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The CIPS L4M3 exam is an internationally recognized qualification that is highly valued in the procurement industry. It is designed for individuals who are responsible for managing contracts or involved in the procurement process. As such, it is ideal for procurement professionals who are seeking to develop their careers and enhance their knowledge of commercial contracting. The exam is also suitable for individuals who work in other areas, such as legal, finance, or project management, and who want to gain a better understanding of contracts and contract management. Overall, the CIPS L4M3 exam is an essential qualification for anyone who wants to excel in the field of procurement and contracting.
The certification exam is designed for professionals who have been working in procurement roles for a few years and are looking to progress to a more specialized role in commercial contracting. This exam concentrates on contract management and its related financial and legal aspects, so candidates are expected to have a good understanding of procurement processes and procedures before attempting this certification. Thus, a prior certification, such as CIPS L4M2 (Procurement and Supply Chain Management), is advised.
The CIPS L4M3 exam is an essential assessment for procurement professionals who are looking to advance their knowledge and skills in commercial contracting. By passing this exam, they will demonstrate their ability to effectively manage contracts and ensure optimal supplier performance. This will enable them to take on more senior roles within their organizations and make a valuable contribution to their procurement function.
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NEW QUESTION # 83
Under English law's general legal principles of contract formation, which of the following are likely to be offers? Select TWO that apply.
Answer: E
Explanation:
An offer is a full statement of what the offeror is willing to provide and the terms by which they are willing to provide it.
There are some statements that are not offers:
- Invitation to treat: this states that a person or organisation is willing to enter into discussions about the possibility of a deal, but does not confirm a willingness to be bound by any terms mentioned. Catalogues, goods on display and ITTs are invitation to treat.
Civil law countries may have different perspective on this matter. Article 2:201 (3) of The Principles of European Contract Law states: 'A proposal to supply goods or services at stated prices made by a professional supplier in a public advertisement or a catalogue, or by a display of goods, is presumed to be an offer to sell or supply at that price until the stock of goods, or the supplier's capacity to supply the service, is exhausted.' Learners are advised to look at their countries' legislation for more information on offer and acceptance.
- Declaration of intention: this is defined as an aim or a plan.
- A 'mere puff' (or boast): this is anything which is not intended to be taken literally or seriously, such as many advertisement.
- Provision of information: merely provides information, but provider does not confirm willingness to be bound.
Reference:
LO 1, AC 1.2
NEW QUESTION # 84
A procurement manager is preparing a long-term contract with a major supplier. She decides to use the variable pricing arrangement using price indices. The payment terms describe the circumstances and mechanism where the price is allowed to change. In order to successfully manage this type of contract, the buying organisation should have...?
Answer: A
Explanation:
There are several approaches to price adjustment for long-term contract. Describing circumstances and mechanism is one of them. Although this approach has some limitations, it is the best option. It relies on good market knowledge but provides the most equitable approach to satisfying the needs of the purchaser and the supplier.
Reference:
LO 3, AC 3.3
NEW QUESTION # 85
A construction company is undertaking a housing development project. They need lots of bricks and other building materials, but the construction site doesn't have large area for storage of materials. Therefore, the company's suppliers must deliver the building materials with fixed quantity and at fixed time intervals. What type of contract is used between the construction company and its suppliers?
Answer: C
Explanation:
In the scenario, the contract between the company and its suppliers is continuous rather than one-off. So it cannot be one-off contract or spot purchase. The quantity and time is well known and fixed, this type of contract is known as call-off contract or blanket order.
Reference:
LO 1, AC 1.3
NEW QUESTION # 86
Which of the following is likely to reduce risks of different rules regarding when offers and acceptance become effective between legal systems?
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:
LO 1, AC 1.2
NEW QUESTION # 87
Which of the following are examples of conformance specification? Select TWO that apply:
Answer: A,E
Explanation:
There are two main types of specification: performance specification and conformance specification (sometimes called prescriptive or technical specifications).
A conformance specification establishes the characteristics a commodity must possess, including details of how the commodity will be manufactured; engineering plans, drawings, or blueprints may be included. The design specification states in prescriptive terms what the potential offeror must provide to the buyer.
Conformance specifications have following features:
- Focus on inputs
- Give specific method, processes and materials
- May identify specific manufacturers or components
- The 'how' as well as the 'what'
- Ties supplier to set details
Reference:
- Public Procurement Practice: SPECIFICATIONS
- CIPS study guide page 8-10
LO 1, AC 1.1
NEW QUESTION # 88
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