CIPS L4m3 Commercial Contracting Exam Questions & Answers

All 18 questions

1. Q1 A procurement professional is drafting payment terms for a business contract. He wants to specify what will happen if the delivered products…
2. Q2 How does the performance specification benefit Sharaton Foods Holding in sourcing a vegetable harvesting and packaging system?1. Provide opportunities for innovation2. Potentially…
3. Q3 A procurement manager sets the price of a long-term contract with a key supplier based on price indices. The contract specifies how…
4. Q4 Which of the following is a true description about a cost reimbursable contract?
5. Q5 Krueger is implementing a just-in-time (JIT) mechanism for some categories. Which Key Performance Indicators (KPIs) should be included in their contract?1. Delivery…
6. Q6 Under a framework agreement, which of the following is required to legally bind the supplier?
7. Q7 Which pricing method encourages the supplier to keep their costs low?
8. Q8 The model form contract invented by Institute of Civil Engineers is...?
9. Q9 Which of the following contracts would be best suited to a variable pricing arrangement?A contract for road building estimated to take five…
10. Q10 What is the name of the clause that frees the parties from their contractual duties when unexpected events like natural disasters or…
11. Q11 What does quantum meruit mean?
12. Q12 Chris is in the process of formulating the KPIs for the agreement with the primary material suppliers to oversee their performance under…
13. Q13 Consequences and actions that arise from certain KPI scores must be...? Select TWO that apply.
14. Q14 Which of the following statements on framework agreement is correct?
15. Q15 What is always considered as a valid consideration?
16. Q16 Which of the following are NOT covered by CISG? Select TWO that apply:
17. Q17 What is the name of the process that avoids further competition under a framework agreement?
18. Q18 Which of the following are most likely to be substantive elements of the specification of a truck? Select TWO that apply: