L4M3 - CIPS: Commercial Contracting Exam Questions With 100% Correct Answers

L4M3 - CIPS: Commercial Contracting Exam Questions With 100% Correct Answers Ad-Hoc Purchase - answerAn item bought for a single and non-recurring use or purpose Alternative Dispute Resolution (ADR) - answerAny method of resolving a dispute between two parties which does not involve court action, including escalation to higher levels of authority, mediation, adjudication and arbitration Articles of Incorporation - answerThe legal document creating a commercial company and setting out its purpose Base Year - answerThe starting point for an index, at which point the index is set to 100 Battle of the Forms - answerA series of forms such as orders, delivery notes, etc., issued in sequence by purchaser and supplier, each containing terms that appear to override those on the previous document Bespoke - answerMade or provided especially for a specific end user Bribery - answerThe promise, offer or giving of the financial advantage to someone in the expectation that they will improperly perform their functions, or to reward them for having done so; also accepting such a promise, offer or advantage (whether or not the function is improperly performed) Category - answerA group of goods or services that have shared characteristics CISG - answerThe Vienna Convention on Contracts for the International Sale of Goods, a United Nations treaty seeking to harmonize contract terms for the sale of goods between different countries Closed System - answerA system or process that, once started, does not allow new entrants. A framework agreement might have multiple buyers and multiple suppliers, but once set up, no additional buyers or suppliers can be added to it. Code of Practice (CoP) - answerA set of written rules explaining how people working in a particular profession should behave. Sometimes related to particular professions, they may equally relate to anyone working in a given environment or carrying out a particular function Collusion - answerWhere two or more potential suppliers (or the purchaser and one or more suppliers) secretly co-operate to undermine the competitiveness of a tender process Conflict Minerals - answerMetals and minerals sourced from areas where their mining is used to finance armed conflict and is linked to human rights abuses and corruption. The most commonly recognized ones are tin, tungsten, tantalum and gold Contracting State - answerA country which has signed the Vienna Convention on CISG Corruption - answerA wider term than bribery, includes any improper performance of function in return for some kind of advantage which may or may not be financial, e.g., facilitation payments, nepotism (favoring of family members), or career promotion. Both the providing and receiving of the advantage are corrupt practices. Debt-Bondage - answerA person's pledge of labour or services as security for the repayment of a debt or other obligation, where there is no hope of actually repaying the debt Defects - answerAny aspects of delivery that do not match the specification Defendant - answerThe person defending a claim brought against them Developing Economy - answerA national economy which is generally held to be still developing its industrial base, financial institutions and economic infrastructure Diminished Capacity - answerA person's inability to enter a contract, e.g., because they are a minor, are suffering from mental health issues, or are under the influence of drugs Direct Call Off - answerThe actor placing an order under a framework agreement without having further competition Disincentive - answerSomething which discourages a particular action or behavior What is stage 1 of the CIPS procurement cycle? - answerUnderstanding the need and developing a high- level specification What is stage 2 of the CIPS procurement cycle? - answerMarket/ commodity options How many stages are there in the procurement cycle? - answer13 What is stage 3 of the CIPS procurement cycle? - answerDevelop strategy / plan What is stage 4 of the CIPS procurement cycle? - answerPre-procurement, market test and market engagement What is stage 5 of the CIPS procurement cycle? - answerDevelop documentation What is stage 6 of the CIPS procurement cycle? - answerSupplier selection to participate in ITT/RFQ negotiation