L5M3 Managing Contractual Risk (CORE) Study Guide

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Introduction To L5M3 Exam
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L5M3 Managing Contractual Risk (CORE) Study Guide
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L5M3 Managing Contractual Risk (CORE) Study Guide
L5M3 CIPS Exam Title
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Exam Code L5M3
L5M3 CIPS Exam Features

• Vendor Name CIPS

• Questions 120
  Duration 90

• Last updated OCT 24 2022

• Languages English

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L5M3 CIPS Exam Description

• Managing Teams and Individuals (L5M3)

• Module purpose

On completion of this module, learners will be
able to evaluate the legal and process issues
relating to the formation of contracts and the
legal implications of contractual non-conformance.
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L5M3 CIPS Exam Description

• Managing Teams and Individuals (L5M3)

• Module aim(s)

As organizations outsource more and more activity
it is vital that they ensure that the associated
contracts deliver expected services and/or
products. Hence, a fundamental area that those
who are tasked with managing the procurement and
supply function are faced with is the
identification, monitoring and management of
contractual risk.
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L5M3 CIPS Exam Description

• Managing Teams and Individuals (L5M3)

• Next steps

Joining a CIPS qualification programmed means you
will join the largest Institute in the world for
those working in procurement and supply. You can
join as a member online today. Once you've become
a CIPS member you can book your examinations
online.
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L5M3 CIPS Exam KEY MODULE DETAILS

• Choose from a range of valuable study resources
  to support your learning for this module.

• Core Module
• CIPS Global Standard
• Constructed Response
• Exam Duration 3 Hour
• Module learning time - 120 hours
• 12 Credits

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L5M3 Exam Learning Outcomes Details

• 1.0 Understand the legal and process issues
  relating to the formation of contracts
• 1.1 Identify the issues relating to the formation
  of contracts and the associated risks

• Offers
• Counter offers
• Acceptance
• Precedence of documents
• Contract change
• Contract variations

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L5M3 Exam Learning Outcomes Details

• 1.2 Analyze the implications of the various
  elements of contractual documentation and process
  on overall risk

• Indemnities and liabilities
• Insurances
• Guarantees
• Liquidated damages
• Payment
• Delivery and completion

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L5M3 Exam Learning Outcomes Details

• 2.0 Understand the impacts of breach of contract
  and coping strategies and provisions that are
  available
• 2.1 Analyse the different levels of breach of
  contract and their impact

• Minor breach
• Major breach
• Fundamental breach
• Anticipatory breach

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L5M3 Exam Learning Outcomes Details

• 2.2 Compare and contrast the tools and techniques
  available to resolve a breach of contract

• Negotiation
• Mediation
• Conciliation and expert determination
• Adjudication
• Arbitration
• Litigation and legal implications
• Formal vs. informal action

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L5M3 Exam Learning Outcomes Details

• 2.3 Explain different organisational responses to
  a breach of contract

• Subcontracting
• Penalty clauses
• Reputational damage
• Claims management process

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L5M3 Exam Learning Outcomes Details

• 3.0 Understand the legal implications of
  contractual non- conformance in procurement and
  supply
• 3.1 Contrast remedies that apply to the
  non-performance of contracts in procurement and
  supply

• Contractual provisions on performance
• Clauses for default
• Penalties, liquidated damages and unliquidated
  damages
• Assessment of consequential loss
• Service credits
• Serving notices

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L5M3 Exam Learning Outcomes Details

• 3.2 Analyse the legal consequences of terminating
  a relationship in procurement and supply

• Assessment of damages
• Contractual warranties and conditions
• Specific performance
• Termination clauses

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L5M3 Exam Learning Outcomes Details

• 3.3 Compare mechanisms for dispute resolution for
  resolving conflicts in procurement and supply

• Mechanisms for dispute resolution such as
• negotiation, alternative dispute resolution
  (ADR), adjudication, arbitration and litigation
  involving lawyers.

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