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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.

CIPS Commercial Contracting Certification Exam, also known as L4M3, is a professional certification program designed to assess and validate the knowledge and skills of procurement and contract management professionals in the commercial sector. L4M3 Exam is part of the Chartered Institute of Procurement and Supply (CIPS) certification program, which is globally recognized as the leading professional body for procurement and supply chain management.

One of the key areas that the CIPS L4M3 exam covers is contract formation. This includes the various types of contracts that can be used, as well as the different stages of the contract formation process. Procurement professionals will learn how to develop a contract strategy, draft a contract, negotiate terms and conditions, and finalize the agreement.

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CIPS Commercial Contracting Sample Questions (Q146-Q151):

NEW QUESTION # 146
Which of the following is likely to reduce risks of different rules regarding when offers and acceptance become effective between legal systems?

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

Answer: C

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 # 147
Which of the following are likely to be advantages of using request for quotation? Select TWO that apply:

A. Helping the buying organisation assess both price and quality
B. Lower administration costs
C. Short turnaround times
D. Encouraging suppliers to submit creative solutions
E. No specification required

Answer: B,C

Explanation:
One of the advantages of using the RFQ method to procure pricing is that the company making the solicitation does not need to prepare any documentation, as requests are sent out privately. With less paperwork to prepare, turnaround times for quotes are reduced. Administration cost is also lower in compare with other procurement method like ITT or RFP. RFQ is usually used in low value purchase, where buyer knows the detailed specification and the price is the only variable that need to consider.
To use RFQ effectively, the buyer should attach the detailed specification and standard terms & conditions. The RFQ should only be sent to verified suppliers.
Reference:
- What is an RFQ?
- CIPS study guide page 3-4
LO 1, AC 1.1

NEW QUESTION # 148
Company A buys a lorry from Company B on hire purchase. During the contractual period, Company A makes default in paying the instalment. Company B has...?

A. The option to repossess the lorry
B. Company B has to approach the court
C. The right to take repossession of the lorry
D. No right to take repossession

Answer: C

Explanation:
Hire purchase is an arrangement for buying expensive consumer goods, where the buyer makes an initial down payment and pays the balance plus interest in installments. Ownership is not transferred until the end of the agreement, hire purchase plans offer more protection to the vendor than other sales or leasing methods for unsecured items. That's because the items can be repossessed more easily should the buyer be unable to keep up with the repayments.
The answer is that Company B has the right to take repossession of the lorry.
Reference:
- Hire Purchase Agreements
- CIPS study guide page 70
LO 1, AC 1.3

NEW QUESTION # 149
Which of the following is most likely to reduce ITT preparation time while maintaining the clarity of tendering documents?

A. Eliminating pre-qualification stage from all tendering processes
B. Monitoring usage
C. Standardising documentation whenever possible
D. Using request for quotation

Answer: C

Explanation:
One of the major disadvantages of tendering process is that it is lengthy, bureaucratic and slow. To reduce the preparation time, buying organisation can:
- Plan forward
- Standardise tendering documents (such as notices, terms and conditions,...) whenever possible
- Train procurement staff
- Write down policies for tender-waiver
Buying organisation should not eliminate the pre-qualification stage from all tendering processes. This stage is used as a filter to select the most competent suppliers for next stage in restricted tendering. To save time in this process, you can design a model questionnaire.
Reference: CIPS study guide page 5
LO 1, AC 1.1

NEW QUESTION # 150
CISG will be most likely to apply to which of the following transactions?

A. Sale of electricity
B. Sale of a ship
C. Sale of iron ores
D. Sale of a property

Answer: C

Explanation:
Article 2 of CISG states that:
This Convention does not apply to sales:
(a) of goods bought for personal, family or household use, unless the seller, at any time before or at the conclusion of the contract, neither knew nor ought to have known that the goods were bought for any such use; (b) by auction; (c) on execution or otherwise by authority of law; (d) of stocks, shares, investment securities, negotiable instruments or money; (e) of ships, vessels, hovercraft or aircraft; (f) of electricity.
LO 1, AC 1.2

NEW QUESTION # 151
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