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The CIPS L5M3 (Managing Contractual Risk) Exam is designed to assess the candidate's knowledge and understanding of the principles and practices of managing contractual risk. This exam is part of the Chartered Institute of Procurement and Supply (CIPS) Level 5 Advanced Diploma in Procurement and Supply qualification. The CIPS L5M3 Exam is aimed at procurement and supply chain professionals who are responsible for managing contractual risk within their organizations. It is also suitable for those who wish to develop their knowledge and skills in this area.
The CIPS Level 5 Advanced Diploma consists of five core modules and three elective modules. One of the elective modules is Managing Contractual Risk (L5M3). The Managing Contractual Risk module focuses on equipping procurement and supply chain professionals with the knowledge and skills required to effectively manage contractual risks. The module covers topics such as identifying and managing contractual risks, understanding the legal framework for contracts, and managing disputes and disputes resolution processes.
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CIPS Managing Contractual Risk Sample Questions (Q10-Q15):NEW QUESTION # 10
Which of the following must a legally binding contract contain? Select THREE
Answer: A,C,E
Explanation:
Intention, Consideration and Capacity are the correct answers. A contract must contain 5 elements to be legally binding. As well as these three, the other two factors are offer and acceptance. P.2 of the study guide.
NEW QUESTION # 11
What is the purpose of a liability clause in a contract?
Answer: B
Explanation:
The purpose of liability clauses is "to limit commercial and financial exposure"- this is a direct quote from p.2. Liability is the amount that a company owes to another party- this is why contracts will focus on limiting their liability as much as possible.
NEW QUESTION # 12
Mark is a consultant who works with building managers and advises them on how to make their buildings safer. What type of insurance should Mark have?
Answer: B
Explanation:
Mark needs professional indemnity insurance. Types of insurance is a known exam topic and the study guide does not cover this particularly well. Types of insurance is mentioned on p.25 but Pro-fessional Indemnity Insurance isn't really explained and this does come up in the exam. Professional Indemnity Insurance is needed when your job is to give advice to people (like as a Consultant). It's used for if the advice you give turns out to be bad. For example, if Mark told the building manager he should get ABC Fire Alarm installed, and actually this Fire Alarm doesn't meet the necessary Health and Safety standards, he could get sued by the building manager. He could then claim on his Professional Indemnity Insurance.
NEW QUESTION # 13
When considering consequential loss, can a cap be placed on the amount claimed?
Answer: C
Explanation:
Yes- this is known as a limitation of liability clause. See p. 112 for more details
NEW QUESTION # 14
Which of the following would not be considered acceptance of a contract term?
Answer: A
Explanation:
Silence is not acceptance. Acceptance can be in writing, verbal or implied by conduct. The three other options are ways in which a contract could be accepted by conduct. See p.8 of the study guide
NEW QUESTION # 15
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