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L4M3 Test Braindumps are of Vital Importance to Pass L4M3 Exam - GuideTorrent

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CIPS L4M3 exam is ideal for professionals who are involved in the procurement and contracting process, including contract managers, procurement managers, and supply chain professionals. L4M3 exam provides a comprehensive understanding of the commercial contracting process and enables professionals to develop skills and techniques that are essential for effective contract management. Successful completion of the CIPS L4M3 Exam demonstrates a commitment to professional development and provides a competitive advantage in the job market.

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CIPS L4M3 exam is a comprehensive and challenging certification that requires candidates to demonstrate their knowledge and skills in commercial contracting. L4M3 exam is designed to test candidates' ability to apply their knowledge to real-world scenarios and make informed decisions based on sound procurement principles. CIPS Commercial Contracting certification is highly valued by employers in both the public and private sectors, and it can help procurement professionals advance their careers and increase their earning potential. Overall, the CIPS L4M3 Exam is an excellent certification for procurement professionals who want to develop their skills in commercial contracting and stay ahead in their careers.

CIPS Commercial Contracting Sample Questions (Q94-Q99):

NEW QUESTION # 94
Which of the following is most likely to be an one-off contract?

A. Franchise Agreement
B. Framework Agreement for supply of mono-crystalline silicon
C. Commercial lease agreement of an office building
D. Contract for construction of a power plant

Answer: D

Explanation:
One-off contracts are used where a supplier is only needed for a single activity unlikely to be repetitive, and where the need of the buyer is concrete and finite. Among the answers, only construction for power plant is one-off since the work is non-repetitive and the need is clearly defined.
A framework agreement is an agreement between one or more businesses or organisations, "the purpose of which is to establish the terms governing contracts to be awarded during a given period, in particular with regard to price and, where appropriate, the quantity envisaged".
A Commercial Lease Agreement is a contract used when renting business property to or from another individual or company. It gives the tenant (or renter) the right to use the property for business purposes during the term of the lease in exchange for payment to the landlord.
A franchise agreement is a legally binding document that outlines a franchisor's terms and conditions for a franchisee. Every franchise is governed by these terms, which are generally outlined in a written agreement between both parties.
Reference:
LO 1, AC 1.3

NEW QUESTION # 95
Which of the following is likely to reduce risks of different rules regarding when offers and acceptance become effective between legal systems?

A. Deemed receipt protocol
B. Time lapse
C. Withdrawal protocol
D. Letter of intent

Answer: A

Explanation:
Regarding rule of offer and acceptance, there are some differences among legal system around the world. For example, mailbox rule is generally applied in common law countries such as UK, US, Australia,.. while it is ignored in civil law countries. To clarify on rule of offer and acceptance in international trade, offerors may use expressed terms in their offers. These terms known as deemed receipt protocol.
Reference: CIPS study guide page 35
LO 1, AC 1.2

NEW QUESTION # 96
Bandpro is a reseller of branded computer products to the private and public sector. The procurement team must purchase 500 items each day solely by multiple phone calls and emails to suppliers. Due to this practice, it takes a lot of time to track and collect relevant documents. Some important documents even get lost, which makes procurement audit more burdensome. Which of the following would increase the robustness of audit trails in procurement activities?

A. Adopt e-procurement
B. Every evidence must be recorded by paper
C. Spend less time on auditing procurement procedures
D. Rectify non-compliant activities

Answer: A

Explanation:
Audit trail is a chronological record the sequence of events connected to a given transaction, such as a purchase of raw materials, payroll disbursements, or a detailed financial statement. The record includes all the source documents connected to the transaction, providing context and clarity in the event a review is required. The more comprehensive the documentation, the more effective the audit trail is when used to create financial reports, verify information, and ensure compliance while eliminating fraud.
In the scenario, the procurement team gets the quotation from phone calls and emails which have weak audit trails and lack of transparency. One solution may be increasing the use of e-procurement system.
Reference:
- What is an audit trail?
- CIPS study guide page 6-7
LO 1, AC 1.1

NEW QUESTION # 97
According to mailbox rule in some common law countries, at which point the offeree's acceptance will be effective?

A. When the letter of acceptance is received by the offeror.
B. When the letter of acceptance has been correctly addressed, its postage paid, and posted.
C. When the letter of acceptance is opened and its contents read by the offeree.
D. When the letter of acceptance has been written.

Answer: B

Explanation:
When parties do not negotiate face-to-face, a key Question: becomes when things like acceptances, rejections and revocations take effect. The general rule is that acceptances are effective on dispatch (when they are mailed). Everything else becomes effective when the offeror actually receives them. This idea is codified by the "mailbox rule" which states that acceptance is effective on dispatch, even before the offeror has received it. (The one minor exception to this rule involves option contracts for which acceptances are not effective until they are received by the offeror.) Reference:
- The Mailbox Rule
- CIPS study guide page 34

NEW QUESTION # 98
Which of the following is a disadvantage of using input specifications?

A. There is no limit to the number of suppliers who can quote
B. It is difficult to assess suitability of each quotation
C. It requires a more proactive approach to monitoring
D. There is less opportunity for innovation

Answer: D

Explanation:
Input specifications detail exactly how a supplier must provide the service or make the product. While this ensures compliance, it limits the supplier's ability to innovate or offer alternative, potentially more efficient solutions. Performance specifications, in contrast, focus on outputs and encourage innovation.
Reference:CIPS L4M3 Commercial Contracting Study Guide, Chapter 2, Section 2.1.3 - Types of specification including input and output-based.

NEW QUESTION # 99
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Tony Ford Tony Ford

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