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For CIPS professionals, passing the CIPS Commercial Contracting exams such as the L4M3 Exam is essential to achieve their dream professional life. However, passing the CIPS Commercial Contracting (L4M3) Exam is not an easy task, especially for those with busy schedules who need time to prepare well for the L4M3 Exam. To ensure success on the L4M3 Exam, you need CIPS L4M3 Exam Questions that contain all the relevant information about the exam.

CIPS L4M3 certification is particularly relevant for professionals who are involved in negotiating and managing contracts with suppliers, contractors, and other external parties. It provides them with the skills and knowledge required to effectively manage risks, negotiate favorable terms, and ensure compliance with legal and ethical standards. CIPS Commercial Contracting certification is also valuable for professionals who are looking to advance their careers in procurement and supply chain management.

Achieving the CIPS L4M3 Certification demonstrates a high level of knowledge and expertise in the field of commercial contracting. CIPS Commercial Contracting certification is highly valued by employers and can lead to career advancement opportunities, as well as increased earning potential. In addition, the CIPS L4M3 Certification is recognized globally, which means that holders of this certification can work in a wide range of industries and countries. Overall, the CIPS L4M3 Certification Exam is a valuable investment for professionals who want to enhance their skills and advance their careers in commercial contracting.

CIPS L4M3 certification is a valuable qualification for procurement and supply chain professionals who are looking to enhance their knowledge and skills in commercial contracting. It provides a comprehensive understanding of the legal and commercial aspects of contracting, and is designed to equip professionals with the skills required to effectively negotiate and manage contracts with suppliers and other external parties.

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CIPS Commercial Contracting Sample Questions (Q191-Q196):

NEW QUESTION # 191
A service contract is going to be expired, which data source is good to create specifications for ITT?
1. Incumbent supplier
2. Maintenance services
3. Alternative supplier
4. User's knowledge

A. 2, 3 and 4
B. 1, 3 and 4
C. 1, 2 and 3
D. 1, 2 and 4

Answer: B

Explanation:
There are a number of shortcuts that can be taken when drafting the specification. These include the following:
- The use of brand names
- The use of recognised standards
- The use of samples
- Information and knowledge from users/other buyers: Drafting a specification should naturally include those already used within the organisation itself, but also variants used by other companies in the same sector and other companies in different sectors
- Information from suppliers: suppliers will always be willing to assist in specification development, as this this one way in which they can seek to influence the design to favour their own products.
Reference:
LO 2, AC 2.1

NEW QUESTION # 192
A retailer prefers to display its best selling products and promotion programme on the building windows. According to rule of contract formation, this act will generally constitute...?

A. A mailbox rule
B. An offer
C. A legal capacity
D. An invitation to treat

Answer: D

Explanation:
Fisher v Bell [1960] and Pharmaceutical Society of Great Britain v Boots Cash Chemists [1953] identified that the courts will generally consider goods advertised in shop windows or those with a price tag attached to constitute an invitation to treat. An invitation to treat is a concept in contract law. It refers to an invitation for a party to make an offer enter into contractual negotiations.
Invitations to treat can be anything displayed to a large number of people, as long as there is no defined way to choose who can accept. Items on display in a shop, advertisements, and catalogues are all common examples of invitations to treat.
However, there are cases in the US shows that under some circumstances an advertisement can become an offer (see Leftkowitz v Great Minneapolis Surplus Stores [1957]).
Reference:
- What is an Invitation to Treat in Contract Law?
- CIPS study guide page 29
LO 1, AC 1.2

NEW QUESTION # 193
Foodstuffs may arrive from an overseas supplier in a deteriorated state. Is this covered under the implied term of 'satisfactory quality'?

