CIPS L4M3 : CIPS Commercial Contracting

CIPS L4M3 Exam Syllabus Topics:

Reference: https://www.cips.org/qualifications/diploma-in-procurement-supply/commercial-contracting/

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CIPS Commercial Contracting Sample Questions:

Question #1
Which of the following could be the last document in a 'battle of the forms'?

A. Purchase order
B. Invitation to Tender (ITT)
C. Quotation
D. Order acknowledgement

Question #2
In the application of price adjustment formulae, which of the following would be acceptable for a supplier to increase its selling price?

A. Rising incidence of defects
B. Rising fuel costs
C. Rising share prices
D. Rising market expectations

Question #3
Procurement professionals must have an awareness of labour standards and environmental, social and governance issues when contracting with suppliers. Which TWO of the following are relevant for consideration?

A. Indemnity
B. Sustainability
C. Modern Slavery
D. Warranty
E. ISO9000 accreditation

Question #4
XYZ Ltd and Engineer Corp signed a long-term supply contract in which both parties had agreed on performance targets. Recently, due to increased customer demands, XYZ Ltd realises that they should make changes to the contract with Engineer Corp with regards to performance management. These changes are approved and signed by both the buyer and seller. The changes to the contract are known as...?

A. A separate counter-offer to the supplier
B. A stand-alone subcontract to the prime contract
C. An appendix to the prime contract
D. An amendment to the prime contract

Question #5
Maximum Score 6
An urgent component requirement needs to be purchased to meet the timescales of a project. A supplier proposes using its standard terms and conditions. What risk to the buying organisation could this bring?

A. Contract conditions that are favourable to the supplier
B. A breach of the supplier's internal financial controls
C. Contract conditions that are favourable to the buyer
D. A breach of competition laws

Solutions: