Cips l4m3 - Study guides, Class notes & Summaries

L4M3 - CIPS: Commercial Contracting Latest 2024 Graded A+ 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 p...

L4M3 - CIPS: Commercial Contracting Exam Questions & Answers 2024/25 Ad-Hoc Purchase - ANSWERSAn item bought for a single and non-recurring use or purpose Alternative Dispute Resolution (ADR) - ANSWERSAny 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 - ANSWERSThe legal document creating a commercial company and setting out its p...

CIPS - L4M3 Commercial Contracting - CHAPTER 1 fully solved 2024/2025 Difference between Estimate, Quote and Tender (1.1, p. 2) - correct answer Estimate = has no legal standing, simply a 'best guess' by the supplier. *NOT a firm offer*. should be avoided within a commercial contract Tender / Quotation = *both are firm offers* to do something at a quoted rate or price. Tenders are more comprehensive / detailed. Quotation (1.1, p.3) - correct answer - normally used when the only variable...

CIPS - L4M3 Commercial Contracting - CHAPTER 1Difference between Estimate, Quote and Tender (1.1, p. 2) - correct answer Estimate = has no legal standing, simply a 'best guess' by the supplier. *NOT a firm offer*. should be avoided within a commercial contract Tender / Quotation = *both are firm offers* to do something at a quoted rate or price. Tenders are more comprehensive / detailed. Quotation (1.1, p.3) - correct answer - normally used when the only variable is price - T/Cs are of...

L4M3 - CIPS: Commercial Contracting questions and answers 2024/2025Ad-Hoc Purchase - correct answer An item bought for a single and non-recurring use or purpose Alternative Dispute Resolution (ADR) - correct 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 - correct answer The legal document creating a commercial company a...

L4M3 - CIPS: Commercial Contracting 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 po...

L4M3 - CIPS: Commercial ContractingAd-Hoc Purchase - correct answer An item bought for a single and non-recurring use or purpose Alternative Dispute Resolution (ADR) - correct 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 - correct answer The legal document creating a commercial company and setting out its purpose Ba...

L4M3 - CIPS: Commercial Contracting Exam Questions With 100% Correct Answers Ad-Hoc Purchase - answerAn item bought for a single and non-recurring use or purpose Alternative Dispute Resolution (ADR) - answerAny 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 - answerThe legal document creating a commercial company and setting out its...

L4M3 - CIPS. Commercial Contracting