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The CIPS L4M3 exam, also known as CIPS Commercial Contracting, is a crucial qualification for procurement professionals who are interested in advancing their knowledge in commercial contracting. This exam is specifically designed to provide learners with an in-depth understanding of the commercial contracting process and equip them with the necessary skills to manage contracts effectively. The exam covers a broad range of topics, including contract development, contract negotiation, contract management, and contract termination.
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The 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. The exam is also suitable for organizations that want to ensure their employees have the requisite competencies to manage their commercial contracts effectively.
The CIPS L4M3 exam mainly focuses on equipping learners with knowledge and skills in the following areas: the contract formation process, contract types, performance management, dispute resolution, and contract termination. Additionally, the certification also covers the importance of standards, ethical behavior, and current legislation to ensure best practices in commercial contracting. This knowledge continues to be crucial for all levels of commercial contracting, further underlining the importance of this certification exam.
NEW QUESTION # 63
CMS Corp goes into a gainshare agreement with the contractor, EIP Ltd. Both parties agree that the final fee will be calculated on target cost - target fee basis. Which of the following will affect the final fee payable in this gainshare agreement? Select TWO that apply:
Answer: D,E
Explanation:
An incentive contract is a sub-segment of a fixed-price or cost-reimbursement contract when there are specific cost or time commitments that are desired for a project. The standard incentive contract will allow for a fixed price to be paid for work to be completed by a specific deadline and at a specific cost.
There are two major types of incentive contracts: Cost-plus-incentive fee and Fixed-price incentive (firm target) contracts. Both types have the same formula for calculating final fee and final price.
The target fee is the amount that will be paid if the actual costs (which can be proven) match the target costs The actual fee will be adjusted in proportion to the difference between the target cost and the actual cost. The usual calculation is:
Target fee + ((target cost - actual cost) x Supplier share) = final fee The final price then becomes:
Actual cost + final fee = final price
Reference:
LO 3, AC 3.3
NEW QUESTION # 64
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?
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:
LO 1, AC 1.2
NEW QUESTION # 65
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: B
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 # 66
Which of the following is an agreement between service provider and user that quantifies the minimum quality of service?
Answer: B
Explanation:
A service-level agreement (SLA) is a commitment between a service provider and a client. Particular aspects of the service - quality, availability, responsibilities - are agreed between the service provider and the service user. The most common component of an SLA is that the services should be provided to the customer as agreed upon in the contract.
A customer service charter is a document that outlines how an organization promises to work with its customers along with providing insights into how an organization operates.
A service guarantee is a marketing tool service firms have increasingly been using to reduce consumer risk perceptions, signal quality, differentiate a service offering, and to institutionalize and professionalize their internal management of customer complaint and service recovery.
Reference:
LO 2, AC 2.2
NEW QUESTION # 67
Which of the following will be included in a conformance specification?
1. Brand names
2. Description of the operating environments
3. Chemical formulae
4. Required safety level
Answer: D
Explanation:
According to CIPS, there are two main types of specification:
- Conformance specification - is more output driven as it outlines the product details exactly which may include the material, dimensions, tolerances, source, ingredients, packaging, storage of the part or material.
- Performance specification - is more output driven in terms of what the part or material must achieve.
Among the four options, only 2. 'Description of the operating environments' and 3. 'Chemical formulae' are possible components of a conformance specification. Brand names can be a part of a performance specification, according to a document published by CIPS and NIGP.
Reference:
- CIPS study guide page 8-10
- Knowledge Byte - Specification Development
- Principles and Practices of Public Procurement: Specifications
LO 1, AC 1.1
NEW QUESTION # 68
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