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CIPS L4M3 Exam is ideal for procurement and supply chain management professionals who want to develop their skills in commercial contracting. This qualification is a vital tool for individuals who want to advance their careers in this field. L4M3 exam is also suitable for organizations that want to ensure their employees have the requisite competencies to manage their commercial contracts effectively.
CIPS L4M3 certification exam is ideal for procurement professionals who are responsible for managing contracts, negotiating terms and conditions, and ensuring compliance with legal requirements. L4M3 Exam covers a range of topics, including contract formation, contract management, risk management, dispute resolution, and contract termination. L4M3 exam is based on a globally recognized framework, which ensures that candidates are equipped with the knowledge and skills required to manage contracts in a variety of industries and sectors.
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NEW QUESTION # 166
A fashion company is drafting a specification for an order in next year. The company wants to expand its supply base in low cost countries. The procurement department is considering applying standard ISO 3759 on method for the preparation, marking and measuring of textile fabrics, garments and fabric assemblies for use in tests for assessing dimensional change after a specified treatment. Which of the following should be taken into account when embedding this standard into the specification?
Answer: D
Explanation:
Standards are incorporated into specifications by simply cross-refering to the relevant standard by its number and date of publication. It is important to include the date of publication. All standards are reviewed from time to time and their content changes. The absence of the publication date will lead to disrupts over which version of the standard actually applies to the contract.
Reference:
LO 2, AC 2.1
NEW QUESTION # 167
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?
Answer: D
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 # 168
A buyer is procuring innovative new IT systems and has issued a performance specification as part of the invitation to tender. Is this a suitable approach?
Answer: D
Explanation:
A performance specification outlines the results or outputs required, rather than dictating how they should be achieved. This is ideal for innovation-focused procurement, like IT systems, as it allows suppliers to bring forward creative, technical solutions. It encourages market input and can lead to better value and performance.
Reference:CIPS L4M3 Commercial Contracting Study Guide, Chapter 2, Section 2.1.3 - Types of specifications including performance-based.
NEW QUESTION # 169
Which of the following is a true statement on express and implied terms?
Answer: B
Explanation:
Express terms are the terms of the agreement which are expressly agreed between the parties. Ideally, they will be written down in a contract between the parties but where the contract is agreed verbally, they will be the terms discussed and agreed between the parties.
Implied terms are terms implied into the contract by the courts. They are not expressly set out in the contract but are taken to be as effective as if they were and as if they had been included from day one of the contract. The express terms and any implied terms together create the legally binding obligations on the parties.
The types of express terms to be found in a contract are many and varied and will depend on the type of contract. Any term written into the contract is an express term and may refer to price, time scales, warranties and indemnities, limitations on liability, conditions precedent and so on.
An implied term is a term which the courts imply into a contract because it has not been expressly included by the parties. This may be because the parties did not consider it, did not think that any problem would arise in relation to it or simply omitted to include it.
The courts are very reluctant to imply terms into contracts and will only do so in the following circumstances:
1. terms implied under statute
2. terms implied under common law
3. terms implied because of custom or usage
4. terms implied due to previous dealings
5. terms implied 'in fact' or to reflect the parties' intentions
Reference:
- CIPS study guide page 126-132
- Contracts: Express and Implied Terms
LO 3, AC 3.1
NEW QUESTION # 170
Maximum Score 1
Which of the following are examples of a lack of 'capacity' to enter into a contract?
* A contracting party has a severe mental disorder
* A contracting party has failed to concentrate during negotiations
* A contracting party is 19 years of age
* A contracting party (corporation) has acted 'ultra vires' (beyond its defined legal powers)
Answer: D
Explanation:
Capacity means the legal ability to form a contract. A party lacks capacity if they are:
* Of unsound mind or mental incapacity (1), or
* A company acting beyond its powers (ultra vires) (4).
A failure to concentrate or being 19 years old does not affect legal capacity.
Reference: CIPS L4M3 Commercial Contracting - "Elements of a valid contract: Capacity, legality, consent."
NEW QUESTION # 171
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