TESTKING L4M3 EXAM QUESTIONS - USEFUL L4M3 DUMPS

Testking L4M3 Exam Questions - Useful L4M3 Dumps

Testking L4M3 Exam Questions - Useful L4M3 Dumps

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CIPS L4M3 Exam is an important qualification for procurement professionals who are involved in commercial contracting. L4M3 exam covers a wide range of topics and tests candidates' knowledge of legal principles, contract negotiation, contract drafting, contract management, and contract performance evaluation. Procurement professionals who pass the exam will have a competitive advantage in the job market and will be well-prepared to take on more senior roles in their organizations.

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Hot Testking L4M3 Exam Questions | Efficient Useful L4M3 Dumps: CIPS Commercial Contracting

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CIPS L4M3 (CIPS Commercial Contracting) Exam is a globally recognized certification that demonstrates an individual's proficiency in commercial contracting. L4M3 exam is designed for procurement professionals who are involved in negotiating and drafting commercial contracts on behalf of their organization. The CIPS L4M3 Exam covers a wide range of topics related to commercial contracting, including contract formation, contract negotiation, contract law, and contract management.

CIPS Commercial Contracting Sample Questions (Q124-Q129):

NEW QUESTION # 124
Which of the following are features of performance specification?
1. Method of achieving the buyer's desired result
2. What needs to be achieved when using the product
3. Purposes of the product
4. Technical and physical characteristics of the product

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

Answer: A

Explanation:
There are 2 major types of specifications:
1. Performance specifications
These are Specifications that define the purpose of the goods or services in terms of how effectively it will perform. Performance is a logical extension of function. Performance specifications define the task or desired result by focusing on what is to be achieved. They do not describe the method of achieving the desired result.
2. Technical (or conformance) specifications
These are Specifications that define the technical and physical characteristics and/or measurements of a product, such as physical aspects (e.g. dimensions, colour, and surface finish), design details, material properties, energy requirements, processes, maintenance requirements and operational requirements. They are used when functional and performance characteristics are insufficient to define the requirement and are often used for engineering and information technology requirements.
Reference:
- Specification Writing
- CIPS study guide page 9-11
LO 1, AC 1.1


NEW QUESTION # 125
A large company supplies a lot of products. Their shipments are often delayed and customers are not satisfied. Which of the following KPIs is most likely to be applied to this situation?

  • A. Consignment stock availability
  • B. Technical support
  • C. Delay damages
  • D. OTIF delivery

Answer: D

Explanation:
If the deliveries often delay, buyer should use KPI to measure how many missed deliveries there are and the percentage of total missed deliveries on total number of deliveries for period. OTIF (one-time in-full) delivery might help.
Consignment stock availability means that the supplier holds adequate range/number of units of stock to offer a reliable service Delay damages are the consequences caused by delay of deliveries Technical support is the acceptable quality of technical information/support provided by supplier for goods supplied.
LO 2, AC 2.2


NEW QUESTION # 126
A senior buyer is preparing specification for the next purchase. He intends to embed social and environmental criteria that align with his organisation's overarching strategy. Which of the following provides the social and environmental objectives that an organisation pursues?

  • A. Organisation's CSR policies
  • B. Procurement Systems and Technology
  • C. Economic performance
  • D. Economy of scale

Answer: A

Explanation:
The organisation should have an overarching strategies or policies which sets out the social and environmental objectives to be pursued via procurement and the supply chain generally. Some of these will be about the specification, but that must be tied in other aspects of the sourcing strategy. These objectives, policies and strategies can be found in corporate social responsibility policy.
Reference:
LO 2, AC 2.1


NEW QUESTION # 127
GPP, the employer, and Prosolia UK, the contractor, entered into five EPC contracts for the development of five different solar power generation plants in the United Kingdom. Four out of the five developments failed to be commissioned by the relevant due dates, with the delays ranging from 44 to 285 days.
Among other claims, GPP, acting through its two investment vehicles, claimed liquidated damages of £500 per day in all four contracts for Prosolia UK's failure to achieve completion of the plants by the due date. The liquidated damages claimed amounted to £1,804,221 across the four delayed contracts.
Prosolia, alongside various other defences, raised the defence that the liquidated damages provision in each contract was a penalty, and therefore unenforceable against it. Is Prosolia contractually obliged to make the payment to the plaintiff?

  • A. Yes, the clause is a genuine estimate of possible losses that GPP may have suffered and therefore, it is enforceable.
  • B. No, the clause must be treated as a penalty clause which is unenforceable in UK
  • C. Yes, the amount is a reward to the employer as they have supervised and monitored the projects
  • D. No, the amount claimed is too excessive and it may put Prosolia into insolvency. The clause must be void

Answer: A

Explanation:
A liquidated damages clause specifies a predetermined amount of money that must be paid as damages for failure to perform under a contract. The amount of the liquidated damages is supposed to be the parties' best estimate at the time they sign the contract of the damages that would be caused by a breach. If a breach occurs and the liquidated damages clause is enforceable, the parties do not calculate the actual damages (i.e., how much money a party actually lost as a result of the breach). Instead, the breaching party pays the predetermined sum provided by the liquidated damages provision.
To be enforceable, a liquidated damages clause should meet the following criteria.
Damages are difficult to estimate. A court will be more likely to enforce a liquidated damages provision if the damages that will be incurred as a result of a breach of the contract are difficult to estimate when the contract is entered into. In certain situations, injuries are easy to prove. For example, if a breach will result in the loss of sales, it is easy to determine the actual damages by calculating lost profits. Others are more difficult, like the harm caused by breach of a confidentiality agreement or theft of trade secrets. To be enforceable, the damages should be either uncertain or difficult to quantify at the time the contract is entered into.
The amount is reasonable and not a penalty. If the amount of the liquidated damages is grossly disproportionate to the actual harm incurred, a court will likely find it is a penalty or punishment and will not enforce the provision. When making this analysis, courts usually consider what was reasonable at the time the contract was entered into as opposed to when the breach occurred. There have been cases, however, where courts will decide the reasonableness of the damage estimate based on the actual harm at the time of the breach.
The scenario is excerpted and edited based on a real world case law. In that case, the court held that GPP was entitled to liquidated damages under all four of the EPC contracts, ruling that the provisions did not amount to unenforceable penalties in each of the contracts.
Reference:
- CIPS study guide page 158-159
- Liquidated damages in energy projects
- What Is a Liquidated Damages Provision?
LO 3, AC 3.2


NEW QUESTION # 128
Which of the following statements is FALSE on contracts for the leasing of assets?

  • A. In lease agreement, the possession and right of use of an asset are transferred to the lessee
  • B. The party responsible for maintenance, insurance and taxes is subject to negotiation
  • C. The lessee may bear some risks of ownership, such as the liability to insure the asset
  • D. The ownership of leased asset is transferred to the lessee at the end of the period

Answer: D

Explanation:
A lease is a contractual arrangement calling for the lessee (user) to pay the lessor (owner) for use of an asset. Some characteristics of Leases are:
- The right to use the lessor's asset is granted in exchange for a fee called the lease payment.
- The lease payments are usually paid in installments.
- Leases may be long- or short-term.
- At its inception a lease agreement constitutes a mutually unperformed contract Though the ownership of the asset is not transferred to the lessee, some responsibilities and risks do. The lessor and lessee may negotiate on who is responsible on maintenance, insurance, etc.
Reference:
LO 1, AC 1.3


NEW QUESTION # 129
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