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L3M3 Exam Dumps : Contract Administration

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Contract Administration Questions and Answers

Question 1

If your organisation takes out insurance cover to address various risks, which one of the following risk management strategies is it adopting?

Options:

A.

Treat

B.

Terminate

C.

Tolerate

D.

Transfer

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Question 2

‘A purchasing procedure whereby potential suppliers are invited to make a firm and unequivocal offer of the price and terms on which they will supply specified goods or services which, on ac-ceptance, shall be the basis of the subsequent contract’

Options:

A.

Competitive dialogue

B.

Request for information

C.

Invitation to tender

D.

Expression of interest

Question 3

According to Lysons and Farrington, two authors recommended by CIPS, which of the following are cost-based pricing models, as opposed to market-driven pricing models? Choose two.

Options:

A.

Penetration pricing

B.

Promotional pricing

C.

Marginal pricing

D.

Rate of return pricing