CIPS L3M3 EXAM GRADED A+ LATEST UPDATE.
There are 4 main types of commercial contract ANS >>> Spot-purchase,
term, framework, call-offs
Service Level Agreement (SLA) ANS >>> An agreement made based on
quality, delivery and other measurable criteria
framework agreement ANS >>> An agreement that sets out the terms and
conditions under which a call off can be made.
A call off is... ANS >>> The order placed under a term contract or the
contract created under a framework agreement
Performance management framework ANS >>> a series of standards and
targets to be achieved by the supplier, definitions of how those
standards will be measured, and actions to be taken on the basis of the
measurement results.
, Kpas are collected by ANS >>> The supplier
Express terms ANS >>> terms in a contract that are specifically stated
order acknowledgement ANS >>> sent to the customer as confirmation
that the order is booked
Delivery note ANS >>> sent by a supplier to the customer when the goods
are delivered; the customer must sign the note to confirm delivery
Business case ANS >>> A justification for a proposed project
Competitive pricing can happen in 3 ways ANS >>> Below, above and in-
line with competitor rates
Purchaser monitoring ANS >>> Procurement staff should monitor prices
by looking at published prices
Spot purchase price monitoring ANS >>> These are hard to monitor
Contract price monitoring ANS >>> Having a central contract register will
monitor the prices over time
There are 4 main types of commercial contract ANS >>> Spot-purchase,
term, framework, call-offs
Service Level Agreement (SLA) ANS >>> An agreement made based on
quality, delivery and other measurable criteria
framework agreement ANS >>> An agreement that sets out the terms and
conditions under which a call off can be made.
A call off is... ANS >>> The order placed under a term contract or the
contract created under a framework agreement
Performance management framework ANS >>> a series of standards and
targets to be achieved by the supplier, definitions of how those
standards will be measured, and actions to be taken on the basis of the
measurement results.
, Kpas are collected by ANS >>> The supplier
Express terms ANS >>> terms in a contract that are specifically stated
order acknowledgement ANS >>> sent to the customer as confirmation
that the order is booked
Delivery note ANS >>> sent by a supplier to the customer when the goods
are delivered; the customer must sign the note to confirm delivery
Business case ANS >>> A justification for a proposed project
Competitive pricing can happen in 3 ways ANS >>> Below, above and in-
line with competitor rates
Purchaser monitoring ANS >>> Procurement staff should monitor prices
by looking at published prices
Spot purchase price monitoring ANS >>> These are hard to monitor
Contract price monitoring ANS >>> Having a central contract register will
monitor the prices over time
