If you are interested in obtaining a deeper understanding of commercial contracting and seeking to advance your procurement career, the CIPS Level 4 Diploma in Procurement and Supply qualification is a perfect choice. The Level 4M3 Commercial Contracting module is an integral component of the CIPS Diploma in Procurement and Supply, and it focuses on the acquisition of skills required for commercial contracting.
Exam Objectives:
The CIPS L4M3 Commercial Contracting module aims to help students understand and evaluate the most effective strategies and techniques for commercial contracting. The key objectives of the exam include:
- Developing a critical understanding of commercial contracting.
- Examining the procurement cycle and its role in commercial contracting.
- Evaluating the various types of contract available and their appropriate use.
- Analyzing the development of a contract and the different contract terms and conditions.
- Evaluating the legal aspects of contracts and contract management.
- Examining the different contract management methods and procedures.
The exam is ideal for procurement professionals who want to gain a better understanding of commercial contracting and develop their career in this area. It is particularly relevant for those involved in negotiating, drafting, and managing contracts, as well as those working in a procurement or supply chain management capacity.
Prerequisites for the L4M3 exam include the completion of the L4M1, L4M2, and L4M6 modules, or a relevant level 4 qualification in procurement and supply. Students should also have a good command of the English language, both written and verbal, and a basic understanding of contract law and legal principles.
Related Books:
Studying from relevant books is an essential part of preparing for the CIPS L4M3 Commercial Contracting exam. Some of the best books available that cover the exam syllabus include:
- Contract Law for Dummies by Scott J. Burnham: This book covers the basics of contract law, including the formation of a contract, breach of contract, and remedies available.
- Contracting for Services in State and Local Government Agencies by William Sims Curry: This book provides practical guidance on contracting for services in the public sector, including best practices and pitfalls to avoid.
- Commercial Contracts: A Practical Guide to Deals, Contracts, Agreements and Promises by David Samuels: This book provides a practical guide to commercial contracts, including the drafting, negotiation, and management of contracts.
Exam Details:
The CIPS L4M3 Commercial Contracting exam is a 2-hour objective test consisting of 60 multiple-choice questions. The exam is delivered in English and is available in both paper-based and computer-based formats. The exam cost varies depending on the location, but it is typically around £185 for paper-based exams and £165 for computer-based exams. The passing mark is 75%, and results are usually available within six weeks of the exam date.
It is important to note that the CIPS qualification is globally recognized and highly respected within the procurement and supply chain profession. Passing the L4M3 Commercial Contracting exam is an important step towards obtaining the Level 4 Diploma in Procurement and Supply and achieving MCIPS status.