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L4M3 Exam Dumps : Commercial Contracting

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Commercial Contracting Questions and Answers

Question 1

A buyer is procuring innovative new IT systems and has issued a performance specification as part of the invitation to tender. Is this a suitable approach?

Options:

A.

No, because the bidder may use it to inflate costs

B.

Yes, because it allows the bidder to present solutions and further inform the requirement

C.

No, because the Procurement Team should only include outputs in specifications

D.

Yes, because it will improve relationships and collaboration between both parties

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Question 2

A construction company wishes to place the contract for the building of a new hotel to a principal contractor using a model form contract. Which of these is an advantage of using a 'model form contract?'

Options:

A.

Incentive payment terms can be included to reward the supplier for attainment of cost savings

B.

Formulae or indices can be included to assess any additional supplier's claims for contract price adjustment

C.

It avoids the requirement to create complex contracts each time but can be adapted to suit particular circumstances

D.

Legal advice is still required if significant amendments or variations are to be made to the contract

Question 3

When a supplier signs an insurance policy with an insurance company, which of the following is transferred to insurance company?

Options:

A.

Right

B.

Risk

C.

Legal responsibility

D.

Contractual obligation