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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.

The Chartered Institute of Procurement and Supply (CIPS) is a globally recognized professional body that provides training and certification in procurement and supply management. One of the most popular courses offered by CIPS is the CIPS Commercial Contracting course, which enables professionals to develop their skills and knowledge to become effective negotiators and contract managers. The CIPS Commercial Contracting course is accredited by CIPS and it is an internationally recognized qualification in procurement and supply chain management.

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.

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CIPS Commercial Contracting Sample Questions (Q59-Q64):

NEW QUESTION # 59
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 legal capacity
B. An invitation to treat
C. A mailbox rule
D. An offer

Answer: B

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 # 60
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 # 61
A procurement manager is setting KPIs measurement for user satisfaction. He also wants to encourage users to share the reason why they feel the way they do. Which of the following types of KPI should the procurement manager apply?

A. Binary measure
B. Qualitative assessment
C. Quantitative measure
D. Numerical measure

Answer: B

Explanation:
There are 3 types of KPI measure:
- Binary KPIs
- Quantitative KPIs (or numerical)
- Qualitative KPIs
User satisfaction is subjective, therefore, using qualitative assessment is the best answer.
Reference:
LO 2, AC 2.2

NEW QUESTION # 62
A manufacturing company signed a contract with a raw material supplier. The contract includes a clause on liquidated damages in case of late delivery. Purchaser was obliged to pay after 30 days from delivery. Eventually raw material was delivered 1 week later than initial plan due to supplier's slow production process. There is no defect in the delivered batch. Which of the following can be claimed by the manufacturing company?

A. Right of extending payment
B. Right of set-off
C. Rights to refunds or repairs
D. Right of third party

Answer: B

Explanation:
In certain circumstances, where two parties have monetary debts against each other, the right to set-off may arise. A right of set-off allows a ("Party 1") to take into account the amount owed to it by the second party ("Party 2") against any amount owed by Party 1 to Party 2, each party must be a debtor and a creditor.
Common law provides the key features that must be present for set-off to arise are;
1. mutuality of debts (each party must be the sole beneficial owner of the debt it is owed and the sole person liable for the debt it owes)
2. the claims each party has must be for non-payment of money
The common law provisions of set-off can be greatly enhanced by the inclusion of a contractual right to set-off (this is discussed further below) so that set-off is applicable in a greater range of situations. If you envisage set-off being a useful right it is not advisable to rely on the implied ability to use it (via common law or equitable set-off). Common law and equitable set-off are subject to various conditions and limitation however, a contractual right of set-off can be drafted to ensure parties are able to agree exactly how and when set-off should be applied.
In the above scenario, the supplier owes the manufacturer the payment for damages, while the manufacturer owes the supplier the payment for goods. This is mutuality of debts, which leads to right of set off.
Reference:
- Set-off on the right foot: a practical guide to set-off
- CIPS study guide page 158-159
LO 3, AC 3.2

NEW QUESTION # 63
A construction company often subcontracts approximately 50% of the project works because of unpredictable customer's demand. Although larger corporate customers require quick response to RFQ, the time lapse between tender bid submission and contract commencement is usually long. Which of the following arrangement would benefit both the contractor and customer?

A. Framework agreement
B. Indemnity agreement
C. Collateral contract
D. Bilateral contract

Answer: A

Explanation:
According to the scenario, customers' demand changes regularly but the construction project commencement often delays. If the contractor and the customer mutually sign a legally binding contract too soon long before the commencement, the contractor may suffer poor cash flow (it must buy the materials first but has to wait for long time to be paid). A framework agreement may help both parties.
A framework agreement is a formal agreement between two organisations that is intended to become legally binding in the event that a contract is created.
A framework agreement could benefit the both parties in the following ways:
- At the time of signing, the framework agreement has not yet become a legally binding contract. The contractor and client only agree on the principles of future contracts (such as whether the work can be subcontracted or how payment will be proceeded). A well structured framework agreement will allow both parties to apply changes before contract commencement, especially regarding price and quality.
- The framework agreement assures a certainty between the contractor and client.
- The administrative works is reduced under a framework agreement.
Reference:
- CIPS study guide page 60-62
- Framework Agreements: Practice and Pitfalls
LO 1, AC 1.3

NEW QUESTION # 64
......

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Joseph Green Joseph Green

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