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Ace the Preparation CIPS L4M3 Exam Questions in PDF Format

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By obtaining the CIPS L4M3 Certification, professionals can demonstrate their commitment to continuous learning and professional development, as well as their expertise in commercial contracting. CIPS Commercial Contracting certification can help individuals advance in their careers, increase their earning potential, and gain recognition and respect in the industry. It can also provide organizations with the assurance that their procurement and contract management professionals have the required knowledge and skills to effectively manage commercial contracts.

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CIPS Commercial Contracting Sample Questions (Q67-Q72):

NEW QUESTION # 67
Bethy sees a coat on shop window with a $100 price tag. She comes and asks the shop owner to buy it. The owner states that the price has not been updated and the current price for the coat is $120. Bethy says the owner should honour the quoted price on window shop. Is Bethy correct?

A. Yes, the owner has made an offer by showing his product on the shop window and he must honour that offer
B. Yes, $120 for a coat is extremely unreasonable and the owner's later offer therefore void
C. No, the owner is revoking his initial offer to sell at $100 and he is proposing new offer to Bethy
D. No, the display on shop window is just an invitation to treat and the owner may change the price at his will

Answer: D

Explanation:
Based on two famous precedents, Fisher v. Bell (1961) and Pharmaceutical Society of Great Britain v. Boots Cash Chemists (1953), the display on shop window is considered as an invitation to treat. The shop owner can change the price when his customer asks to buy.
Reference: CIPS study guide page 29
LO 1, AC 1.2

NEW QUESTION # 68
To check whether supplier actually complies with the labour standards set out in the contract, the purchaser should have...?

A. Right to penalise the supplier
B. Right to terminate the contract
C. Right to rescind the contract
D. Right of audit

Answer: D

Explanation:
Many firms have compliance policies for suppliers in place. To ensure that the supplier actually comply with the standards set out, the purchaser can employ the right to audit. The buyer usually obtains the right to examine records of a vendor to determine if a fraud or a violation of company policy has occurred through the following methods:
- Right-to-audit agreement The agreement can be printed on the back of a purchase order, contract, or other procurement form.
- A simple request If the right-to-audit agreement wasn't included on the procurement form, and the buyer suspects irregularities, he may have to beg the vendor to allow an audit to be performed. If the buyer is a major customer of the vendor, the buyer may be able to wield a big enough stick to obtain permission to look at the records.
- Right-to-audit Pitfalls
Reference:
- CIPS study guide page 160
- Reserving the Right to Audit the Suspicious Vendor: Right-to-audit clauses in vendor contracts help control fraud and abuse by affording discovery devices in examinations.
LO 3, AC 3.2

NEW QUESTION # 69
While it is recognised that longer-term contracts have the potential to drive significant benefits for the organisation, a number of situations are more suited to making one-off purchases. Which of the below situations is likely to be more suited to a one-off purchase?

A. A requirement for the maintenance of buildings
B. The purchase of compatible IT infrastructure equipment
C. The ordering of equipment for a special project
D. The purchase of internal and external audit services

Answer: C

Explanation:
One-off purchases are ideal for unique, non-recurring needs such as equipment for a special project. These purchases are typically not repeated, do not require long-term supplier relationships, and are handled separately from strategic or ongoing procurement activities.
Reference:CIPS L4M3 Commercial Contracting Study Guide, Chapter 4, Section 4.1.2 - Types of procurement arrangements.

NEW QUESTION # 70
If service level agreement is used as a schedule that makes up the contract, it will be most likely to be a part of...?

A. Exclusion of liabilities
B. Specifications
C. Pricing arrangement
D. Performance management framework

Answer: D

Explanation:
If a service level agreement is used as a schedule to a contract, it will generally have the following contents:
- Service definitions. If the service information is provided by the specification, SLA should only refer to the specification to avoid any inconsistencies.
- Details on how to measure KPIs, who will measure KPIs
- Minimum requirements or targets
- Remedies if the minimum requirements are not met
...
Since SLA often lists out the KPI targets, consequences for not meeting the KPI targets and remedies to situation of poor performance, it is a part of performance management.
Reference:
LO 2, AC 2.2

NEW QUESTION # 71
When a supplier signs an insurance policy with an insurance company, which of the following is transferred to insurance company?

A. Contractual obligation
B. Risk
C. Right
D. Legal responsibility

Answer: B

Explanation:
An insurance policy transfers a specific set of risks such as the fire and flood risk for a particular asset.
The legal liability does not transfer to the insurance company (known as insurer).
Reference:
LO 3, AC 3.2

NEW QUESTION # 72
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