Forums » Discussions » Frequent CIPS L4M3 Updates - Real L4M3 Dumps
BTW, DOWNLOAD part of ExamPrepAway L4M3 dumps from Cloud Storage: https://drive.google.com/open?id=1nnkeMPUPOfxgXXCyGRakXLbWaCQ2V7 By years of diligent work, our experts have collected the frequent-tested knowledge into our L4M3 practice materials for your reference. By resorting to our L4M3 study guide, we can absolutely reap more than you have imagined before. We have clear data collected from customers who chose our L4M3 Actual Exam, the passing rate is 98-100 percent. So your chance of getting success will be increased greatly by our L4M3 learning quiz. For your convenience, ExamPrepAway has prepared authentic CIPS L4M3 Exam study material based on a real exam syllabus to help candidates go through their exams. Candidates who are preparing for the CIPS exam suffer greatly in their search for preparation material. >> Frequent CIPS L4M3 Updates <<
Real L4M3 Dumps - Valid L4M3 Exam Testking
As one of the most professional dealer of practice materials, we have connection with all academic institutions in this line with proficient researchers of the knowledge related with the L4M3 practice exam to meet your tastes and needs, please feel free to choose. We want to specify all details of various versions. You can decide which one you prefer, when you made your decision and we believe your flaws will be amended and bring you favorable results even create chances with exact and accurate content.
CIPS L4M3 Exam Syllabus Topics:
| Topic | Details |
|---|---|
| Topic 1 |
|
| Topic 2 |
|
| Topic 3 |
|
| Topic 4 |
|
| Topic 5 |
|
CIPS Commercial Contracting Sample Questions (Q111-Q116):
NEW QUESTION # 111
The cost in cost reimbursable contract is...?
- A. Actual cost
- B. Fixed cost
- C. Profit
- D. Variable cost
Answer: A
Explanation:
A cost reimbursable contract (sometimes called a cost plus contract) is one in which the contractor is reimbursed the actual costs they incur in carrying out the works, plus an additional fee. Option E of the NEC3 Engineering and Construction Contract (ECC) is an example of a cost reimbursable contract.
Reference:
- CIPS study guide page 176-179
- Cost reimbursable contract
LO 3, AC 3.3
NEW QUESTION # 112
When should liquidated damages clauses be written into a contract?
- A. When the breaching party wants to exclude all its liabilities
- B. When the loss to the innocent party will be either too uncertain or too difficult to calculate.
- C. When the innocent party wants to punish the breaching party.
- D. When the court approves the damages amount before the contract is executed.
Answer: B
Explanation:
Liquidated damages are presented in certain legal contracts as an estimate of otherwise intangible or hard-to-define losses to one of the parties. It is a provision that allows for the payment of a specified sum should one of the parties be in breach of contract.
Liquidated damages are meant as a fair representation of losses in situations where actual damages are difficult to ascertain. In general, liquidated damages are meant to be fair, rather than punitive.
Limitations of Liquidated Damages
It is possible that a liquidated damages clause might not be enforced by the courts. This can occur if the monetary amount of liquidated damages cited in the clause is extraordinarily disproportional to the scope of what was affected by the breached contract.
Such limitations prevent a plaintiff from attempting to claim an unsubstantiated exorbitant amount from a defendant. For instance, a plaintiff might not be able to claim liquidated damages that amount to multiples of its gross revenue if the breach only affected a specific portion of its operations. The concept of liquidated damages is framed around compensation related to some harm and injury to the party rather than a fine imposed on the defendant.
The courts typically require that the parties involved make the most reasonable assessment possible for the liquidated damages clause at the time the contract is signed. This can provide a sense of understanding and reassurance of what is at stake if that aspect of the contract is breached. A liquidated damages clause can also give the parties involved a basis to negotiate from for an out-of-court settlement.
Reference:
- Liquidated Damages
- CIPS study guide page 158-159
LO 3, AC 3.2
NEW QUESTION # 113
SFO procurement manager sent a request for quotation to Vogon International in which he determined the contract terms and specification. In SFO's standard terms and conditions, it is stated that 'Goods shall be delivered and Services performed by the applicable Delivery Date. Supplier must notify Buyer 3 days prior to the Delivery Date if Supplier is likely to be unable to meet a Delivery Date.' Vogon replied with a quotation without any amendment to SFO's terms & conditions. The SFO procurement manager found the prices were reasonable and submitted to senior management. Senior management team accepted that quotation and sent a notification to Vogon. On the Delivery Date, Vogon said they had no capacity to supply the product as the quotation due to a workers' strike. Did Vogon breach any agreement with SFO?
