Exam (elaborations)
CIPS L4M3 (Commercial Contracting) QUESTIONS AND ANSWERS COMPLETE AND RATED A
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CIPS L4M3 (Commercial Contracting) QUESTIONS AND ANSWERS COMPLETE AND RATED A
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CIPS L4M3 QUESTIONS AND ANSWERS COMPLETEAND RATED A
Sometimes this is called a "fee schedule" when it applies to professional
or consultancy services. It is an appendix to a contract setting out what the
prices are
Correct Answer -Price Schedule
Increasing the price quoted for goods or services to include an element of
insurance against having to remedy errors
Correct Answer -Pricing for Risk
Initiation, planning, execution and control of inter-related pieces of work,
normally carried out by a team of people, to achieve a specified aim by a
specified time
Correct Answer -Project Management
Service organizations run by the government and usually funded by taxes
Correct Answer -Public (or state) Sector
Sometimes called a quote, this is a firm price offer obtained via a formal or
informal process; normally it only relates to price on the basis of indicated
quality
Correct Answer -Quotation
An equitable remedy that seeks to place both parties in their pre-
contractual position, as though the contract had never existed
Correct Answer -Rescission of Contract
, A sum of money withheld from payment for a fixed period of time to be
used to cover any costs associated with remedying defects that are not
corrected by the supplier
Correct Answer -Retention
The ability of a purchaser to deduct debts that are owed under one contract
from payments that are due on a different contract
Correct Answer -Right of Set-off
In a legal context, a set of principles which have evolved over several
hundred years, which define how law courts will interpret contracts. One
of the primary rules is that words will have their normal everyday
meaning, unless there is a specific definition provided within the contract
itself. In commercial contracts, where a level of legal and/or professional
knowledge can be assumed (rather than between a business and a private
individual), the courts may infer what a reasonably well-informed person
of a given status in a given profession would have understood by the
wording
Correct Answer -Rules of Interpretation
An itemized list of component parts within a lump-sum contract, or a list of
individual products, giving a price for each unit
Correct Answer -Schedule of Rates
A division of the national or international economy (e.g. manufacturing
sector, health sector, financial services sector)
Correct Answer -Sector
An agreement between the provider and the user of a service that details
what performance and quality will be provided; this agreement is legally
enforceable if it is referred to in a contract
Correct Answer -Service Level Agreement (SLA)
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