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Download CIPS Commercial Contracting Exam Dumps
NEW QUESTION 20
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?
- A. Indemnity agreement
- B. Framework agreement
- C. Bilateral contract
- D. Collateral contract
Answer: B
Explanation:
According to the scenario, customers' demand changes regularly but the construction project commencement often delays. If the contractor and the customer mutually sign a legally binding contract too soon long before the commencement, the contractor may suffer poor cash flow (it must buy the materials first but has to wait for long time to be paid). A framework agreement may help both parties.
A framework agreement is a formal agreement between two organisations that is intended to become legally binding in the event that a contract is created.
A framework agreement could benefit the both parties in the following ways:
- At the time of signing, the framework agreement has not yet become a legally binding contract. The contractor and client only agree on the principles of future contracts (such as whether the work can be subcontracted or how payment will be proceeded). A well structured framework agreement will allow both parties to apply changes before contract commencement, especially regarding price and quality.
- The framework agreement assures a certainty between the contractor and client.
- The administrative works is reduced under a framework agreement.
Reference:
- CIPS study guide page 60-62
- Framework Agreements: Practice and Pitfalls
LO 1, AC 1.3
NEW QUESTION 21
Which of the following should be applied when measuring frequency of on-time deliveries during a contract period?
- A. Numerical measure
- B. Qualitative assessment
- C. Binary measure
- D. Subjective measure
Answer: A
Explanation:
Number of on-time deliveries can be quantified, then numerical measures can be applied.
Frequency of on-time deliveries is measured as on-time deliveries as a percentage of total no. of deliveries for period.
LO 2, AC 2.2
NEW QUESTION 22
CMS Corp goes into a gainshare agreement with the contractor, EIP Ltd. Both parties agree that the final fee will be calculated on target cost - target fee basis. Which of the following will affect the final fee payable in this gainshare agreement? Select TWO that apply:
- A. Supplier share
- B. Actual cost
- C. Purchaser goodwill
- D. Final price
- E. Accrual expense
Answer: A,B
Explanation:
An incentive contract is a sub-segment of a fixed-price or cost-reimbursement contract when there are specific cost or time commitments that are desired for a project. The standard incentive contract will allow for a fixed price to be paid for work to be completed by a specific deadline and at a specific cost.
There are two major types of incentive contracts: Cost-plus-incentive fee and Fixed-price incentive (firm target) contracts. Both types have the same formula for calculating final fee and final price.
The target fee is the amount that will be paid if the actual costs (which can be proven) match the target costs The actual fee will be adjusted in proportion to the difference between the target cost and the actual cost. The usual calculation is:
Target fee + ((target cost - actual cost) x Supplier share) = final fee The final price then becomes:
Actual cost + final fee = final price
Reference:
LO 3, AC 3.3
NEW QUESTION 23
SFO procurement manager sent a request for quotation to Vogon International in which he determined the contract terms and specification. In SFO's standard terms and conditions, it is stated that 'Goods shall be delivered and Services performed by the applicable Delivery Date. Supplier must notify Buyer 3 days prior to the Delivery Date if Supplier is likely to be unable to meet a Delivery Date.' Vogon replied with a quotation without any amendment to SFO's terms & conditions. The SFO procurement manager found the prices were reasonable and submitted to senior management. Senior management team accepted that quotation and sent a notification to Vogon. On the Delivery Date, Vogon said they had no capacity to supply the product as the quotation due to a workers' strike. Did Vogon breach any agreement with SFO?
- A. Yes, because the contract was formed since Vogon had sent the quotation as an acceptance to SFO's offer
- B. No, because Vogon had no intention to be bound by the quotation, therefore, it didn't constitute a contract
- C. No, because the strike is a force majeur event, so Vogon did not breach any contract with SFO
- D. Yes, because the contract had been formed between SFO and Vogon with the quotation as an offer and the notification as an acceptance
Answer: D
Explanation:
SFO issued an RFQ with defined terms and condition and detailed specification. This RFQ can be considered as an invitation to treat. Vogon's quotation is an answer to the purchaser's RFQ and is an offer to SFO. The contract come to life at the time Vogon received the notification from SFO senior management.
The strike may be a force majeur event, depending on the contract particular clauses and jurisdiction. In common law countries, force majeur is applicable as an exclusion of liability only if the contract allows it. In many civil law countries, force majeur is an implied term. But in every jurisdiction, force majeur is only a reason for excluding liability for non-performance of a contract. In other words, the non-performance party is not liable for any breach if force majeur event occurs but the event does not exclude the breach.
LO 1, AC 1.2
NEW QUESTION 24
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