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CIPS L4M3 certification exam is an essential qualification for procurement professionals who want to demonstrate their expertise in commercial contracting. L4M3 exam provides candidates with a comprehensive understanding of the principles, practices, and legal frameworks governing commercial contracts, and demonstrates that an individual has achieved the necessary competencies to manage contracts effectively. With the CIPS L4M3 certification, procurement professionals can enhance their career prospects and make a significant contribution to their organization's success.

CIPS L4M3 (CIPS Commercial Contracting) Exam is a globally recognized certification designed for procurement professionals who are involved in commercial contracting. L4M3 exam covers a wide range of topics such as the principles of commercial contracting, the legal and regulatory framework of contracting, contract management, and supplier relationship management. CIPS Commercial Contracting certification is ideal for procurement professionals who want to gain a deeper understanding of how to manage commercial contracts and build successful relationships with suppliers.

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CIPS Commercial Contracting Sample Questions (Q87-Q92):

NEW QUESTION # 87
A category buyer is purchasing medical gases for a hospital, but is experiencing volatile and unfavourable market conditions due to multiple global external factors. Owing to the volatility, the hospital's finance director has tasked the buyer with providing certainty of costs for the next 18 months. Which of the following pricing methods will enable budgeting certainty, despite the highly volatile market conditions?

A. A cost plus award fee agreement
B. Fixed pricing with economic price adjustments
C. A fixed pricing arrangement
D. A penetration pricing strategy

Answer: C

Explanation:
A fixed pricing arrangement offers the buyer cost certainty by locking in a set price for the duration of the contract, regardless of market volatility. This is crucial in environments requiring tight budget control, such as healthcare procurement. Although suppliers may factor in risk premiums, it is ideal when predictability is the priority.
Reference:CIPS L4M3 Commercial Contracting Study Guide, Chapter 4, Section 4.2.2 - Use of fixed pricing to achieve budgetary control.

NEW QUESTION # 88
Buyer D agrees a contract with Supplier C which includes the words 'to be agreed' in relation to the date for delivery of the goods. At the time of the contract, Buyer D is aware that the goods take two days to produce and one day to deliver. Buyer D contacts the supplier one week later, requesting the goods be delivered the following day. Supplier C is unable to deliver the next day but rather delivers the goods three days later. Is it the case that Buyer D can legally refuse to pay for the goods because Supplier C is in breach of contract?

A. No, because there is a contract in place and the delivery date does not matter
B. Yes, because the delivery date is an express term within the contract
C. No, because the goods were delivered within a reasonable time
D. Yes, because the goods should have been delivered within three days

Answer: C

Explanation:
In the absence of a clearly defined delivery date, contract law defaults to performance within a "reasonable time." Given that no firm delivery date was agreed upon and the goods were delivered in a timeframe consistent with known production and delivery times, the supplier is not in breach.
Reference:CIPS L4M3 Commercial Contracting Study Guide, Chapter 3, Section 3.1.1 - Implied terms and delivery timelines.

NEW QUESTION # 89
Which of the following is a true statement on express and implied terms?

A. Implied terms may derive from oral negotiations
B. Express terms must always be in writing
C. Express terms must be prepared by the party with expert knowledge
D. Express terms always take precedent over implied terms

Answer: A

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.
The types of express terms to be found in a contract are many and varied and will depend on the type of contract. Any term written into the contract is an express term and may refer to price, time scales, warranties and indemnities, limitations on liability, conditions precedent and so on.
An implied term is a term which the courts imply into a contract because it has not been expressly included by the parties. This may be because the parties did not consider it, did not think that any problem would arise in relation to it or simply omitted to include it.
The courts are very reluctant to imply terms into contracts and will only do so in the following circumstances:
1. terms implied under statute
2. terms implied under common law
3. terms implied because of custom or usage
4. terms implied due to previous dealings
5. terms implied 'in fact' or to reflect the parties' intentions
Reference:
- CIPS study guide page 126-132
- Contracts: Express and Implied Terms
LO 3, AC 3.1

NEW QUESTION # 90
In a contract, both buyer and supplier agreed the lead time is 3 days. The contract also requires that any variation must be made in writing. Then the buyer places an order by phone call and requests delivery the next day, but the supplier delivers on the third day since the order. Can buyer refuse to pay as supplier did not deliver per time?

A. Yes, the supplier has breached the contract
B. No, the supplier delivers within a reasonable time
C. Yes, late delivery is a force majeure event
D. No, supplier has shortened lead time to 1 day

Answer: B

Explanation:
Lead time is the amount of time that passes from the start of a process until its conclusion. In procurement, lead time can be understood as the amount of time that passes from placing an order until the delivery.
In the scenario, the contract requires the supplier to make a delivery within 3 days since the order. This contract can only be amended with written consent from both parties. Therefore, there is no ground for shortening the lead time to 1 day because the new lead time is only the request of buyer. Then the supplier still makes delivery within agreed lead time.
LO 1, AC 1.1

NEW QUESTION # 91
A manufacturing company signed a contract with a raw material supplier. The contract includes a clause on liquidated damages in case of late delivery. Purchaser was obliged to pay after 30 days from delivery.
Eventually raw material was delivered 1 week later than initial plan due to supplier's slow production process.
There is no defect in the delivered batch. Which of the following can be claimed by the manufacturing company?

A. Rights to refunds or repairs
B. Right of third party
C. Right of extending payment
D. Right of set-off

Answer: D

Explanation:
In certain circumstances, where two parties have monetary debts against each other, the right to set-off may arise. A right of set-off allows a ("Party 1") to take into account the amount owed to it by the second party ("Party 2") against any amount owed by Party 1 to Party 2, each party must be a debtor and a creditor.
Common law provides the key features that must be present for set-off to arise are;
1. mutuality of debts (each party must be the sole beneficial owner of the debt it is owed and the sole person liable for the debt it owes)
2. the claims each party has must be for non-payment of money
The common law provisions of set-off can be greatly enhanced by the inclusion of a contractual right to set- off (this is discussed further below) so that set-off is applicable in a greater range of situations. If you envisage set-off being a useful right it is not advisable to rely on the implied ability to use it (via common law or equitable set-off). Common law and equitable set-off are subject to various conditions and limitation however, a contractual right of set-off can be drafted to ensure parties are able to agree exactly how and when set-off should be applied.
In the above scenario, the supplier owes the manufacturer the payment for damages, while the manufacturer owes the supplier the payment for goods. This is mutuality of debts, which leads to right of set off.
Reference:
- Set-off on the right foot: a practical guide to set-off
- CIPS study guide page 158-159
LO 3, AC 3.2

NEW QUESTION # 92
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