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CIPS L3M3 Exam Questions
- Topic 1: Know the administrative content and key tasks associated with commercial contracts Identify types of contracts and agreements: As a procurement professional preparing for the CIPS L3M3 Exam, you will gain a comprehensive understanding of the key administrative elements involved in managing commercial contracts. Mastering this topic will enable you to efficiently handle contract-related tasks, ensuring compliance and smooth contract execution.
- Topic 2: Understand how to achieve competitive pricing and the role of negotiation in procurement and supply: This topic will equip you with the skills to compare competition effectively to obtain price quotations. You will learn how to recognize and leverage the critical role of commercial negotiations within procurement and supply. By understanding various approaches to negotiating competitive prices, you will be well-prepared to handle real-world procurement scenarios and excel in your L3M3 exam.
- Topic 3: Know how effective tendering is achieved: This topic will guide you through the initial actions and processes involved in tendering. You will learn to describe the essential documentation and content required at the start of the tender process, which is vital for successful tender management. Additionally, you will explore the tender evaluation and acceptance process, along with relevant regulations that may affect tendering.
- Topic 4: Understand how to measure contract performance: This topic covers the use of data to gauge performance. Aspiring procurement professionals will learn about Key Performance Indicators (KPIs), which are crucial for assessing and managing contract outcomes. Additionally, they will explore different types of contractual risks and strategies for managing them.
Free CIPS L3M3 Exam Actual Questions
Note: Premium Questions for L3M3 were last updated On Feb. 24, 2025 (see below)
What do we call a contract term which is part of the contract, but which is not written into the con-tract documents?
In English law, implied terms exist, even if you can't see them in the contract documents. They commonly derive from statute. An example is the Sale of Goods Act.
Intangibility means:
Inability to touch something.
Services are intangible, which may present challenges when specifying / buying.
Which STEEPLE factor deals with issues of import taxes, rising home labour costs, regional grants, stability of governing regimes?
Political.
It's a close-run thing with economic, but the reference to 'stability of governing regimes' clinches if for 'political'.
Intangibility means:
Inability to touch something.
Services are intangible, which may present challenges when specifying / buying.
A bottle of sparkling water sells for $1. The variable cost is 50 cents. Fixed costs for the business are $100,000 (one hundred thousand dollars). How many bottles of water must be sold for the business to reach breakeven point?
The 'contribution' (selling price minus variable cost) for each bottle is 50 cents. Divide the fixed costs by the contribution (100,000 / 0.5) = 200,000
If your textbook or tutor has not covered this type of calculation, don't worry; it is a difficult ques-tion and is unlikely to be a significant issue in the CIPS examination.
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