L4M3 - CIPS: Commercial Contracting questions with answers 2024

L4M3 - CIPS: Commercial ContractingAd-Hoc Purchase - correct answer An item bought for a single and non-recurring use or purpose Alternative Dispute Resolution (ADR) - correct answer Any 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 - correct answer The legal document creating a commercial company and setting out its purpose Base Year - correct answer The starting point for an index, at which point the index is set to 100 Battle of the Forms - correct answer A 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 - correct answer Made or provided especially for a specific end user Bribery - correct answer The 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 - correct answer A group of goods or services that have shared characteristics CISG - correct answer The 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 - correct answer A 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) - correct answer A 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 - correct answer Where 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 - correct answer Metals 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 - correct answer A country which has signed the Vienna Convention on CISG Corruption - correct answer A 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 - correct answer A 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 - correct answer Any aspects of delivery that do not match the specification Defendant - correct answer The person defending a claim brought against them Developing Economy - correct answer A national economy which is generally held to be still developing its industrial base, financial institutions and economic infrastructure