CHOOSING THE FREE L4M3 PRACTICE EXAMS, CONGRATULATIONS FOR THE PASS OF CIPS COMMERCIAL CONTRACTING

Choosing The Free L4M3 Practice Exams, Congratulations For The Pass of CIPS Commercial Contracting

Choosing The Free L4M3 Practice Exams, Congratulations For The Pass of CIPS Commercial Contracting

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CIPS Commercial Contracting Sample Questions (Q119-Q124):

NEW QUESTION # 119
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 4 only
  • B. 2 and 3 only
  • C. 2 and 5 only
  • D. 1 and 3 only

Answer: D

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 # 120
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. "Rockin' Shoes" record
  • B. The voucher
  • C. Three wrappers
  • D. Milk chocolate bar
  • E. 1s 6d

Answer: C,E

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:
LO 1, AC 1.2


NEW QUESTION # 121
Which of the following are likely to be express terms in a contract?
1. Legislation
2. Custom and practice
3. Contract particulars
4. Terms and conditions

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

Answer: D

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.
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.
Reference:
- Contracts: Express and Implied Terms
- CIPS study guide page 32
LO 1, AC 1.2


NEW QUESTION # 122
XYZ Ltd is negotiating a long-term supply contract of important parts with a supplier. Dave, procurement manager teams up with Alla, legal manager to construct a service level agreement. Dave is concerned that poor performance of supplier may cause damages to the operations of the organisation. Which of the following can be used in conjunction with SLA to compensate the buying organisation in case of supplier's poor performance?
1. Warranties
2. Force majeure clauses
3. Penalty clauses
4. Service credits

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

Answer: D

Explanation:
Service level agreement often sets out the minimum quality standards of the services provided, remedies if that standards are not met, consequences if the targets are exceeded. Penalty clauses and service credits are remedies that are often used in conjunction with service level agreement to ensure the performance and to compensate the purchaser if targets are not met.
Reference:
LO 2, AC 2.2


NEW QUESTION # 123
Which of the following statement is true about insurance?

  • A. Professional indemnity insurance provides the insured business with financial protection against the liabilities caused by or arising out of the products supplied
  • B. An insurance policy can be mechanism of substance to back up indemnity
  • C. The supplier must always pay the insurance premium for goods-in-transit
  • D. An insurance policy transfers the legal liabilities from the insured to the insurer

Answer: B

Explanation:
An insurance policy transfers a risk from one party to another in exchange for payment, it does not transfer the liabilities from the insured to insurer.
Insurance policies are taken out as a form of protection against a specific risk or unfortunate occurrence. If one party indemnifies another to protect that other party in the event of a risk occurring then the indemnity itself is merely a statement of intent. There also need to be some mechanism of substance to back up that indemnity. This BACK UP is the insurance policy which can be relied upon to meet the indemnity being given. In fact, most indemnity provisions are backed up by insurance coverage.
Professional indemnity or liability insurance offers such coverage to professional advice or service providing individuals and companies ensuring protection against any legal costs and damages awarded as a result of claims relating to negligence. Whereas more general forms of liability insurance focus on direct forms of harm such as sustaining injuries, professional indemnity insurance provides a far more detailed and comprehensive form of coverage. The cover protects a firm or individual's liability relating to any financial loss caused by errors or omissions in the service provided as well as any alleged failure to perform on behalf of a client.
Goods in transit insurance does what it says on the tin, protecting any goods your business delivers or transports from place to place. The responsibility to pay the insurance premium is negotiable, it may belong to the supplier or the buyer.
Reference:
- Is that Covered? Insurance and Indemnity Clauses
- Professional Indemnity Insurance
- Goods in transit insurance
- CIPS study guide page 150-153
LO 3, AC 3.2


NEW QUESTION # 124
......

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