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L4M3 - CIPS: Commercial Contracting Questions and Answers 100% Correct $16.99   Add to cart

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L4M3 - CIPS: Commercial Contracting Questions and Answers 100% Correct

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L4M3 - CIPS: Commercial Contracting Questions and Answers 100% CorrectL4M3 - CIPS: Commercial Contracting Questions and Answers 100% CorrectL4M3 - CIPS: Commercial Contracting Questions and Answers 100% Correct Ad-Hoc Purchase - ANSWER-An item bought for a single and non-recurring use or purpose ...

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  • October 2, 2024
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  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • L4M3 - CIPS: Commercial Contracting
  • L4M3 - CIPS: Commercial Contracting
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L4M3 - CIPS: Commercial

Contracting Questions and

Answers 100% Correct


Ad-Hoc Purchase - ANSWER-An item bought for a single and non-recurring

use or purpose




Alternative Dispute Resolution (ADR) - ANSWER-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 - ANSWER-The legal document creating a

commercial company and setting out its purpose




Base Year - ANSWER-The starting point for an index, at which point the index

is set to 100

,Battle of the Forms - ANSWER-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

Collusion - ANSWER-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 - ANSWER-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 - ANSWER-A country which has signed the Vienna

Convention on CISG




Bespoke - ANSWER-Made or provided especially for a specific end user




Bribery - ANSWER-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 - ANSWER-A group of goods or services that have shared

characteristics




CISG - ANSWER-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 - ANSWER-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) - ANSWER-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




Corruption - ANSWER-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

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