L4M3 ACCURATE TEST - L4M3 EXAM PREP

L4M3 Accurate Test - L4M3 Exam Prep

L4M3 Accurate Test - L4M3 Exam Prep

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As the quick development of the world economy and intense competition in the international, the world labor market presents many new trends: company's demand for the excellent people is growing. As is known to us, the L4M3 certification is one mainly mark of the excellent. If you don't have enough ability, it is very possible for you to be washed out. On the contrary, the combination of experience and the L4M3 Certification could help you resume stand out in a competitive job market. Our L4M3 exam questions is specially designed for you to pass the L4M3 exam.

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.

To prepare for the CIPS L4M3 exam, candidates typically take a course or training program that covers the exam syllabus in detail. They may also use practice exams and other study materials to reinforce their learning and identify areas where they need to improve. L4M3 exam itself is a three-hour, closed-book exam consisting of multiple-choice questions and short-answer questions. Candidates who pass the exam earn the CIPS Advanced Certificate in Commercial Contracting, which is recognized globally as a mark of excellence in contract management.

CIPS L4M3 Exam mainly focuses on equipping learners with knowledge and skills in the following areas: the contract formation process, contract types, performance management, dispute resolution, and contract termination. Additionally, the certification also covers the importance of standards, ethical behavior, and current legislation to ensure best practices in commercial contracting. This knowledge continues to be crucial for all levels of commercial contracting, further underlining the importance of this certification exam.

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L4M3 Exam Prep & Valid Study L4M3 Questions

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CIPS Commercial Contracting Sample Questions (Q121-Q126):

NEW QUESTION # 121
Which of the following are likely to be advantages of using invitation to tender? Select TWO that apply:

  • A. Driving forward planning culture
  • B. Reducing risks of bribery and corruption
  • C. Short turnaround times
  • D. Quick implementation
  • E. Lower administration costs

Answer: A,B

Explanation:
Advantages of using invitation to tender may be as below:
No Nepotism: Tenders or bids are evaluated on the basis of certain predetermined criteria, such as price, quality and value for money. In other words, the firm offering the highest quality product or service at the lowest price point would win the contract. As most tender documents are opened and evaluated in a public process, I think that there remains little room for nepotism or favoritism of any kind.
Value for Money: From the perspective of the client, tenders offer the greatest value for the amount of money spent. This is due to the fact that the client can choose from a wide pool of potential suppliers to select the ones that can produce the highest quality product or service at the lowest price point. This allows the company, establishment or organization to save money without having to compromise on quality. Therefore, despite being quite time consuming, tendering is, in my opinion, a profitable long-term process from an organization's point of view.
Encourages Competition: The process of tendering helps promote a competitive market. This is because a number of potential contractors, firms or suppliers get a chance to bid for every project. And because selection depends on quality and price, every bidder tries to reduce operational inefficiencies and redundancies as much as possible in order to lower expenses and improve quality. This entire process encourages healthy competition in the market and prevents complacency and laziness, which in turn provides a boost to innovation and new ideas.
Easier Entry: The system of tendering makes it easier and simpler for new firms to enter the market or even a particular industry. This is due to the fact that contracts under this system are awarded on the basis of predetermined, objective criteria. As a result, even a firm that is a new entrant to the market, having no connections or contacts in the industry, can win a prestigious and lucrative contract by providing the highest value for the client's money. This process therefore helps new firms to quickly get a foothold in the market or industry, thus significantly lowering the traditional barriers to entry.
Reference:
- Characteristics and Benefits of the Tendering Process
- CIPS study guide page 6-8
LO 1, AC 1.1


NEW QUESTION # 122
Is the government only source of industrial standards within a country?

  • A. Yes, while ISO make standards for international trade, the government standardises other facets of their country
  • B. No, the government can only adopt standards regarding security and defence
  • C. Yes, the standards must be made by legislative branch of the country
  • D. No, an organisation can also generate its own internal standards

