asia Development Bank, etc. Every construction project that is financed by these institutions must adopt the FIDIC contracts.
The Joint Contracts Tribunal, also known as the JCT, produces standard forms of contract for construction, guidance notes and other standard documentation for use in the constructionindustry in the United Kingdom.
From its establishment in 1931, JCT has expanded the number of contributing organisations.
ITC (International Trade Centre) produces contracts specifically designed for small companies doing international business, covering the sale of goods, distribution, services and joint ventures. Many small companies are now engaged in international trade, but don't have access to the necessary contract forms to protect themselves. ITC and leading legal experts developed eight generic contract templates that incorporate internationally recognized standards and laws for most small business situations.
CIPS has several model forms of contract designed specifically for IT buying and servicing.
Reference: CIPS study guide page 142
LO 3, AC 3.1

NEW QUESTION # 27
Electro Systems PLC is a public sector manufacturer of highly technical solutions for the telecommunications industry. The market in which it operates is fast-paced and ever-changing because of the latest inventions and developments. The products it procures are high-cost and can be subject to lengthy lead times. Michael Jones, the procurement director, believes that establishing framework agreements would be beneficial to the tendering process. How could this assist them?

A. Improve supplier lead times
B. Improve supplier product quality
C. Enable the use of mini-competitions
D. Enable the use of e-tendering

Answer: C

Explanation:
Framework agreements allow for pre-approved suppliers to be used over a contract period with simplified ordering processes. A key benefit is the use of mini-competitions among these suppliers to secure value and innovation without repeating the full tender process. This approach is highly effective in dynamic sectors like telecommunications.
Reference:CIPS L4M3 Commercial Contracting Study Guide, Chapter 4, Section 4.1.2 - Framework agreements and mini-competitions.

NEW QUESTION # 28
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. Standardising documentation whenever possible
D. Using request for quotation

Answer: C

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 # 29
......

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John Lee John Lee

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