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L4M3 - CIPS: Commercial Contracting Exam Questions with Answers
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L4M3 - CIPS: Commercial ContractingExam Questions with Answers
Ad-Hoc Purchase - -An item bought for a single and non-recurring use or
purpose
-Alternative Dispute Resolution (ADR) - -Any method of resolving a dispute
between two parties which does not involve court action, including escalation
to higher levels of authority, mediation, adjudication and arbitration
-Articles of Incorporation - -The legal document creating a commercial
company and setting out its purpose
-Base Year - -The starting point for an index, at which point the index is set
to 100
-Battle of the Forms - -A series of forms such as orders, delivery notes, etc.,
issued in sequence by purchaser and supplier, each containing terms that
appear to override those on the previous document
-Bespoke - -Made or provided especially for a specific end user
-Bribery - -The promise, offer or giving of the financial advantage to
someone in the expectation that they will improperly perform their functions,
or to reward them for having done so; also accepting such a promise, offer or
advantage (whether or not the function is improperly performed)
-Category - -A group of goods or services that have shared characteristics
-CISG - -The Vienna Convention on Contracts for the International Sale of
Goods, a United Nations treaty seeking to harmonize contract terms for the
sale of goods between different countries
-Closed System - -A system or process that, once started, does not allow
new entrants. A framework agreement might have multiple buyers and
multiple suppliers, but once set up, no additional buyers or suppliers can be
added to it.
-Code of Practice (CoP) - -A set of written rules explaining how people
working in a particular profession should behave. Sometimes related to
particular professions, they may equally relate to anyone working in a given
environment or carrying out a particular function
, -Collusion - -Where two or more potential suppliers (or the purchaser and
one or more suppliers) secretly co-operate to undermine the competitiveness
of a tender process
-Conflict Minerals - -Metals and minerals sourced from areas where their
mining is used to finance armed conflict and is linked to human rights abuses
and corruption. The most commonly recognized ones are tin, tungsten,
tantalum and gold
-Contracting State - -A country which has signed the Vienna Convention on
CISG
-Corruption - -A wider term than bribery, includes any improper
performance of function in return for some kind of advantage which may or
may not be financial, e.g., facilitation payments, nepotism (favoring of family
members), or career promotion. Both the providing and receiving of the
advantage are corrupt practices.
-Debt-Bondage - -A person's pledge of labour or services as security for the
repayment of a debt or other obligation, where there is no hope of actually
repaying the debt
-Defects - -Any aspects of delivery that do not match the specification
-Defendant - -The person defending a claim brought against them
-Developing Economy - -A national economy which is generally held to be
still developing its industrial base, financial institutions and economic
infrastructure
-Diminished Capacity - -A person's inability to enter a contract, e.g.,
because they are a minor, are suffering from mental health issues, or are
under the influence of drugs
-Direct Call Off - -The actor placing an order under a framework agreement
without having further competition
-Disincentive - -Something which discourages a particular action or
behavior
-What is stage 1 of the CIPS procurement cycle? - -Understanding the need
and developing a high- level specification
-What is stage 2 of the CIPS procurement cycle? - -Market/ commodity
options
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