Answer: D

Explanation:
A standard is a document that sets out requirements for a specific item, material, component, system or service, or describes in detail a particular method or procedure. Standards are established by consensus and approved by recognized standardization bodies.
There are several different types of standards. Some of the most commonly-used standards set out the requirements that a particular kind of product, service or process must fulfil, in order to establish that it is 'fit for purpose'. Other types of standard relate to methods of testing, terminology and definitions, information requirements, or the compatibility of connections.
Standards provide individuals, businesses and all kinds of organizations with a common basis for mutual understanding. They are especially useful for communication, measurement, commerce and manufacturing.
Standards make trade easier by ensuring compatibility and interoperability of components, products and services. They bring benefits to businesses and consumers in terms of reducing costs, enhancing performance and improving safety.
Standards are voluntary, which means that businesses and other organizations are not legally obliged to apply them. However, in certain cases standards may facilitate compliance with legal requirements, such as those contained in European directives and regulations.
Standards can be made by a company, a standard organisation (such as ISO or BSI) or regulatory bodies.
Reference:
- CIPS study guide page 93-94
- Standards and your business
LO 2, AC 2.1


NEW QUESTION # 123
Which of the following are reasons why a buying organisation adopts a model contract?
1. Extremely advantageous terms for buyer
2. Correct legal terminology
3. Supplier cannot make variation to the model form
4. Specific to industry

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

Answer: B

Explanation:
Advantages for the use of model forms of contract include:
* Helps to reduce the time and cost in contract development, particularly in detailed negotiation of terms and conditions.
* Avoids starting from the beginning each time, avoids" re-inventing the wheel" each time.
* Model contract forms may be widely accepted by both buyers and sellers across the industry or sector.
* Model contract forms are even handed and designed to be fair to both parties in the contract.
* Model contract forms include standard clauses that can be selected or deleted on an as required basis.
* Model contract form's standard clauses are more likely to contain the correct legal terminology without recourse to third party experts.
Disadvantages of this type of contract include:
* Terms may be less advantageous, than may be achieved through negotiations, particularly where there is one party who is much stronger than the other.
* The generic contract may be difficult to adapt to the specific circumstances between two parties.
* Terms may not necessarily include special clauses or requirements to cover a particular or unusual situation.
* Legal advice and input may still be required, particularly where significant variations to the norm are required.
* There may be costs associated with training staff in the detailed application of the model forms of contract.
Reference:
- D5 Sample QUESTION and answer
- CIPS study guide page 147
LO 3, AC 3.1


NEW QUESTION # 124
Which of the following are the 'fundamental' labour standards laid down by the International Labour Organisation?
1. Elimination of child labour
2. Payment of a minimum wage
3. The right to collective bargaining
4. Abolition of forced labor

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

Answer: C

Explanation:
ILO Declaration on Fundamental Principles and Rights at Work was adopted in 1948. The Declaration commits Member States to respect and promote principles and rights in four categories, whether or not they have ratified the relevant Conventions.
These categories are: freedom of association and the effective recognition of the right to collective bargaining, the elimination of forced or compulsory labour, the abolition of child labour and the elimination of discrimination in respect of employment and occupation.
Reference:
- ILO Declaration on Fundamental Principles and Rights at Work
- CIPS study guide page 161-163
LO 3, AC 3.2


NEW QUESTION # 125
Sally places a purchase order to the supplier for some components that her company requires. The supplier delivers the goods as she asks, but the quality assurance team finds that these components are defective and unfit for the company's operations. Which document is the ground to decide whether the goods received are fit for purpose?

  • A. Code of conduct
  • B. Pre-qualification questionnaire
  • C. Specification
  • D. CSR policies

Answer: C

Explanation:
According to USLegal Inc, fitness for purpose refers to the standard that must be met by a seller in the course of a business. Generally, when a buyer makes known to a seller the particular purpose for which the goods are bought, there is an implied condition that the goods are reasonably fit for that purpose (customer's requirements, needs, or desires). Specification is the ground for deciding whether goods received are fit for purpose.
We already know that there are two types of specifications: conformance and performance specifications. With conformance specification, the buyer lists out technical requirements to which the goods must conform. Lacking of any requirement may be enough for the goods to be unfit. On the other hand, if performance specification is in use, the goods must be fit for specific outputs that buyer has listed in the specification.
Providing the 'fit for purpose' goods is one of the fundamental obligations of seller in sale contract. Unfulfilling this obligation would lead to legal consequences. If the goods are unfit for purpose, seller may have to:
- replace the non-conforming goods
- pay the damages to the buyer
Reference:
- Why you should keep attention to the specification when contracting with suppliers
- CIPS study guide page 137
LO 3, AC 3.1


NEW QUESTION # 126
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