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CIPS L5M3 Exam Questions
- Topic 1: Understand the legal and process issues relating to the formation of contracts: Implications of contractual documentation on overall risk and the formation of contracts and associated risks are covered in this topic of the CIPS Managing Contractual Risk test. Procurement and supply chain professionals get knowledge about legal issues in contract formation in this topic.
- Topic 2: Understand the impacts of breach of contract and coping strategies and provisions that are available: Procurement professionals who attempt the CIPS Level 5 Advanced Diploma in Procurement and Supply exam cover different levels of contract breach, their impact, and tools for resolution in this topic. It focuses on concepts that are essential for supply chain professionals for effective management of contractual relationships.
- Topic 3: Understand the legal implications of contractual nonconformance in procurement and supply: This topic delves into the remedies available for non-performance in a procurement context, as well as the legal implications that may arise from the termination of contractual relationships. The CIPS L5M3 exam comprehensively tests abilities of procurement professionals to analyze and compare these critical aspects of contract management.
Free CIPS L5M3 Exam Actual Questions
Note: Premium Questions for L5M3 were last updated On Nov. 20, 2024 (see below)
Lollypop Manufacturer has a long standing contract with Retailer
yes- if there is a variation clause and both parties agree. This would usually be written in as a 'price adjustment clause' but if it's not, then it could be agreed and signed by both parties as a 'contract variation'. See p.16 for more details
When assessing damages caused by a breach, which of the following statements is true?
The correct answer is: 'damages attempt to position the innocent party in the position that they would have been had the contract been performed as expected'. This is a quote from p. 121 Option1 is incorrect as unliquidated damages aren't stated in a contract. Option 2 is incorrect because liquidated damages are an assessment of damages before a breach. Option 4 is incorrect because not all breaches are caused by errors (they can be caused by negligence or the offending party withholding something).
If an innocent party wishes to terminate a contract due to a breach, which of the following is true?
The correct answer is 'only future obligations of the parties are excused and discharged' - all cur-rent and past obligations need to be fulfilled, or remedied (e.g. through liquidated damages). When an innocent party terminates a contract, they are still obliged to fulfil their own obligations. P.47
Conciliation differs from mediation in which of the following ways?
The true statement is 'the mediator has no decision making power but a conciliator can provide recommendations'. The other statements are false; both processes are voluntary, cheap and non-binding.
Which of the following conflict resolution styles involves a strict timeline and is commonly used within the construction industry?
Adjudication has strict timescales (this is one of the advantages of using this conflict resolution method). It has roots in the construction industry and has been widely used since the 1990s. See p.76 for more information
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