CIPS L4M3 Exam | Exam L4M3 PDF - Help you Prepare for L4M3 Exam Efficiently

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PrepAwayTest CIPS Commercial Contracting (L4M3) practice material can be accessed instantly after purchase, so you won't have to face any excessive issues for preparation of your desired L4M3 certification exam. The L4M3 Exam Dumps of PrepAwayTest has been made after seeking advice from many professionals. Our objective is to provide you with the best learning material to clear the CIPS Commercial Contracting (L4M3) exam.

To be eligible for the CIPS L4M3 Certification Exam, individuals must have completed the CIPS L4M1 (CIPS Contexts of Procurement and Supply) and CIPS L4M2 (CIPS Business Needs in Procurement and Supply) certifications. They must also have at least three years of experience in a procurement or supply chain management role.

CIPS L4M3 Exam Syllabus Topics:

Topic	Details
Topic 1	Scope and Influence of Procurement and Supply (L4M1): This module assesses the capabilities of Procurement Officers, focusing on how procurement adds value across organisations. It covers the procurement cycle, stakeholder roles, compliance across sectors, and how electronic systems support various procurement stages. Learners examine corporate structures, governance, and IT tools, developing insights into the strategic positioning of procurement functions.
Topic 2	Ethical and Responsible Sourcing (L4M4): This module targets Compliance Specialists and focuses on responsible supplier selection. It looks into sourcing options, financial evaluations, pre-contract activities, award criteria, and the importance of sustainability, governance, and ethical considerations, both domestically and internationally. Learners also explore audit mechanisms and environmental strategies.
Topic 3	Supplier Relationships (L4M6): Designed for Vendor Relationship Officers, this unit investigates supply chain relationship models and the tools needed to build strong partnerships. Learners explore competitive influences, team dynamics, stakeholder management, conflict resolution, and reasons partnerships fail. It emphasises trust, communication, and performance review processes.
Topic 4	Defining Business Need (L4M2): Designed for Sourcing Analysts, this section explores how to create a solid business case when sourcing externally. It includes market evaluation, pricing strategies, budgeting models, and competitive forces across different sectors. The module also highlights the importance of detailed specifications and how these impact supplier decisions and risk management.
Topic 5	Commercial Contracting (L4M3): Aimed at Contract Managers, this module explores the legal and structural elements of formal contracts. It includes content on contract types, specifications, key clauses, KPIs, pricing methods, and risk areas in contract law. It helps learners understand the legal foundation required for clear and enforceable agreements with suppliers.

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L4M3 Latest Test Practice & L4M3 Certification Exam Dumps

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To prepare for the CIPS L4M3 Exam, procurement professionals should have a good understanding of the procurement process, contract management, and supply chain management. They should also have knowledge of legal principles related to commercial contracts and be familiar with industry best practices for contract negotiation and performance evaluation. CIPS provides study materials and training courses to help candidates prepare for the exam.

CIPS Commercial Contracting Sample Questions (Q166-Q171):

NEW QUESTION # 166
Which of the following is set down in statute as a liability that exists without any need to prove fault?

A. Strict liability
B. Non-current liability
C. Current liability
D. Contingent liability

Answer: A

Explanation:
- Strict liability, sometimes called absolute liability, is the legal responsibility for damages, or injury, even if the person found strictly liable was not at fault or negligent. Strict liability has been applied to certain activities in tort, such as holding an employer absolutely liable for the torts of her employees, but today it is most commonly associated with defectively manufactured products. In addition, for reasons of public policy, certain activities may be conducted only if the person conducting them is willing to insure others against the harm that results from the risks the activities create.
- Current liabilities are a company's short-term financial obligations that are due within one year or within a normal operating cycle.
- Non-current liabilities, also called long-term liabilities or long-term debts, are long-term financial obligations listed on a company's balance sheet
- Contingent liability is a potential liability that may occur, depending on the outcome of an uncertain future event.
Reference:
LO 3, AC 3.2

NEW QUESTION # 167
Buyer D agrees a contract with Supplier C which includes the words 'to be agreed' in relation to the date for delivery of the goods. At the time of the contract, Buyer D is aware that the goods take two days to produce and one day to deliver. Buyer D contacts the supplier one week later, requesting the goods be delivered the following day. Supplier C is unable to deliver the next day but rather delivers the goods three days later. Is it the case that Buyer D can legally refuse to pay for the goods because Supplier C is in breach of contract?

