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To prepare for the CIPS L4M5 Certification Exam, candidates should have a good understanding of procurement processes and supplier management. They should also have experience in negotiating contracts and agreements. The exam consists of 60 multiple-choice questions, and the pass mark is 60%. The exam is available online, and candidates have 90 minutes to complete it. Successful candidates will be awarded the CIPS L4M5 Certification, which is valid for three years.
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The CIPS L4M5 exam covers a wide range of topics related to commercial negotiation, such as the negotiation process, negotiating techniques, and legal considerations in contract negotiation. This exam also focuses on the importance of effective communication, stakeholder management, and risk management in negotiation. The knowledge and skills gained through this exam are highly relevant to procurement professionals who are responsible for negotiating contracts and agreements with suppliers, vendors, and other stakeholders.
CIPS Commercial Negotiation Sample Questions (Q54-Q59):
NEW QUESTION # 54
A procurement professional is preparing for a negotiation of purchasing non-critical commodity products. He knows that the product can be easily replaced by other substitutes in the market. The negotiation for these products is typified by which of the following?
- A. There will be only limited negotiation
- B. There will be regular structured negotiations
- C. The buyer should focus on wider costs and risk elements
- D. The approach must be collaborative
Answer: A
Explanation:
Explanation
With non-critical commodity products, the relationship will be transactional. Buyer should not spend too much time and effort into the negotiation.
Table Description automatically generated
LO 1, AC 1.4
NEW QUESTION # 55
Which of the following is the most appropriate pricing arrangement in contracts where major inputs are commodities?
- A. Cost reimbursable pricingarrangement
- B. Standard schedule of rates
- C. Fixed pricing arrangement
- D. Price adjustment mechanism
Answer: D
Explanation:
In contracts which have major commodity input, the price is determined by market forces with no individual supplier or buyer able to influence it significantly.Prices are much more variable even within long term contracts and seeking a fixed price would create financial risks for both the buyers and the suppliers. It is often intelligent to agree a contract price adjustment mechanism to allow for market price changes so both sides share risk.
NEW QUESTION # 56
According to Dr. Mari Sako, which of the following is potentially the weakest trust to be built?
- A. Goodwill trust
- B. Contractual trust
- C. Charitable trust
- D. Competence trust
Answer: B
Explanation:
Trust is the expectation that the other party will behave in a predictable and mutually acceptable way. In inter-firm relationships, the presence and absence of trust can affect the level of cost in a relationship. The existence of trust is taught to lower the transaction cost in a relationship. Dr. Mari Sako identified taxonomy of
3 types of trust in commercial relationship, whichis very useful from the perspective of procurement.
Contractual trust: Trust based on the contract with TOP. This is potentially the weakest source of trust if there is nothing else to base the trust on, but it is the quickest to establish.
Competence trust: Trust based on TOP's professional qualifications or proven or certified technical capability or experience.
Goodwill trust: Trust based on knowing TOP has your interest at heart and will not behave opportunistically.
This is potentially the strongest type of trust, but it takes the longest time to build.
Otherwise, trust also has legal meaning. A trust is a legal document that can be created during a person's lifetime and survive the person's death. A trust can also be created by a will and formed afterdeath. Charitable trusts are trusts which benefit a particular charity or the public in general.
NEW QUESTION # 57
Which of thefollowing are most likely to be sources of conflict that can emerge from the content of commercial negotiations? Select TWO that apply.
- A. Payment terms
- B. Contract governing law
- C. Requisition
- D. Cultural differences
- E. Framework arrangement
Answer: A,B
Explanation:
Explanation
There are multiple sources of divergent positions that can arise in situations where money is exchange for goods and services. There are 2 different types of sources. Those that arise from the content or subject matter of the negotiation (what is being negotiated) and those that arise from the process of negotiation (how it is being negotiated).
Sources of divergent position - the content of negotiation:
Table Description automatically generated
Cultural differences are the source of conflict in the process of negotiation.
Requisition is an internal document raised by user or store to communicate to procurement the need to buy the product or service specified. This is merely a internal document.
Framework arrangement is a rather loose set-up, without any legal standing. It usually occurs when an organisation has decided for itself to limit the number of suppliers it is willing to work with and, through a purely internal process, sets up an approved list of such suppliers.
LO 1, AC 1.1
NEW QUESTION # 58
In which of the following persuasion methods, the influencer uses logics and objective reasons to persuade the others to buy intoinfluencer's ideas?
- A. Directive (push)
- B. Visionary (pull)
- C. Persuasive reasoning (push)
- D. Collaborative (pull)
Answer: C
Explanation:
There are two major persuasion methods: 'push' and 'pull'.
Persuasion can be defined as encouraging someone to do something that you want them to do for you.
Persuasion is reasoning with someone so that they will believe or do something they might not otherwise do.
Persuasion can be considered as 'pushing' on TOP so that they can accept the change in attitude or behaviour as a result of your actions.
Influence is the ability to affect the manner of thinking of another. Influence can be considered as pulling on TOP so that you achieve the same result, but TOP feels they have changed their attitude or behaviour as a resultof their reflection and thinking, and not your direct actions.
There are multiple variables to consider when choosing between 'push' and 'pull'. Professor Fiona Dent of Ashridge Business School proposes situations when each style might be most appropriate, breaking down push into 'directive' and 'reasoning' and 'pull' into 'collaborative' and 'visionary':
Table Description automatically generated
Text Description automatically generated
Using logical and objective reasons is one of the typical characteristics of persuasion reasoning method.
NEW QUESTION # 59
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