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The CIPS L4M3 exam is an important qualification for procurement professionals who are involved in commercial contracting. The exam covers a wide range of topics and tests candidates' knowledge of legal principles, contract negotiation, contract drafting, contract management, and contract performance evaluation. Procurement professionals who pass the exam will have a competitive advantage in the job market and will be well-prepared to take on more senior roles in their organizations.

The CIPS Commercial Contracting exam is a highly respected qualification that is recognized by employers across the globe. The qualification is designed for individuals who are looking to enhance their knowledge and skills in the field of procurement and supply chain management. The exam is also suitable for individuals who are already working in the procurement and supply chain management field and are looking to further their career prospects.

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CIPS Commercial Contracting Sample Questions (Q112-Q117):

Which of the following regulates barriers to the trade of goods between Member States of WTO?

  • A. GATT
  • B. NAFTA
  • C. TRIPS
  • D. CISG

Answer: A

- The General Agreement on Tariffs and Trade (GATT) is a legal agreement between many countries, whose overall purpose was to promote international trade by reducing or eliminating trade barriers such as tariffs or quotas. According to its preamble, its purpose was the "substantial reduction of tariffs and other trade barriers and the elimination of preferences, on a reciprocal and mutually advantageous basis."
- CISG is the Vienna Convention on Contracts for the International Sale of Goods. This is a voluntary treaty under United Nations Commission on International Trade Law (UNCITRAL). The purpose of the Vienna Convention is to set out a framework for international transactions based on a uniform approach. It establishes substantive rules that regulate the duties and obligations of both parties, including the delivery of goods, contract formation, and remedies for breach of contract.
- The Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) is an international legal agreement between all the member nations of the World Trade Organization (WTO). It sets down minimum standards for the regulation by national governments of many forms of intellectual property (IP) as applied to nationals of other WTO member nations.
- The North American Free Trade Agreement (NAFTA; Spanish: Tratado de Libre Comercio de America del Norte, TLCAN; French: Accord de libre-echange nord-americain, ALeNA) is an agreement signed by Canada, Mexico, and the United States, creating a trilateral trade bloc in North America.
LO 1, AC 1.3

Which of the following is always an advantage of using fixed price arrangement in a contract for buying organisation?

  • A. Buyer can harness falling market price
  • B. Suitable for contracts that last 5 years or more
  • C. Buyer can allocate budget with certainty
  • D. Supplier always receives a fixed margin

Answer: C

Advantages of using fixed pricing arrangement are as below:
- Budget/income certainty - prices are fixed up front and should not change
- The impact of changes to the supplier's cost base is not fed through to the purchaser. If costs diminish, the supplier will benefit from this, and if costs rise, the purchaser will benefit Reference:
LO 3, AC 3.3

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

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

Answer: B

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).
LO 3, AC 3.2

Which of the following are examples of conformance specification? Select TWO that apply:

  • A. Outcome-focused specification
  • B. Technical drawing
  • C. Statement of work
  • D. Product sample
  • E. Output-focused specification

Answer: B,D

There are two main types of specification: performance specification and conformance specification (sometimes called prescriptive or technical specifications).
A conformance specification establishes the characteristics a commodity must possess, including details of how the commodity will be manufactured; engineering plans, drawings, or blueprints may be included. The design specification states in prescriptive terms what the potential offeror must provide to the buyer.
Conformance specifications have following features:
- Focus on inputs
- Give specific method, processes and materials
- May identify specific manufacturers or components
- The 'how' as well as the 'what'
- Ties supplier to set details
- Public Procurement Practice: SPECIFICATIONS
- CIPS study guide page 8-10
LO 1, AC 1.1

Which of the following may be a benefit for purchaser in using call off contract?

  • A. No long-term commitment required
  • B. Ability to discover new potential suppliers
  • C. Secured supply
  • D. Maintaining a degree of competition between suppliers

Answer: C

Benefits for the purchaser in using call off contract are as below:
- The benefit of a call off contract is that they allow the supply of materials, goods and services to be secured over multiple delivery dates across the length of a project.
- Agreed prices, either fixed or pre-agreed mechanism for adjustment. This helps with setting and controlling budgets.
- Simple order mechanisms at the point of need
- Schedules of rates pricing enables electronic procure-to-pay systems, which gives greater control and visibility of spend
- The value of spend ad length of contract justify the cost of proper market engagement and tender or negotiation processes resulting in better value for money
- The longer the contract, the greater the opportunities for aligning working practices to create joint efficiency.
- Call Off Contracts - What are they and how are they used?
- CIPS study guide page 63-64
LO 1, AC 1.3


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