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Test L4M3 Questions Answers - L4M3 Latest Dump
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CIPS L4M3 exam is a comprehensive and challenging certification that requires candidates to demonstrate their knowledge and skills in commercial contracting. L4M3 exam is designed to test candidates' ability to apply their knowledge to real-world scenarios and make informed decisions based on sound procurement principles. CIPS Commercial Contracting certification is highly valued by employers in both the public and private sectors, and it can help procurement professionals advance their careers and increase their earning potential. Overall, the CIPS L4M3 Exam is an excellent certification for procurement professionals who want to develop their skills in commercial contracting and stay ahead in their careers.
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CIPS Commercial Contracting Sample Questions (Q142-Q147):
NEW QUESTION # 142
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. Submit full business justification
- C. Get high-level authority approval
- D. Develop relationships with potential suppliers
- E. Review contract performance
Answer: B
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:
LO 1, AC 1.1
NEW QUESTION # 143
Information assurance protects information systems and...?
- A. People
- B. Hard copy
- C. Computers
- D. Inventory
Answer: C
Explanation:
Information Assurance (IA) is the practice of managing information-related risks and the steps involved to protect information systems such as computer and network systems. The IA transformation is a partnership that stretches across the Department of Defense (DoD), Office of National Intelligence, Committee on National Security Systems, National Institute of Science and Technology (NIST), and the Office of Management and Budget.
The US Government's definition of information assurance is:
"measures that protect and defend information and information systems by ensuring their availability, integrity, authentication, confidentiality, and non-repudiation. These measures include providing for restoration of information systems by incorporating protection, detection, and reaction capabilities." Reference:
- What is Information Assurance (IA)?
- CIPS study guide page 99-100
LO 2, AC 2.1
NEW QUESTION # 144
Carillion Ltd is a major construction contractor in the UK. The company commits to continuous improvement and sets out a performance management program that is integrated across the organisational, individual, and supplier levels. To ensure that the suppliers acknowledge the program, every time negotiating the contract terms with suppliers, the procurement team of Carillion appends a performance management framework to the draft document as a schedule. Is the action of procurement team appropriate?
- A. Yes, because the framework should have legal standing as a part of contract
- B. No, because the performance management should be solely developed by suppliers
- C. No, because the framework will increase the complexity of the contract
- D. Yes, because Carillion wants to implement early supplier involvement
Answer: A
Explanation:
Performance management framework often consists of KPIs, targets and consequences that arise from achieved scores. To ensure that the framework has binding effect on contracting parties, it should be developed, appended to the main contract document and agreed by both parties. So the answer should be "Yes, because the framework should have legal standing as a part of contract".
Reference:
LO 1, AC 1.1
NEW QUESTION # 145
Nestle gave away records of "Rockin' Shoes" or a voucher to people who sent in three wrappers from Nestle' s 6d. milk chocolate bars as well as 1s 6d. Which of the following were the consideration of Nestle's customer? Select TWO that apply
- A. The voucher
- B. "Rockin' Shoes" record
- C. 1s 6d
- D. Three wrappers
- E. Milk chocolate bar
Answer: C,D
Explanation:
Consideration is one thing given in exchange for another.
In this case, considerations of customers are three wrappers and 1s6d. Consideration of Nestle is Rockin' Shoes record or a voucher.
Reference: CIPS study guide page 36-40
LO 1, AC 1.2
NEW QUESTION # 146
Which of the following are reasons why a purchaser wants to embed a subcontracting clause into the main contract? Select TWO that apply:
- A. To reduce the main contract complexity
- B. To keep main contractor liable
- C. To induce the conflicts between the main contractor and subcontractors
- D. To condemn whole liabilities to subcontractors
- E. To improve supply chain transparency
Answer: B,E
Explanation:
There are number of reasons why the purchaser will want to control the supplier's subcontracting:
- Supply chain transparency: Normally the purchaser has invested a lot of effort into selecting the right contractor. However, the main contractor's selection of subcontractor might not be in such careful manner, which may result in poor performance. Purchaser must know who subcontractors are. Controlling the subcontracting process can help the purchaser control the outcome.
- Contract terms: the purchaser's requirements must be reflected in the subcontracts. The subcontracting clauses may require the main contractor to do this.
- Liability: the main contractor may subcontract the whole or a part of its liabilities. Subcontracting clause may bind the contractor to be liable with the work, it cannot just blame the subcontractor for any faults.
Reference:
LO 3, AC 3.2
NEW QUESTION # 147
......
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