A. Yes, as the title has not passed yet
B. Yes, the food is not of a reasonable standard
C. No, it is sale by sample
D. No, it is sale by description

Answer: B

Explanation:
Under the Sale of Goods Act and other applicable legislation, goods must be of satisfactory quality, fit for purpose, and as described. Perishable goods arriving in a spoiled state would not meet the standard of satisfactory quality, even if sold by sample or description. This is an implied term that protects the buyer.
Reference:CIPS L4M3 Commercial Contracting Study Guide, Chapter 3, Section 3.1.1 - Implied terms and quality standards.

NEW QUESTION # 194
Which of the following is a key feature of liquidated damage clauses?

A. Liquidated damage is a penalty
B. The liquidated damages are non-negotiable
C. The amount of damage is predetermined
D. The amount of liquidated damages must be exceptionally larger than the actual damages incurred

Answer: C

Explanation:
Liquidated damages are presented in certain legal contracts as an estimate of otherwise intangible or hard-to-define losses to one of the parties. It is a provision that allows for the payment of a specified sum should one of the parties be in breach of contract.
Understanding Liquidated Damages
Liquidated damages are meant as a fair representation of losses in situations where actual damages are difficult to ascertain. In general, liquidated damages are meant to be fair, rather than punitive.
Liquidated damages may be referred to in a specific contract clause to cover circumstances where a party faces a loss from assets that do not have a direct monetary correlation. For example, if a party in a contract were to leak supply chain pricing information that is vital to a business, this could fall under liquidated damages.
A common example is a design phase for a new product that may involve consultation with outside suppliers and consultants in addition to a company's employees. The underlying plans or designs for a product might not have a set market value. This may be true even if the subsequent product is crucial to the progress and growth of a company. These plans may be deemed to be trade secrets of the business and highly sensitive. If the plans were exposed by a disgruntled employee or supplier, it could greatly hamper the ability to generate revenue from the release of that product. A company would have to make an estimation in advance of what such losses could cost in order to include this in a liquidated damages clause of a contract.
Limitations of Liquidated Damages
It is possible that a liquidated damages clause might not be enforced by the courts. This can occur if the monetary amount of liquidated damages cited in the clause is extraordinarily disproportional to the scope of what was affected by the breached contract.
Such limitations prevent a plaintiff from attempting to claim an unsubstantiated exorbitant amount from a defendant. For instance, a plaintiff might not be able to claim liquidated damages that amount to multiples of its gross revenue if the breach only affected a specific portion of its operations. The concept of liquidated damages is framed around compensation related to some harm and injury to the party rather than a fine imposed on the defendant.
The courts typically require that the parties involved make the most reasonable assessment possible for the liquidated damages clause at the time the contract is signed. This can provide a sense of understanding and reassurance of what is at stake if that aspect of the contract is breached. A liquidated damages clause can also give the parties involved a basis to negotiate from for an out-of-court settlement.
Reference:
- Liquidated Damages
- CIPS study guide page 158-159
LO 3, AC 3.2

NEW QUESTION # 195
Which of the following are key features of standard terms and conditions? Select TWO that apply

A. Designed to be used in repetitive transactions
B. Non-disclosure
C. Standard terms always comply with implied terms
D. Non-negotiable
E. Specific to each purchase order

Answer: A,D

Explanation:
The key features, advantages and disadvantages of standard terms are summarised below:
- Form: Concise, generic and designed to be attached to purchase or sales orders
- Non-negotiable
- Ineffective terms: may be replaced by implied terms or national legal code rules, or subject to court 'balance of interest' judgement.
- Advantages: Basic contractual protection for most common circumstances; Avoid having to create new contract for repeat business.
- User friendly
- Usage: Low value, low risk, repetitive transactions
- Coverage: Definitions, relationship to other contracts, formation of the contract, order of precedence, price, invoicing and payment, specification, legal compliance, warrantee and liability, ownership and risk, intellectual property, data management and ethics.
- Disadvantages: Does not allow for specific circumstances; Risk for creating battle of the forms; Can create contractual uncertainty if used with purchase orders under call-off contracts.
Reference:
LO 3, AC 3.1

NEW QUESTION # 196
......

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