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CIPS L4M3 Exam is divided into three parts. The first part focuses on the principles of commercial contracting. This includes understanding the different types of contracts, the legal and regulatory framework for contracts, and the key elements of a contract. Candidates will also learn about the different methods of contract pricing and the various types of contracts used in procurement.

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CIPS Commercial Contracting Sample Questions (Q11-Q16):

NEW QUESTION # 11
RL Corporation are developing a specification for a new piece of equipment. They have no prior experience of procuring the item. The procurement manager wants to understand the benefits and risks of conducting market dialogue to help inform the procurement strategy. Which of the following are three potential advantages of market dialogue? Select THREE that apply.

A. Organisations can clarify and optimise the requirements
B. The procurement process becomes significantly quicker
C. There is no need to conduct a full procurement process
D. Purchasers can gauge market interest and competition
E. More collaborative supplier relationships can be developed
F. Market dialogue is risk-free as there is no contract or agreement

Answer: A,D,E

Explanation:
Market dialogue allows buyers to better understand supplier capabilities and refine their requirements. It promotes collaboration, helps clarify technical details, and indicates how much interest and competition exists in the market. However, it doesn't replace the formal procurement process and still carries some risk if not managed transparently.
Reference:CIPS L4M3 Commercial Contracting Study Guide, Chapter 2, Section 2.1.1 - Market dialogue and pre-tender supplier engagement.

NEW QUESTION # 12
Which of the following statement is true about one-off contract?

A. Ad-hoc purchase is not a type of one-off purchase
B. One-off contracts can be used for services and works
C. One-off contracts only apply to low-value, low-risk purchase
D. Suppliers have many opportunities to improve the quality during the performance of one-off contract

Answer: B

Explanation:
One-off contract is the type of contract that relates to a single purchase. One-off contracts can be used for goods, services or works. One-off contract can be simple (such as buying a small number of office stationeries) or complex (such as a construction project or buying an aircraft).
A one-off contract lasts "until completion of the obligations of the parties". The performance is unlikely to be improved during contract performance since the duration is relatively shorter than framework agreement or call-off contract.
Ad-hoc purchase is an item bought for a single and non-recurring use or purpose. Ad-hoc purchase is a type of one-off contract.
Reference:
LO 1, AC 1.3

NEW QUESTION # 13
Which of the following should include in the service level agreement that is an appendix of a contract?
1. How often the service is measured
2. Minimum qualification of supplier staffs
3. Remedies to resolve dispute
4. On time service delivery

A. 1, 2 and 3 only
B. 1, 2 and 4 only
C. 2, 3 and 4 only
D. 1, 3 and 4 only

Answer: B

Explanation:
When the SLA is a schedule or an appendix to the contract, it should clearly state the following:
1. KPIs: how they are to be measured, who measures them and how often
2. How the measurements convert into scores
3. Any other service level standards, which may be of lesser importance than the KPIs
4. Minimum acceptable standards or scores in each case
5. Range of scores both above and below the minimum acceptable
6. Any mitigating factors which might apply in the event of poor performance
7. Any time period permitted in which to remedy a situation or poor performance.
In this question, "2. Minimum qualification of supplier staffs" and "4. On time service delivery" are the KPIs, while "1. How often the service is measured" is the frequency in which the KPIs are measured.
The remedies available in the event of poor performance should be set out in the body of the contract, along with those for any other contractual breach. These clauses should be cross-referenced in the SLA.
Reference:
LO 2, AC 2.2

NEW QUESTION # 14
Curnoe Ltd supplied tyres to Garage Ltd. Garage Ltd agreed in the contract that for any specified breaches of contract, it would pay Curnoe Ltd £5 per tyre sold in breach. It subsequently sold tyres at below the listed price, which was one of the breaches mentioned in the contract. What is the £5 per tyre provision an example of?

A. Quantum meruit
B. Unliquidated damages
C. Liquidated damages
D. Exclusion clause

Answer: C

Explanation:
Liquidated damages are a pre-agreed amount stated in the contract, payable upon a specific breach. These clauses are enforceable if the amount is a genuine pre-estimate of loss and not punitive. In this case, the £5 per tyre is a typical liquidated damages clause as it quantifies the penalty for non-compliance.
Reference:CIPS L4M3 Commercial Contracting Study Guide, Chapter 3, Section 3.2.1 - Liquidated damages, indemnities, and breach clauses.

NEW QUESTION # 15
Which of the following is set down in statute as a liability that exists without any need to prove fault?

A. Non-current liability
B. Contingent liability
C. Strict liability
D. Current liability

Answer: C

Explanation:
- Strict liability, sometimes called absolute liability, is the legal responsibility for damages, or injury, even if the person found strictly liable was not at fault or negligent. Strict liability has been applied to certain activities in tort, such as holding an employer absolutely liable for the torts of her employees, but today it is most commonly associated with defectively manufactured products. In addition, for reasons of public policy, certain activities may be conducted only if the person conducting them is willing to insure others against the harm that results from the risks the activities create.
- Current liabilities are a company's short-term financial obligations that are due within one year or within a normal operating cycle.
- Non-current liabilities, also called long-term liabilities or long-term debts, are long-term financial obligations listed on a company's balance sheet
- Contingent liability is a potential liability that may occur, depending on the outcome of an uncertain future event.
Reference:
LO 3, AC 3.2

NEW QUESTION # 16
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CIPS Commercial Contracting Sample Questions (Q11-Q16):