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CIPS L4M3 Dumps

Exam Code:
L4M3
Exam Name:
Commercial Contracting
Last Update: Jul 13, 2024
190 Questions with Explanation
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Commercial Contracting Practice Questions

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Commercial Contracting Questions and Answers

Questions 1

Which of the following is the contract provision that relieves the parties from performing their contractual obligations when certain circumstances like natural disasters, terrorist attacks, etc arise?

Options:

A.

Indemnity clause

B.

Liquidated damage clause

C.

Insurance clause

D.

Exclusion clause

Questions 2

Which of the following are features of performance specification?

1. Method of achieving the buyer's desired result

2. What needs to be achieved when using the product

3. Purposes of the product

4. Technical and physical characteristics of the product

Options:

A.

2 and 4 only

B.

1 and 2 only

C.

1 and 4 only

D.

2 and 3 only

Questions 3

A construction company often subcontracts approximately 50% of the project works because of unpredictable customer's demand. Although larger corporate customers require quick response to RFQ, the time lapse between tender bid submission and contract commencement is usually long. Which of the following arrangement would benefit both the contractor and customer?

Options:

A.

Collateral contract

B.

Bilateral contract

C.

Indemnity agreement

D.

Framework agreement