CIPS L4M3 Exam Topics

CIPS L4M3 Exam

Commercial Contracting

Total Questions: 189

Last Updated : 19-04-2024

What is Included in the CIPS L4M3 Exam?

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CIPS L4M3 Exam Overview :

Exam Name	Commercial Contracting
Exam Code	L4M3
Official Information	https://www.cips.org/qualifications/diploma-in-procurement-supply/commercial-contracting/
See Expected Questions	CIPS L4M3 Expected Questions in Actual Exam
Take Self-Assessment	Use CIPS L4M3 Practice Test to Assess your preparation - Save Time and Reduce Chances of Failure

CIPS L4M3 Exam Topics :

Section	Objectives
1.0 Understand the legal issues that relate to the formation of contracts	1.1 Analyse the documentation that can comprise a commercial agreement for the supply of goods or services Invitation to tender or request for quotation Specification Key performance indicators (KPIs) Contractual terms Pricing and other schedules (such as for health and safety records, details of suppliers staff, use of sub-contractors, non-disclosure/confidentiality agreements) 1.2 Analyse the legal issues that relate to the creation of commercial agreements with customers or suppliers Invitations to treat or invitations to negotiate Rules relating to offer and acceptance, consideration, intention to create legal relations and capacity tocontract The battle of the forms and precedence of contract terms Risks presented by contracting on suppliers terms or through oral contracts The Vienna Convention on the International Sales of Goods Misrepresentations made pre-contract award 1.3 Compare types of contractual agreements made between customers and suppliers One off purchases Framework arrangements and agreements The use of mini-competitions Call offs Services contracts Contracts for the hire and leasing of assets
2.0 Understand the fundamentals of specifications and key performance indicators that are included in contractual arrangements made with suppliers	2.1 Analyse the content of specifications for procurements Drafting specifications and developing marketdialogue with suppliers The use of standards in specifications Typical sections of a specification Standardisation of requirements versus increasing the range of products Including social and environmental criteria inspecifications The role of Information Assurance in developingspecifications 2.2 Appraise examples of key performance indicators (KPIs) in contractual agreements Defining contractual performance measures or key performance indicators (KPI) The use of service level agreements Typical KPI measures to assess quality performance, timeliness, cost management, resources and delivery
3.0 Understand the key clauses that are included informal contracts	3.1 Analyse contractual terms for contracts that arecreated with external organisations The use of express terms The use of standard terms of business by bothpurchasers and suppliers The use of model form contracts such as NEC, FIDIC,IMechIEE 3.2 Recognise examples of contractual terms typically incorporated into contracts that are created with external organisations Key terms in contracts for indemnities and liabilities, sub-contracting, insurances, guarantees andliquidated damages Terms that apply to labour standards and ethical sourcing 3.3 Recognise types of pricing arrangements incommercial agreements The use of pricing schedules The use of fixed pricing arrangements Cost plus and cost reimbursable pricing arrangements The use of indexation and price adjustment formulae The use of incentivised contracts Payment terms

Section

Objectives

1.0 Understand the legal issues that relate to the formation of contracts

1.1 Analyse the documentation that can comprise a commercial agreement for the supply of goods or services

Invitation to tender or request for quotation
Specification
Key performance indicators (KPIs)
Contractual terms
Pricing and other schedules (such as for health and safety records, details of suppliers staff, use of sub-contractors, non-disclosure/confidentiality agreements)

1.2 Analyse the legal issues that relate to the creation of commercial agreements with customers or suppliers

Invitations to treat or invitations to negotiate
Rules relating to offer and acceptance, consideration, intention to create legal relations and capacity tocontract
The battle of the forms and precedence of contract terms
Risks presented by contracting on suppliers terms or through oral contracts
The Vienna Convention on the International Sales of Goods
Misrepresentations made pre-contract award

1.3 Compare types of contractual agreements made between customers and suppliers

One off purchases
Framework arrangements and agreements
The use of mini-competitions
Call offs
Services contracts
Contracts for the hire and leasing of assets

2.0 Understand the fundamentals of specifications and key performance indicators that are included in contractual arrangements made with suppliers

2.1 Analyse the content of specifications for procurements

Drafting specifications and developing marketdialogue with suppliers
The use of standards in specifications
Typical sections of a specification
Standardisation of requirements versus increasing the range of products
Including social and environmental criteria inspecifications
The role of Information Assurance in developingspecifications

2.2 Appraise examples of key performance indicators (KPIs) in contractual agreements

Defining contractual performance measures or key performance indicators (KPI)
The use of service level agreements
Typical KPI measures to assess quality performance, timeliness, cost management, resources and delivery

3.0 Understand the key clauses that are included informal contracts

3.1 Analyse contractual terms for contracts that arecreated with external organisations

The use of express terms
The use of standard terms of business by bothpurchasers and suppliers
The use of model form contracts such as NEC, FIDIC,IMechIEE

3.2 Recognise examples of contractual terms typically incorporated into contracts that are created with external organisations

Key terms in contracts for indemnities and liabilities, sub-contracting, insurances, guarantees andliquidated damages
Terms that apply to labour standards and ethical sourcing

3.3 Recognise types of pricing arrangements incommercial agreements

The use of pricing schedules
The use of fixed pricing arrangements
Cost plus and cost reimbursable pricing arrangements
The use of indexation and price adjustment formulae
The use of incentivised contracts
Payment terms

Updates in the CIPS L4M3 Exam Topics:

CIPS L4M3 exam questions and practice test are the best ways to get fully prepared. Study4exam's trusted preparation material consists of both practice questions and practice test. To pass the actual Level 4 Diploma in Procurement and Supply L4M3 exam on the first attempt, you need to put in hard work on these questions as they cover all updated CIPS L4M3 exam topics included in the official syllabus. Besides studying actual questions, you should take the CIPS L4M3 practice test for self-assessment and actual exam simulation. Revise actual exam questions and remove your mistakes with the Commercial Contracting L4M3 exam practice test. Online and Windows-based formats of the L4M3 exam practice test are available for self-assessment.

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