A. No, because the goods were delivered within a reasonable time
B. No, because there is a contract in place and the delivery date does not matter
C. Yes, because the delivery date is an express term within the contract
D. Yes, because the goods should have been delivered within three days

Answer: A

Explanation:
In the absence of a clearly defined delivery date, contract law defaults to performance within a "reasonable time." Given that no firm delivery date was agreed upon and the goods were delivered in a timeframe consistent with known production and delivery times, the supplier is not in breach.
Reference:CIPS L4M3 Commercial Contracting Study Guide, Chapter 3, Section 3.1.1 - Implied terms and delivery timelines.

NEW QUESTION # 168
Which of the following is a true statement on express and implied terms?

A. Implied terms may derive from oral negotiations
B. Express terms must always be in writing
C. Express terms always take precedent over implied terms
D. Express terms must be prepared by the party with expert knowledge

Answer: A

Explanation:
Express terms are the terms of the agreement which are expressly agreed between the parties. Ideally, they will be written down in a contract between the parties but where the contract is agreed verbally, they will be the terms discussed and agreed between the parties.
Implied terms are terms implied into the contract by the courts. They are not expressly set out in the contract but are taken to be as effective as if they were and as if they had been included from day one of the contract. The express terms and any implied terms together create the legally binding obligations on the parties.
The types of express terms to be found in a contract are many and varied and will depend on the type of contract. Any term written into the contract is an express term and may refer to price, time scales, warranties and indemnities, limitations on liability, conditions precedent and so on.
An implied term is a term which the courts imply into a contract because it has not been expressly included by the parties. This may be because the parties did not consider it, did not think that any problem would arise in relation to it or simply omitted to include it.
The courts are very reluctant to imply terms into contracts and will only do so in the following circumstances:
1. terms implied under statute
2. terms implied under common law
3. terms implied because of custom or usage
4. terms implied due to previous dealings
5. terms implied 'in fact' or to reflect the parties' intentions
Reference:
- CIPS study guide page 126-132
- Contracts: Express and Implied Terms
LO 3, AC 3.1

NEW QUESTION # 169
Which of the following would be steps in the preparation of an invitation to tender? Select TWO that apply.

A. Learning International Standards
B. Publishing your company's financial reports
C. Advertising the requirement
D. Re-writing a model form contract
E. Creating a detailed specification

Answer: C,D,E

Explanation:
Creating a detailed specification and publicly advertising the requirement are key preparatory steps in issuing an ITT (Invitation to Tender). These ensure that suppliers understand the requirement and have the opportunity to respond, promoting transparency and competition.
Reference:CIPS L4M3 Commercial Contracting Study Guide, Chapter 2, Section 2.2.1 - ITT preparation and issuing.

NEW QUESTION # 170
A procurement manager is setting KPIs measurement for user satisfaction. He also wants to encourage users to share the reason why they feel the way they do. Which of the following types of KPI should the procurement manager apply?

A. Quantitative measure
B. Qualitative assessment
C. Numerical measure
D. Binary measure

Answer: B

Explanation:
There are 3 types of KPI measure:
- Binary KPIs
- Quantitative KPIs (or numerical)
- Qualitative KPIs
User satisfaction is subjective, therefore, using qualitative assessment is the best answer.
Reference: CIPS study guide page 103,118
LO 2, AC 2.2

NEW QUESTION # 171
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CIPS L4M3 EXAM | EXAM L4M3 PDF - HELP YOU PREPARE FOR L4M3 EXAM EFFICIENTLY

CIPS L4M3 Exam | Exam L4M3 PDF - Help you Prepare for L4M3 Exam Efficiently