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CIPS L4M3 Certification Exam, also known as CIPS Commercial Contracting, is a professional qualification offered by the Chartered Institute of Procurement & Supply (CIPS). L4M3 exam is designed to test the skills and knowledge of procurement professionals who are involved in commercial contracting. It is one of the most sought-after qualifications in the procurement industry, and it is recognized by employers all over the world.
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NEW QUESTION # 99
Which of the following are true statements about RFQ process? Select TWO that apply.
Answer: A,B
Explanation:
Request for quotations is often used when the only variable is price and the purchase value is under a financial threshold. This process is less formal than ITT. RFQ should be used in the following circumstances:
- Low-value, low-risk purchases
- When the specifications are sufficiently defined or the product/service is standardised
- Where the suppliers are pre-qualified
- Where there is a framework agreement which specifies the contract terms and conditions.
Reference:
LO 1, AC 1.1
NEW QUESTION # 100
Which of the following statement is true about one-off contract?
Answer: B
Explanation:
One-off contract is the type of contract that relates to a single purchase. One-off contracts can be used for goods, services or works. One-off contract can be simple (such as buying a small number of office stationeries) or complex (such as a construction project or buying an aircraft).
A one-off contract lasts "until completion of the obligations of the parties". The performance is unlikely to be improved during contract performance since the duration is relatively shorter than framework agreement or call-off contract.
Ad-hoc purchase is an item bought for a single and non-recurring use or purpose. Ad-hoc purchase is a type of one-off contract.
Reference: CIPS study guide page 55-58
LO 1, AC 1.3
NEW QUESTION # 101
A construction company wishes to place the contract for the building of a new hotel to a principal contractor using a model form contract. Which of these is an advantage of using a 'model form contract?'
Answer: D
Explanation:
The main advantage of a model form contract is:
* The parties do not need to draft a complex contract from scratch each time,
* While still allowing some adaptation to suit the particular project.
This is exactly what option C states.
Options A and B can be features of many contracts (not unique advantages of model forms). Option D is true in practice (you still need legal advice for major changes), but it is not an advantage.
Reference: CIPS L4M3 Commercial Contracting - Model form contracts in construction and engineering.
NEW QUESTION # 102
Which of the following is a benefit to the buyer of using model form contracts?
Answer: A
Explanation:
Model form contracts streamline procurement processes by providing pre-agreed and widely understood terms, which reduce the time and legal costs of contract drafting. These are especially useful in complex industries and promote consistency and fairness.
Reference:CIPS L4M3 Commercial Contracting Study Guide, Chapter 3, Section 3.1.3 - Model form contracts and efficiency.
NEW QUESTION # 103
According to rule of contract formation, which of the following is a valid acceptance?
Answer: A
Explanation:
Once a valid acceptance takes place, a binding contract is formed. It is therefore important to know what constitutes a valid acceptance in order to establish if the parties are bound by the agreement. There are three main rules relating to acceptance:
1. The acceptance must be communicated to the offeree.
2. The terms of the acceptance must exactly match the terms of the offer.
3. The agreement must be certain.
Among the answers:
"The person says that she will think about it overnight" does not match the terms of the offer. The offeree does not assure that she will accept the offer.
"The person asks for a lower price": This is a counter-offer.
"The person states that she is able to pay the offered price" is not certain. The offeree merely provides information on her financial ability.
Reference:
- Contractual agreement - offer and acceptance
- CIPS study guide page 33-35
LO 1, AC 1.2
NEW QUESTION # 104
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