- A. Yes, because the contract was formed since Vogon had sent the quotation as an acceptance to SFO's offer
- B. No, because the strike is a force majeur event, so Vogon did not breach any contract with SFO
- C. Yes, because the contract had been formed between SFO and Vogon with the quotation as an offer and the notification as an acceptance
- D. No, because Vogon had no intention to be bound by the quotation, therefore, it didn't constitute a contract
Answer: C
Explanation:
SFO issued an RFQ with defined terms and condition and detailed specification. This RFQ can be considered as an invitation to treat. Vogon's quotation is an answer to the purchaser's RFQ and is an offer to SFO. The contract come to life at the time Vogon received the notification from SFO senior management.
The strike may be a force majeur event, depending on the contract particular clauses and jurisdiction. In common law countries, force majeur is applicable as an exclusion of liability only if the contract allows it. In many civil law countries, force majeur is an implied term. But in every jurisdiction, force majeur is only a reason for excluding liability for non-performance of a contract. In other words, the non-performance party is not liable for any breach if force majeur event occurs but the event does not exclude the breach.
LO 1, AC 1.2
NEW QUESTION # 114
Which of the following are always considered as minimum preconditions for a contract? Select TWO that apply:
- A. Intention to be bound
- B. Omission
- C. Specification
- D. Promise
- E. Consideration
Answer: A,E
Explanation:
In order to form a contract to come into being, there are five conditions:
- Offer
- Acceptance
- Consideration
- Intention to be legally bound
- Capacity to contract
Reference:
LO 1, AC 1.2
NEW QUESTION # 115
Which of the following is the model form of contract for construction which is recommended by World Bank?
- A. CIPS
- B. JCT
- C. ITC
- D. FIDIC
Answer: D
Explanation:
FIDIC is the International Federation of Consulting Engineers (or Federation Internationale des Ingenieurs Conseils in French). FIDIC has produced many publications, including the model form contracts, best practice guidances, research on sustainability, integrity and risk management. FIDIC model form contracts have been developed by this organisation since 1999, now they consist of several different books which are marked by colours. Thus, FIDIC model contracts also have the nickname "Rainbow suite of contracts". Basically, the "Rainbow Suite" include the following books:
* Yellow book: Plant and Design-Build Contract (2 editions: 1999 and 2017)
* Silver book: EPC/Turnkey Contract (2 editions: 1999 and 2017)
* Red book: Construction Contracts (2 editions: 1999 and 2017)
* Emerald book: Conditions of Contract for Underground Works (1st Ed 2019)
* Blue-Green book: Dredgers Contract (2 editions: 2006 and 2016)
* Gold book: Design, Build and Operate Contract Guide
* Pink book: Construction Contract Multilateral Development Bank Harmonised Ed (2 editions: 2005 and 2010) This type of model contract is commonly used around the world because its author, International Federation of Consulting Engineers, collaborates closely with development banks such as World Bank, Africa Development Bank, Asia Development Bank, etc. Every construction project that is financed by these institutions must adopt the FIDIC contracts.
The Joint Contracts Tribunal, also known as the JCT, produces standard forms of contract for construction, guidance notes and other standard documentation for use in the construction industry in the United Kingdom. From its establishment in 1931, JCT has expanded the number of contributing organisations.
ITC (International Trade Centre) produces contracts specifically designed for small companies doing international business, covering the sale of goods, distribution, services and joint ventures. Many small companies are now engaged in international trade, but don't have access to the necessary contract forms to protect themselves. ITC and leading legal experts developed eight generic contract templates that incorporate internationally recognized standards and laws for most small business situations.
CIPS has several model forms of contract designed specifically for IT buying and servicing.
Reference:
LO 3, AC 3.1
NEW QUESTION # 116
......
We have three versions for your practice according to your study habit. The pdf version is for you to print the L4M3 dump pdf out and you can share your L4M3 exam dumps with your friends and classmates. The test engine version enables you feeling the atmosphere of formal test because it is a simulation of real test. The soft version is same as the test engine but it allows you to practice your CIPS Certifications real dumps in any electronic equipment.
Real L4M3 Dumps: https://www.examprepaway.com/CIPS/braindumps.L4M3.ete.file.html
BTW, DOWNLOAD part of ExamPrepAway L4M3 dumps from Cloud Storage: https://drive.google.com/open?id=1nnkeMPUPOfxgXXCyGRakXLbWaCQ2V7