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New L4M3 Latest Exam Price | Latest Key L4M3 Concepts: CIPS Commercial Contracting

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Achieving the CIPS L4M3: CIPS Commercial Contracting qualification demonstrates that the candidate has a good understanding of commercial contracting activities and can effectively manage contracts. This qualification is highly respected in the procurement and supply chain profession and is recognized globally. It can help professionals to advance their careers and increase their earning potential.

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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.

CIPS L4M3: CIPS Commercial Contracting exam covers various topics related to commercial contracting activities such as contract formation, contract terms and conditions, contract management, dispute resolution, and contract performance. L4M3 Exam is based on the UK legal system, but it also covers international contract law and best practices.

CIPS Commercial Contracting Sample Questions (Q83-Q88):

NEW QUESTION # 83
Which of the following KPIs is qualitative?
1. Openness and co-operation of supplier
2. Responsiveness of supplier
3. Customer satisfactory ratings
4. Cost management
5. OTIF deliveries

A. 1 and 3 only
B. 2 and 5 only
C. 2 and 3 only
D. 1 and 4 only

Answer: A

Explanation:
Qualitative KPIs are based on pure opinions about how well or otherwise the goods are performing or the service is being delivered. Most often, these will be linked to, or converted into, a numerical measure. However, such satisfaction surveys often also include free fields for respondents to explain why they feel the way they do, and what they might have liked to have been different.
On the other hand, quantitative KPIs are based on numerical measure with either definite number (e.g., actual number of orders incomplete or otherwise inaccurate during the time period) or as a percentage (e.g. number of inaccurate orders as a percentage of the total number of orders).
Openness and co-operation means that supplier is open and co-operative in its relationship with purchaser, e.g., in terms of joint problem solving. This KPI is qualitative since it is measured by individual judgement.
Responsiveness of supplier means the supplier responds rapidly to requests for information and support without having to be chased. It is measured by the number of times requests chased as a percentage of number of requests. It is a quantitative KPI.
Customer satisfactory ratings means the level of customer's satisfaction. This KPI is measured by periodic survey and it is a qualitative KPI.
Cost management is another quantitative KPI. It can be measured by comparing between the actual costs and the contractual costs.
OTIF (one-time in-full) deliveries is a quantitative KPI. It can be measured by counting the inaccurate deliveries in the period or inaccurate deliveries as a percentage of total number of deliveries for period.
Reference:
LO 2, AC 2.2

NEW QUESTION # 84
An organization has a normal tender process that often last 1 month from defining the needs to contract award. Manufacturing department suddenly required a new special part that they could not foresee within a month. Which of the following should be the priority actions of procurement manager in this urgent situation?
Select TWO that apply:

A. Design new specification
B. Get high-level authority approval
C. Submit full business justification
D. Develop relationships with potential suppliers
E. Review contract performance

Answer: C

Explanation:
This urgent needs occasionally occur due to a sudden change in circumstances. The process for selecting a replacement supplier must still be controlled. If there is a reason for normal processes to be waived, this must be fully documented and approved at a high level.
Reference: CIPS study guide page 7
LO 1, AC 1.1

NEW QUESTION # 85
Which of the following documents are likely to have legal standing? Select TWO that apply:

A. Estimate
B. Request for information
C. Requisition
D. Quotation
E. Tender

Answer: D,E

Explanation:
A quotation and a tender are both firm offers which have legal standing to the offeror. Tenders are more detailed than quotations and will include quality aspects as well as prices.
LO 1, AC 1.1 & AC 1.2

NEW QUESTION # 86
Bandpro is a reseller of branded computer products to the private and public sector. The procurement team must purchase 500 items each day solely by multiple phone calls and emails to suppliers. Due to this practice, it takes a lot of time to track and collect relevant documents. Some important documents even get lost, which makes procurement audit more burdensome. Which of the following would increase the robustness of audit trails in procurement activities?

A. Every evidence must be recorded by paper
B. Rectify non-compliant activities
C. Spend less time on auditing procurement procedures
D. Adopt e-procurement

Answer: D

Explanation:
Audit trail is a chronological record the sequence of events connected to a given transaction, such as a purchase of raw materials, payroll disbursements, or a detailed financial statement. The record includes all the source documents connected to the transaction, providing context and clarity in the event a review is required. The more comprehensive the documentation, the more effective the audit trail is when used to create financial reports, verify information, and ensure compliance while eliminating fraud.
In the scenario, the procurement team gets the quotation from phone calls and emails which have weak audit trails and lack of transparency. One solution may be increasing the use of e-procurement system.
Reference:
- What is an audit trail?
- CIPS study guide page 6-7
LO 1, AC 1.1

NEW QUESTION # 87
Which of the following would be suitable key performance indicators (KPIs) for supplier performance?
Ensure you have customer loyalty
Value or percentage of cost reductions obtained
Win an award in the next 12 months
Percentage of on-time in full deliveries

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

Answer: C

Explanation:
"Cost reductions" and "on-time in full deliveries" are quantifiable, objective performance measures that align directly with supplier effectiveness and value. "Customer loyalty" and "awards" are subjective or aspirational and not reliable indicators of contract or supplier performance.
Reference:CIPS L4M3 Commercial Contracting Study Guide, Chapter 4, Section 4.3.1 - Development and useof KPIs in contract management.

NEW QUESTION # 88
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