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CIPS L4M3 Exam Dumps - Actual Questions Answers


L4M3 practice test questions answers

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Commercial Contracting

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CIPS L4M3

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L4M3 Questions and Answers

Question # 1

In a contract, express terms and implied terms may contradict on the same issues. Under which of the following circumstances, implied terms will override express terms?

A.

Implied terms are created by trade customs

B.

Contracting parties are silent on a matter that was not included in express terms

C.

No circumstances. Express terms always take precedence over implied terms

D.

Implied terms are created by law which prevents them to be overridden

Question # 2

A company is considering entering a new market. Which of the following are the external factors that influence the difference between cost and price of this company? Select THREE that apply

A.

Procurement policy

B.

Process efficiency

C.

Business strategy

D.

Threat of substitution

E.

Competitiveness of the market

F.

Relative bargaining power of supplier and purchaser

Question # 3

Cleveland Insurance (Cleveland) offers a range of insurance services. The main software used in the call centre is a customer relationship management (CRM) system. Cleveland perceived an urgent need to replace the existing CRM system to deal with the increasing number of customers and services.

Urgent Digital Ltd (Digital) is one of the bidders of Cleveland’s ITT. Its bid team is led by Hank Irvine, its technical director. Hank realises that winning the Cleveland contract (valued at approximately £50M) will enhance his career. During discussions with Cleveland, Hank offers certain assurances regarding timescales for the project. He has not carried out any investigations into the viability of the timescales. Hank has little idea whether the timescales can be met.

Cleveland decides that Digital’s bid meets with its requirements, especially given the assurances in timescale offered by Hank, and decides to proceed with it, subject to a formal contract. Eventually, a formal contract is signed by both parties. The initial assurances given by Hank about the timing of the project are never going to be achieved and are at best grossly exaggerated.

Hank’s pre-contractual assurance is most likely to be an example of which of the following?

A.

Inaccuracy in communication

B.

Threat

C.

Initial impossibility

D.

Fraudulent misrepresentation

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CIPS L4M3 Exam Dumps FAQs

1. What is the CIPS L4M3 Exam?

The CIPS L4M3 Exam, also known as the Commercial Contracting exam, is a significant milestone for procurement and supply professionals. It assesses your knowledge in commercial contracting and core principles within the field.

2. Who should take the CIPS L4M3 Exam?

This exam is ideal for individuals working in procurement, purchasing, or supply chain roles who want to gain a deeper understanding of commercial contracting. It's also beneficial for professionals seeking career advancement in these fields.

3. What are the key topics covered in the CIPS L4M3 Exam?

The CIPS L4M3 exam covers various areas related to commercial contracting, including:

  • Contract formation and types of contracts
  • Key contractual terms and conditions
  • Contract administration and performance management
  • Risk management in contracts
  • Dispute resolution mechanisms

4. What is the difference between the L4M2 and L4M3 Exams?

The L4M2 and L4M3 exams are both part of the CIPS Level 4 Diploma in Procurement and Supply, but they assess different aspects of the procurement and supply functions. Here's a breakdown of the key differences:

  • L4M2: Defining Business Needs: The CIPS L4M2 Exam focuses on understanding the needs of stakeholders, translating them into clear specifications, and developing effective sourcing strategies. Key areas covered include types of purchases, cost and benefit analysis, specification development, and risk management.
  • L4M3: Commercial Contracting: The CIPS L4M3 Exam focuses on the legal and commercial aspects of procurement contracts. It covers different types of contracts, contract negotiation, risk allocation, contract management, and performance monitoring.

5. What format does the CIPS L4M3 Exam take?

The CIPS L4M3 exam typically consists of 60 multiple-choice questions with a duration of 90 minutes.

6. Where can I find study materials to prepare for the CIPS L4M3 Exam?

DumpsMate offers comprehensive study materials like L4M3 PDF questions, L4M3 practice tests, and a L4M3 study guide to help you prepare effectively.

7. What are the benefits of using DumpsMate for CIPS L4M3 Exam preparation?

DumpsMate offers several advantages:

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