L4M3 - CIPS: Commercial Contracting- Questions and Answers
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Course
CIPS
Institution
CIPS
L4M3 - CIPS: Commercial Contracting- Questions and
Answers
What is stage 1 of the CIPS procurement cycle? Correct Ans-Understanding the need and
developing a high- level specification
L4M3 - CIPS: Commercial Contracting- Questions and
Answers
What is stage 1 of the CIPS procurement cycle? Correct Ans-Understanding the need and
developing a high- level specification
What is stage 2 of the CIPS procurement cycle? Correct Ans-Market/ commodity options
How many stages are there in the procurement cycle? Correct Ans-13
What is stage 3 of the CIPS procurement cycle? Correct Ans-Develop strategy / plan
What is stage 4 of the CIPS procurement cycle? Correct Ans-Pre-procurement, market test
and market engagement
What is stage 5 of the CIPS procurement cycle? Correct Ans-Develop documentation
What is stage 6 of the CIPS procurement cycle? Correct Ans-Supplier selection to
participate in ITT/RFQ negotiation
What is stage 7 of the CIPS procurement cycle? Correct Ans-Issue ITT/RFQ
What is stage 8 of the CIPS procurement cycle? Correct Ans-Bid/tender/quotation
evaluation
, L4M3 - CIPS: Commercial Contracting- Questions and
Answers
What is stage 9 of the CIPS procurement cycle? Correct Ans-Contract award and
implementation
What is stage 10 of the CIPS procurement cycle? Correct Ans-Warehouse, logistics and
receipt
What is stage 11 of the CIPS procurement cycle? Correct Ans-Contract performance review
What is stage 12 of the CIPS procurement cycle? Correct Ans-SRM and SCM and
development
What is stage 13 of the CIPS procurement cycle? Correct Ans-Asset management and
lessons learned
Downstream Correct Ans-The supply chain that the organization feeds into, from product
to end user
Draft of a Contract Correct Ans-The formal drawing up of a contract, formulating the words
and clauses
, L4M3 - CIPS: Commercial Contracting- Questions and
Answers
Drafter of a Contract Correct Ans-The person(s) who design(s) and develop(s) the contract
wording
Estimate Correct Ans-A suppliers best guess at what the price will be. It has no legal
standing
Express Terms Correct Ans-Contractual terms that are specifically stated in contract
documents
Five Rights Correct Ans-The original "five rights" of procurement are additionally: the right
quantity, the right quality, the right time, the right place, and the right price (Double Q Double
P & T)
Fixed Cost Correct Ans-Cost that remains constant in the short term respective of
production volumes
Force Majeure Correct Ans-An exclusion clause that relates to things which are not only
outside the control of the parties, but which by their nature are unforeseeable. The term
normally includes such events such as natural disasters, evil unrest and war- but where these
things are frequent occurrences and/or could arguably be foreseeable , they may not be
covered in a particular contract for that very reason
Ad-Hoc Purchase Correct Ans-An item bought for a single and non-recurring use or
purpose
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