Valid Test CIPS L5M3 Testking | Valid L5M3 Guide Files by dojimof817 dojimof817

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The CIPS L5M3 (Managing Contractual Risk) Exam is a certification that measures your ability to manage and mitigate risks within contracts. This is an advanced level exam that is designed for procurement professionals who are responsible for managing contracts and ensuring that they are risk-free. The exam covers various topics such as contract formation, contract types, contract management, and dispute resolution.

The CIPS L5M3 Certification Exam is suitable for professionals who are working in procurement and supply chain management roles, as well as those who are looking to progress their careers in the field. The exam covers a range of topics, including contract management, risk management, legal and regulatory considerations, and dispute resolution. Candidates are required to demonstrate their knowledge and understanding of these topics through a series of written and practical assessments.

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After you pay for our L5M3 exam material online, you will get the link to download it in only 5 to 10 minutes. You don't need to worry about safety in buying our L5M3 exam materials. Our products are free from computer virus and we will protect your private information. You won't get any telephone harassment or receiving junk E-mails after purchasing our L5M3 Study Guide. If we have a new version of your study material, we will send an E-mail to you. Whenever you have questions about our L5M3 study material, you are welcome to contact us via E-mail.

CIPS Managing Contractual Risk Sample Questions (Q29-Q34):

NEW QUESTION # 29
Which of the following will you put into box 4?

A. payment termsB. anticipatory breachC. specificationD. fundamental breach

Answer: C

Explanation:
The correct answers are as follows:

This is the specification as it talks about types of fabric.

NEW QUESTION # 30
Which of these statements about mediation is true? Select TWO

A. mediation is expensiveB. mediation produces legal precedentsC. mediation involves a third party who makes a judgement on the issueD. mediation can be used as a stalling tacticE. mediation is flexible

Answer: D,E

Explanation:
The correct answers are 1 and 3. The other options are false; Mediation does not produce legal precedents- only litigation can do this. Mediation is a cheap dispute resolution option (much cheaper than arbitration or litigation) and the third party has no authority on the matter- they are there as a facilitator of dialogue, not to make a judgement. For more information on mediation see p.74

NEW QUESTION # 31
When assessing damages caused by a breach, which of the following statements is true?

A. damages attempt to position the innocent party in the position that they would have been in had the contract been performed as expectedB. damages are limited to what is stated within the contractC. damages can be difficult to assess before a breach has occurred and therefore should be decided through conflict resolutionD. damages attempt to compensate the innocent party for errors made by the offending party

Answer: A

Explanation:
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).

NEW QUESTION # 32
George is a procurement manager at a manufacturing company and is reviewing a contract he has with a supplier. He notes that there are multiple appendices to the contract and there is no Precedence of Documents. What does this mean for the contract?

A. the contract is not validB. the clauses that come first in the document, take precedentC. clauses in the contract take precedent over clauses in the appendicesD. all clauses are considered equal

Answer: D

Explanation:
Where there's no order of precedence, it is assumed that all documents have equal significance. This is a direct quote from the study guide p.15

NEW QUESTION # 33
Terry's Toys is a Toy Manufacturer who has an agreement to provide Toys to an online re-tailer. The retailer has ordered 500 toys from Terry and Terry has incurred costs of £3000 manufacturing the toys. Halfway through production the retailer calls Terry to cancel the order. Terry reads through the contract and sees a liquidated damages clause of £1000. What should Terry do?

A. Terry can do nothing and must pay the additional £2000 out of his own pocketB. Terry can deliver the toys as agreed as there is a contract in placeC. Terry can sue the retailer for the additional costs incurred above the liquidated damagesD. Terry can apply to the court to increase the liquidated damages to £3000

Answer: A

Explanation:
The correct answer is 4- Terry can do nothing and must pay the additional £2000 out of his own pocket. Liquidated damages are a pre-estimate of loss - they can't be changed by a court and you can't demand the buyer pays any higher than this if you actually lose more than is stated. This is one of the major disadvantages of having liquidated damages. Option 3 is a bad idea- the retailer has communicated that they do not want the toys so Terry is likely to only incur additional costs if he continues manufacturing them and delivers them. See p.106. There are lots of questions like this in the exam. Remember to think what the study guide would say- rather than what would happen in real life. Don't over complicate things.

NEW QUESTION # 34
......

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