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Download CIPS Commercial Contracting Exam Dumps
NEW QUESTION 50
EAC Facilities Management is planning for a new construction project in the suburban are a. They decide to use NEC or FIDIC model form of contract for this project. Is this a right course of action?
- A. Yes, using these forms will eliminate all the risks
- B. No, the contractor won't understand the legal terminology in the contract forms
- C. Yes, these forms aim at balanced risk/reward allocation between the parties
- D. No, the buyer will bear all the risks derived from the contract
Construction procurement is particularly complex and risky. Forming a contract in construction may take lots of time and energy of both client and contractor. Therefore, standardisation in construction contract would help the buying organisation to save their precious resources. Furthermore, the wording of these model form contracts is accurate as it has been agreed among the professionals within an industry.
One of the advantage of using model forms of contract is the balanced of risk and reward allocation between the contractor, consultant engineer and the client.
- An Introduction to FIDIC model contracts
- CIPS study guide page 139-147
LO 3, AC 3.1
NEW QUESTION 51
A procurement manager is setting KPIs measurement for user satisfaction. He also wants to encourage users to share the reason why they feel the way they do. Which of the following types of KPI should the procurement manager apply?
- A. Qualitative assessment
- B. Binary measure
- C. Numerical measure
- D. Quantitative measure
There are 3 types of KPI measure:
- Binary KPIs
- Quantitative KPIs (or numerical)
- Qualitative KPIs
User satisfaction is subjective, therefore, using qualitative assessment is the best answer.
LO 2, AC 2.2
NEW QUESTION 52
XYZ Ltd and Engineer Corp signed a long-term supply contract in which both parties had agreed on performance targets. Recently, due to increased customer demands, XYZ Ltd realises that they should make changes to the contract with Engineer Corp with regards to performance management. These changes are approved and signed by both the buyer and seller. The changes to the contract are known as...?
- A. A separate counter-offer to the supplier
- B. A stand-alone subcontract to the prime contract
- C. An appendix to the prime contract
- D. An amendment to the prime contract
The changes are made to the prime contract. They are also signed and approved by both parties. These changes are known as amendment (variation) to the contract. A contract amendment allows the parties to make a mutually agreed-upon change to an existing contract. An amendment can add to an existing contract, delete from it, or change parts of it. The original contract remains in place, only with some terms altered by way of the amendment.
- Modify an Existing Contract with a Contract Amendment
- CIPS study guide page 26-28
LO 1, AC 1.1
NEW QUESTION 53
Which of the following is most likely to be an one-off contract?
- A. Framework Agreement for supply of mono-crystalline silicon
- B. Commercial lease agreement of an office building
- C. Franchise Agreement
- D. Contract for construction of a power plant
One-off contracts are used where a supplier is only needed for a single activity unlikely to be repetitive, and where the need of the buyer is concrete and finite. Among the answers, only construction for power plant is one-off since the work is non-repetitive and the need is clearly defined.
A framework agreement is an agreement between one or more businesses or organisations, "the purpose of which is to establish the terms governing contracts to be awarded during a given period, in particular with regard to price and, where appropriate, the quantity envisaged".
A Commercial Lease Agreement is a contract used when renting business property to or from another individual or company. It gives the tenant (or renter) the right to use the property for business purposes during the term of the lease in exchange for payment to the landlord.
A franchise agreement is a legally binding document that outlines a franchisor's terms and conditions for a franchisee. Every franchise is governed by these terms, which are generally outlined in a written agreement between both parties.
LO 1, AC 1.3
NEW QUESTION 54
Which of the following regulates barriers to the trade of goods between Member States of WTO?
- A. CISG
- B. GATT
- C. NAFTA
- D. TRIPS
- The General Agreement on Tariffs and Trade (GATT) is a legal agreement between many countries, whose overall purpose was to promote international trade by reducing or eliminating trade barriers such as tariffs or quotas. According to its preamble, its purpose was the "substantial reduction of tariffs and other trade barriers and the elimination of preferences, on a reciprocal and mutually advantageous basis."
- CISG is the Vienna Convention on Contracts for the International Sale of Goods. This is a voluntary treaty under United Nations Commission on International Trade Law (UNCITRAL). The purpose of the Vienna Convention is to set out a framework for international transactions based on a uniform approach. It establishes substantive rules that regulate the duties and obligations of both parties, including the delivery of goods, contract formation, and remedies for breach of contract.
- The Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) is an international legal agreement between all the member nations of the World Trade Organization (WTO). It sets down minimum standards for the regulation by national governments of many forms of intellectual property (IP) as applied to nationals of other WTO member nations.
- The North American Free Trade Agreement (NAFTA; Spanish: Tratado de Libre Comercio de America del Norte, TLCAN; French: Accord de libre-echange nord-americain, ALeNA) is an agreement signed by Canada, Mexico, and the United States, creating a trilateral trade bloc in North America.
LO 1, AC 1.3
NEW QUESTION 55