Pass Guaranteed Quiz L4M3 - CIPS Commercial Contracting Accurate Certification Test Questions

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To be eligible to take the CIPS L4M3 certification exam, candidates must have completed the CIPS Level 4 Diploma in Procurement and Supply. This diploma covers a range of topics related to procurement, including procurement strategy, supplier management, and risk management. It is designed to equip procurement professionals with the knowledge and skills they need to succeed in their roles.

CIPS L4M3 (CIPS Commercial Contracting) Exam is a globally recognized certification designed for procurement professionals who are involved in commercial contracting. L4M3 exam covers a wide range of topics such as the principles of commercial contracting, the legal and regulatory framework of contracting, contract management, and supplier relationship management. CIPS Commercial Contracting certification is ideal for procurement professionals who want to gain a deeper understanding of how to manage commercial contracts and build successful relationships with suppliers.

CIPS Commercial Contracting Certification Exam focuses on the principles of commercial contracting, including contract formation, contract administration, and contract termination. It also covers the legal and ethical aspects of contracting, as well as the practical skills required to manage contracts effectively. L4M3 Exam is intended to test not only theoretical knowledge but also practical application, so candidates should be prepared to answer questions that require critical thinking and problem-solving.

CIPS Commercial Contracting Sample Questions (Q40-Q45):

NEW QUESTION # 40
When a supplier signs an insurance policy with an insurance company, which of the following is transferred to insurance company?

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: CIPS study guide page 150
LO 3, AC 3.2


NEW QUESTION # 41
In which of the following conditions, request for quotation produces the best results?

Answer: A

Explanation:
Request for quotation has valuable function when its use is properly controlled. It works the best under framework agreements where the contract terms are already fixed.
Reference: CIPS study guide page 3
LO 1, AC 1.1


NEW QUESTION # 42
Which of the following documents are likely to have legal standing? Select TWO that apply:

Answer: B,C

Explanation:
A quotation and a tender are both firm offers which have legal standing to the offeror. Tenders are more detailed than quotations and will include quality aspects as well as prices.
LO 1, AC 1.1 & AC 1.2


NEW QUESTION # 43
The model form contract invented by Institute of Civil Engineers is...?

Answer: D

Explanation:
NEC - New Engineering Contracts is a family of contracts invented by Institute of Civil Engineers. The contracts are suitable for procuring a diverse range of works, services and supply, ranging from major framework projects through to minor works and the purchase of supplies and goods.
FIDIC is a French language acronym for Federation Internationale Des Ingenieurs-Conseils, which means the international federation of consulting engineers. It was started in 1913 by the trio of France, Belgium and Switzerland. The United Kingdom joined the Federation in 1949. FIDIC is headquartered in Switzerland and now boasts of membership from over 60 different countries. FIDIC published its first contract, titled The Form of contract for works of Civil Engineering construction, in 1957. As the title indicated, this first contract was aimed at the Civil Engineering sector and it soon became known for the colour of its cover, and thus, The Red Book. It has become the tradition that FIDIC contracts are known in popular parlance by the colour of their cover. This first contract by FIDIC was undertaken jointly with the International federation of Building and Public works. FIDIC's concerted effort at achieving broad consultation and acceptance of its contract forms has seen subsequent editions of its contracts being ratified by the International Federation of Asian and Western Pacific Contractors Association, Associated General Contractors of America and the Inter-American Federation of the Construction Industry, Multilateral Development Banks among others. Because of the broad support it enjoys, FIDIC contracts are the foremost contracts in international construction.
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 construction industry in the United Kingdom. From its establishment in 1931, JCT has expanded the number of contributing organisations.
IMechE/IET: Institution of Mechanical Engineers/Institution of Engineering and Technology - two separate institutes that issue jointly agreed model forms covering the design, supply and installation of electrical, electronic and mechanical plant including special conditions for the ancillary development of software.
Reference:
LO 3, AC 3.1


NEW QUESTION # 44
Maximum Score: 1
John Jameson purchased his new car from Warrington Autos Ltd, a local car dealership. He signed the hire purchase agreement with Car Finance Services Ltd, and made the required three months payment in advance to confirm the purchase and take delivery of the car. On the day of delivery, the car was incorrectly offloaded from the transporter by Vehicle Transport Ltd and the car is a total insurance write off. Which party had title in the vehicle?

Answer: B

Explanation:
Under a hire purchase arrangement:
* The finance company (Car Finance Services Ltd) buys the vehicle from the dealer and retains legal title.
* The customer (John) only obtains title after all instalments are fully paid.
At the time of the accident, John had only paid three months in advance and therefore did not yet have title.
The dealer has already sold the car to the finance company, and the transporter is just a carrier.
So Car Finance Services Ltd (C) held title in the vehicle.
Reference: CIPS L4M3 Commercial Contracting - Transfer of title and risk - credit and hire purchase arrangements.


NEW QUESTION # 45
......

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