NEW L4M3 EXAM PRACTICE | L4M3 TRAINING QUESTIONS

New L4M3 Exam Practice | L4M3 Training Questions

New L4M3 Exam Practice | L4M3 Training Questions

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CIPS Commercial Contracting Sample Questions (Q99-Q104):

NEW QUESTION # 99
Under which of the following scenarios an RFQ is most likely to be used?

  • A. Purchase of a small number of standardised products under a framework agreement
  • B. Purchase of complex machinery
  • C. When the buying organisation does not know the requirements in details and needs the input from suppliers
  • D. Design of a unique and complex software code

Answer: A

Explanation:
The request for quotations is a procurement method that is used for small value procurements of readily available off-the-shelf goods, small value construction works, or small value services procurements. Request for quotations works best under a framework agreement This procurement method is also known as invitation to quote and shopping, and it does not require the preparation of tender documents to the same extent as open tendering, request for proposals or two-stage tendering.
Among 4 options:
- "Purchase of a small number of standardised products under a framework agreement": the products are standardised and there is a framework agreement in place, so RFQ is the best solution.
- "Purchase of complex machinery": Complex machinery is often a large purchase. Furthermore, suppliers' quality may vary. So RFQ is not suitable, instead, depending on the situation, buyer may opt ITT or RFP to purchase this type of machinery.
- "Design of a unique and complex software code": Unique and complex software is not off-the-shelf, thus RFQ is not suitable.
- "When the buying organisation does not know the requirements in details and needs the input from suppliers": When the detailed requirements are unknown, the best solution is request for proposal or developing dialogue with suppliers.
Reference:
- Request for Quotations
- CIPS study guide page 3-4
LO 1, AC 1.1


NEW QUESTION # 100
Under general legal principles of contract formation, which of the following will always automatically result in the termination of an offer?
1. Negotiation
2. Rejection
3. Failure conditionality
4. Non-disclosure

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

Answer: D

Explanation:
There are a number of ways for an offer to be terminated. They are events that may occur after an offer has been made which bring it to an end so that it can no longer be accepted. An offer is terminated in the following circumstances:
1. Revocation
2. Rejection
3. Lapse of time
4. Conditional Offer (or Failure of Conditionality)
5. Operation of law
6. Death
7. Acceptance
8. Illegality
Reference:
- How Is an Offer Terminated?
- CIPS study guide page 31-32
LO 1, AC 1.2


NEW QUESTION # 101
Which of the following is the procedure that makes no further competition under a framework agreement?

  • A. Standing offer
  • B. Closed system
  • C. Blanket order
  • D. Direct call-off

Answer: D

Explanation:
Direct call off is the act of placing an order under a framework agreement without having further competition.
Standing offer is an available offer.
Blanket order is another name of framework agreement
Closed system is a requirement of framework agreement. It is a system or process that, once started, does not allow new entrants.
Reference:
LO 1, AC 1.3


NEW QUESTION # 102
A service contract is going to be expired, which data source is good to create specifications for ITT?
1. Incumbent supplier
2. Maintenance services
3. Alternative supplier
4. User's knowledge

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

Answer: A

Explanation:
There are a number of shortcuts that can be taken when drafting the specification. These include the following:
- The use of brand names
- The use of recognised standards
- The use of samples
- Information and knowledge from users/other buyers: Drafting a specification should naturally include those already used within the organisation itself, but also variants used by other companies in the same sector and other companies in different sectors
- Information from suppliers: suppliers will always be willing to assist in specification development, as this this one way in which they can seek to influence the design to favour their own products.
Reference: CIPS study guide page 81-85
LO 2, AC 2.1


NEW QUESTION # 103
Which of the following should be applied when measuring frequency of on-time deliveries during a contract period?

  • A. Numerical measure
  • B. Subjective measure
  • C. Qualitative assessment
  • D. Binary measure

Answer: A

Explanation:
Number of on-time deliveries can be quantified, then numerical measures can be applied.
Frequency of on-time deliveries is measured as on-time deliveries as a percentage of total no. of deliveries for period.
LO 2, AC 2.2


NEW QUESTION # 104
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