PASS GUARANTEED QUIZ L4M3 - CIPS COMMERCIAL CONTRACTING FANTASTIC VALID TEST TIPS

Pass Guaranteed Quiz L4M3 - CIPS Commercial Contracting Fantastic Valid Test Tips

Pass Guaranteed Quiz L4M3 - CIPS Commercial Contracting Fantastic Valid Test Tips

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CIPS Commercial Contracting Sample Questions (Q27-Q32):

NEW QUESTION # 27
Transformers & Rectifiers Ltd wanted to buy some specialist gaskets. They sent a request for quotation with specification to Needs Ltd. The supplier replied with a quotation in which had its own terms and conditions. The buyer edited delivery terms on the quotation and sent the document back to Needs Ltd. Gaskets were delivered to Transformers' premise with an invoice from Needs Ltd. Which of the following is most likely to be the governing terms if the two companies must settle the dispute at court?

  • A. Terms and conditions in the request for quotation
  • B. Terms & conditions in the original quotation
  • C. Edited terms and conditions
  • D. Terms and conditions in the invoice

Answer: C

Explanation:
In the 'battle of the forms', generally who shot the last will win. This is not applied to this case. Initial RFQ is an invitation to treat, then the quotation forms an offer. Transformers & Rectifiers Ltd edits terms and conditions then sends back to supplier, this act terminates Needs's offer and makes a new offer. Delivery of goods can be deemed as acceptance from Needs Ltd. The contract is formed with its details in the edited terms and conditions.
Reference:
LO 1, AC 1.2


NEW QUESTION # 28
When a supplier signs an insurance policy with an insurance company, which of the following is transferred to insurance company?

  • A. Contractual obligation
  • B. Legal responsibility
  • C. Right
  • D. Risk

Answer: D

Explanation:
An insurance policy transfers a specific set of risks such as the fire and flood risk for a particular asset.
The legal liability does not transfer to the insurance company (known as insurer).
Reference:
LO 3, AC 3.2


NEW QUESTION # 29
Under which of the following scenarios an RFQ is most likely to be used?

  • A. Design of a unique and complex software code
  • B. Purchase of complex machinery
  • C. Purchase of a small number of standardised products under a framework agreement
  • D. When the buying organisation does not know the requirements in details and needs the input from suppliers

Answer: C

Explanation:
The request for quotations is a procurement method that is used for small value procurements of readily available off-the-shelf goods, small value construction works, or small value services procurements. Request for quotations works best under a framework agreement This procurement method is also known as invitation to quote and shopping, and it does not require the preparation of tender documents to the same extent as open tendering, request for proposals or two-stage tendering.
Among 4 options:
- "Purchase of a small number of standardised products under a framework agreement": the products are standardised and there is a framework agreement in place, so RFQ is the best solution.
- "Purchase of complex machinery": Complex machinery is often a large purchase. Furthermore, suppliers' quality may vary. So RFQ is not suitable, instead, depending on the situation, buyer may opt ITT or RFP to purchase this type of machinery.
- "Design of a unique and complex software code": Unique and complex software is not off-the-shelf, thus RFQ is not suitable.
- "When the buying organisation does not know the requirements in details and needs the input from suppliers": When the detailed requirements are unknown, the best solution is request for proposal or developing dialogue with suppliers.
Reference:
- Request for Quotations
- CIPS study guide page 3-4
LO 1, AC 1.1


NEW QUESTION # 30
Which of the following are good examples of a Key Performance Indicator?
The total number of services provided
Reduction rate in goods or services
Complaints resolved within two days
Delivery of goods on time and in full

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

Answer: B

Explanation:
Effective KPIs should be measurable, relevant, and tied to performance. "Complaints resolved within two days" and "Delivery of goods on time and in full" are standard KPIs as they reflect quality and timeliness of service-both key to contract success. The "total number of services" and general reductions do not directly reflect performance outcomes.
Reference:CIPS L4M3 Commercial Contracting Study Guide, Chapter 4, Section 4.3.1 - Key performance indicators and their application.


NEW QUESTION # 31
A buyer and a supplier plan to sign a contract with cost-plus arrangement. If the cost base is $350 and the markup component is 11% then the invoice price will be...

  • A. 388.5
  • B. 368.5
  • C. 393.26
  • D. 0

Answer: A

Explanation:
Markup is the percentage between the profit and costs. The cost is $350, markup is 11%. So final price is: 350 + 350x0.11 = 388.5 Reference:
LO 3, AC 3.3


NEW QUESTION # 32
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