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L4M3 Updated resource Exam Book exam topics

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The CIPS L4M3 Certification Exam covers a wide range of topics related to commercial contracting, including contract law, contract management, procurement, negotiation, and risk management. The exam is divided into two parts: the first part consists of multiple-choice questions, while the second part is a written exam that assesses the candidate’s ability to apply their knowledge to real-world scenarios. The exam is designed to test the candidate’s understanding of commercial contracting principles, as well as their ability to apply these principles to practical situations.

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CIPS Commercial Contracting Sample Questions (Q57-Q62):

NEW QUESTION # 57
To check whether supplier actually complies with the labour standards set out in the contract, the purchaser should have…?

  • A. Right to rescind the contract
  • B. Right to terminate the contract
  • C. Right to penalise the supplier
  • D. Right of audit

Answer: D

Explanation:
Many firms have compliance policies for suppliers in place. To ensure that the supplier actually comply with the standards set out, the purchaser can employ the right to audit. The buyer usually obtains the right to examine records of a vendor to determine if a fraud or a violation of company policy has occurred through the following methods:
– Right-to-audit agreement The agreement can be printed on the back of a purchase order, contract, or other procurement form.
– A simple request If the right-to-audit agreement wasn’t included on the procurement form, and the buyer suspects irregularities, he may have to beg the vendor to allow an audit to be performed. If the buyer is a major customer of the vendor, the buyer may be able to wield a big enough stick to obtain permission to look at the records.
– Right-to-audit Pitfalls
Reference:
– CIPS study guide page 160
– Reserving the Right to Audit the Suspicious Vendor: Right-to-audit clauses in vendor contracts help control fraud and abuse by affording discovery devices in examinations.
LO 3, AC 3.2

NEW QUESTION # 58
Which of the following is an agreement between service provider and user that quantifies the minimum quality of service?

  • A. Service standard
  • B. Service charter
  • C. Service guarantee
  • D. SLA

Answer: D

Explanation:
A service-level agreement (SLA) is a commitment between a service provider and a client. Particular aspects of the service – quality, availability, responsibilities – are agreed between the service provider and the service user. The most common component of an SLA is that the services should be provided to the customer as agreed upon in the contract.
A customer service charter is a document that outlines how an organization promises to work with its customers along with providing insights into how an organization operates.
A service guarantee is a marketing tool service firms have increasingly been using to reduce consumer risk perceptions, signal quality, differentiate a service offering, and to institutionalize and professionalize their internal management of customer complaint and service recovery.
Reference:
LO 2, AC 2.2

NEW QUESTION # 59
When should liquidated damages clauses be written into a contract?

  • A. When the innocent party wants to punish the breaching party.
  • B. When the loss to the innocent party will be either too uncertain or too difficult to calculate.
  • C. When the court approves the damages amount before the contract is executed.
  • D. When the breaching party wants to exclude all its liabilities

Answer: B

Explanation:
Liquidated damages are presented in certain legal contracts as an estimate of otherwise intangible or hard-to-define losses to one of the parties. It is a provision that allows for the payment of a specified sum should one of the parties be in breach of contract.
Liquidated damages are meant as a fair representation of losses in situations where actual damages are difficult to ascertain. In general, liquidated damages are meant to be fair, rather than punitive.
Limitations of Liquidated Damages
It is possible that a liquidated damages clause might not be enforced by the courts. This can occur if the monetary amount of liquidated damages cited in the clause is extraordinarily disproportional to the scope of what was affected by the breached contract.
Such limitations prevent a plaintiff from attempting to claim an unsubstantiated exorbitant amount from a defendant. For instance, a plaintiff might not be able to claim liquidated damages that amount to multiples of its gross revenue if the breach only affected a specific portion of its operations. The concept of liquidated damages is framed around compensation related to some harm and injury to the party rather than a fine imposed on the defendant.
The courts typically require that the parties involved make the most reasonable assessment possible for the liquidated damages clause at the time the contract is signed. This can provide a sense of understanding and reassurance of what is at stake if that aspect of the contract is breached. A liquidated damages clause can also give the parties involved a basis to negotiate from for an out-of-court settlement.
Reference:
– Liquidated Damages
– CIPS study guide page 158-159
LO 3, AC 3.2

NEW QUESTION # 60
To expand its operation, Steel Co. decides to build a new plant. Despite of excitement, the senior management is very concerned about the complexity and risks of such project. Hugo, the procurement manager, suggests that the company can adopt a model form of contract. What is the advantage of using model form of contract?

  • A. It shifts the balance of power in the favour of the buyer rather than the contractor
  • B. The company does not need to draft the drawings as well as specification anymore
  • C. The company could avoid the need to draft a complex contract from blank
  • D. Model form of contract eliminates the need for legal advice totally

Answer: C

Explanation:
Advantages and Disadvantages of using model form contracts.
Model form contracts save a lot of time and money. They are written by industry experts and the buyers and suppliers both understand what is included in the contract.
They are mainly used in Construction and term maintenance contacts. Typical ones are JCT and NEC.
Without the use of model form contracts the buyer and supplier will take a long time to write the terms, negotiate and finalise the contract.
This is time and money wasted.
However, model form contracts require buyers and suppliers to have training so you understand them.
Finally, if you are a buyer in a powerful position you cannot exploit that with a model form contract as these are written for mutual benefit.

Reference:
– Procurement Study Buddy on Facebook
– CIPS study guide page 147

NEW QUESTION # 61
Express terms in a contract are stated in which of the following? Select TWO that apply

  • A. Idea
  • B. Statutes
  • C. Writing form
  • D. Trade customs
  • E. Orality

Answer: C,E

Explanation:
Express terms are the terms of the agreement which are expressly agreed between the parties. Ideally, they will be written down in a contract between the parties but where the contract is agreed verbally, they will be the terms discussed and agreed between the parties.
Implied terms are terms implied into the contract by the courts. They are not expressly set out in the contract but are taken to be as effective as if they were and as if they had been included from day one of the contract. The express terms and any implied terms together create the legally binding obligations on the parties.
Reference:
– Contracts: Express and Implied Terms
– CIPS study guide page 126-132
LO 3, AC 3.1

NEW QUESTION # 62
……

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