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CIPS L4M3 Exam Syllabus Topics:

TopicDetails
Topic 1
  • Drafting specifications and developing marketdialogue with suppliers
  • Understand the legal issues that relate to the formation of contracts
Topic 2
  • Cost plus and cost reimbursable pricing arrangements
  • Invitations to treat or invitations to negotiate
Topic 3
  • Compare types of contractual agreements made between customers and suppliers
  • Standardisation of requirements versus increasing the range of products
Topic 4
  • Terms that apply to labour standards and ethical sourcing
  • Including social and environmental criteria inspecifications
Topic 5
  • Appraise examples of key performance indicators (KPIs) in contractual agreements
  • Analyse the legal issues that relate to the creation of commercial agreements with customers or suppliers
Topic 6
  • Defining contractual performance measures or key performance indicators (KPI)
  • Understand the key clauses that are included informal contracts
Topic 7
  • Risks presented by contracting on suppliers terms or through oral contracts
  • Analyse the content of specifications for procurements
Topic 8
  • Recognise examples of contractual terms typically incorporated into contracts that are created with external organisations
  • Invitation to tender or request for quotation
Topic 9
  • Recognise types of pricing arrangements incommercial agreements
  • The battle of the forms and precedence of contract terms

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2023 High-quality L4M3: New CIPS Commercial Contracting Test Practice

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CIPS Commercial Contracting Sample Questions (Q79-Q84):

NEW QUESTION # 79
Which of the following are typically included in an SLA? Select TWO that apply:

  • A. Requirements for packaging
  • B. Product's lifespan
  • C. KPI details
    Correct)
  • D. Service definition
  • E. Code of conduct

Answer: C,D

Explanation:
The core elements of an SLA are set out below:
- Service definition
- Quality definition
- KPI details
- KPI management response
- Operational performance and management response
- Constraints or mitigating factors
Reference:
LO 2, AC 2.2


NEW QUESTION # 80
Which of the following are true statements about RFQ process? Select TWO that apply.

  • A. RFQ process is not suitable for low value purchase
  • B. RFQ process requires the suppliers to submit their technical proposals
  • C. RFQ process creates heavier administrative burdens than tendering process
  • D. Price is often the only variable in the RFQ and quotations
  • E. Buying organisation should only send RFQ to pre-qualified suppliers

Answer: D,E

Explanation:
Request for quotations is often used when the only variable is price and the purchase value is under a financial threshold. This process is less formal than ITT. RFQ should be used in the following circumstances:
- Low-value, low-risk purchases
- When the specifications are sufficiently defined or the product/service is standardised
- Where the suppliers are pre-qualified
- Where there is a framework agreement which specifies the contract terms and conditions.
Reference:
LO 1, AC 1.1


NEW QUESTION # 81
A procurement professional is drafting payment terms for a commercial contract. He is considering about payment method if defective products are found. Which of the following should be embedded in payment terms to control this issue?

  • A. Remedies for late payment
  • B. Retention clause
  • C. Invoice preparation
  • D. Pay-less notice

Answer: B

Explanation:
Retention money is the payment for a service or product that is withheld pending the completion of some specified condition. For example, buyer may withhold the amount due until the supplier replace all defective goods.
Pay-less notice is the notice under a contract which states that the invoice will only be partially paid because of some issues such as supplier has to pay the damages.
Remedies for late payment are remedies that supplier may seek when a buyer pay it later than the stated payment terms. Normally, the buyer will be charged an interest rate.
Reference:
LO 3, AC 3.3


NEW QUESTION # 82
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?

  • A. Type of specification
  • B. Supplier selection
  • C. Date of publication
  • D. Legality

Answer: C

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 # 83
Which of the following are implied terms in sales contracts? Select THREE that apply.

  • A. Fitness for purpose
  • B. Transfer of ownership
  • C. Customer satisfaction
  • D. Risk transfer
  • E. Mode of transportation
  • F. Payment method

Answer: A,B,D

Explanation:
Generally, under the Sale of Goods Acts (in UK, Singapore, Australia,...) or Commercial Codes (in France, Germany, Vietnam,...), the sale contracts have the following implied terms:
- the seller has the right to sell the goods. This is also a condition of the contract
- the goods are free from undisclosed security interests
- the goods supplied under the contract will be reasonably fit for any purpose which the buyer made known to the seller
- sales of unseen goods will be of merchantable quality, and match their description and conform with a sample.
- Passing of risk
- Passing of possession and title
...
Reference:
LO 3, AC 3.1


NEW QUESTION # 84
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