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No doubt the CIPS Commercial Contracting (L4M3) certification is one of the most challenging certification exams in the market. This CIPS Commercial Contracting (L4M3) certification exam gives always a tough time to CIPS Commercial Contracting (L4M3) exam candidates. The BootcampPDF understands this hurdle and offers recommended and real CIPS L4M3 exam practice questions in three different formats.
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.
CIPS L4M3 certification exam is ideal for procurement professionals who are responsible for managing contracts, negotiating terms and conditions, and ensuring compliance with legal requirements. L4M3 Exam covers a range of topics, including contract formation, contract management, risk management, dispute resolution, and contract termination. L4M3 exam is based on a globally recognized framework, which ensures that candidates are equipped with the knowledge and skills required to manage contracts in a variety of industries and sectors.
CIPS Commercial Contracting Sample Questions (Q46-Q51):
NEW QUESTION # 46
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. Every evidence must be recorded by paper
- B. Adopt e-procurement
- C. Rectify non-compliant activities
- D. Spend less time on auditing procurement procedures
Answer: B
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 # 47
Which of the following could be the last document in a 'battle of the forms'?
- A. Purchase order
- B. Invitation to Tender (ITT)
- C. Quotation
- D. Order acknowledgement
Answer: D
Explanation:
In a 'battle of the forms', both buyer and supplier exchange documents with conflicting terms. The general rule is that the terms of the last document exchanged before performance (e.g., delivery or payment) that is not objected to will govern the contract. An order acknowledgement from the supplier with its own terms, followed by acceptance (e.g., payment), usually constitutes the final word.
Reference:CIPS L4M3 Commercial Contracting Study Guide, Chapter 1, Section 1.2.3 - Battle of the forms and contractual precedence.
NEW QUESTION # 48
Which of the following encourages social and environmental criteria in public sector contracting in the UK?
- A. Children and Social Work Act
- B. Supply and Appropriation Act
- C. The Public Services Act
- D. Social Action, Responsibility and Heroism Act
Answer: C
Explanation:
Social and environmental criteria are increasingly encouraged in public sector contracting. In the UK, The Public Services (Social Value) Act 2012 encourages public organising to apply social and environmental criteria in contract.
Reference:
LO 2, AC 2.1
NEW QUESTION # 49
A senior procurement specialist in UK is preparing a specification in which ISO standards are used to send to global suppliers. Is this action appropriate?
- A. Yes, evert specification must have ISO standards
- B. No, the procurement specialist must use BSI standards instead
- C. Yes, ISO standards are globally recognisable
- D. No, ISO standards are unfamiliar to global suppliers
Answer: C
Explanation:
ISO standards are internationally agreed by worldwide experts. They overcome countries' differences and facilitate global trade. If a buying organisation is sourcing globally, they should use ISO standards within the specification.
Reference: CIPS study guide page 93-94
LO 2, AC 2.1
NEW QUESTION # 50
A buyer is procuring innovative new IT systems and has issued a performance specification as part of the invitation to tender. Is this a suitable approach?
- A. No, because the bidder may use it to inflate costs
- B. No, because the Procurement Team should only include outputs in specifications
- C. Yes, because it allows the bidder to present solutions and further inform the requirement
- D. Yes, because it will improve relationships and collaboration between both parties
Answer: C
Explanation:
A performance specification outlines the results or outputs required, rather than dictating how they should be achieved. This is ideal for innovation-focused procurement, like IT systems, as it allows suppliers to bring forward creative, technical solutions. It encourages market input and can lead to better value and performance.
Reference:CIPS L4M3 Commercial Contracting Study Guide, Chapter 2, Section 2.1.3 - Types of specifications including performance-based.
NEW QUESTION # 51
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