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Most Recent CIPS L5M3 Exam Dumps
Prepare for the CIPS Managing Contractual Risk exam with our extensive collection of questions and answers. These practice Q&A are updated according to the latest syllabus, providing you with the tools needed to review and test your knowledge.
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The questions for L5M3 were last updated on Feb 20, 2025.
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What is the name given to a term in a contract where one party promises to compensate the other party for a trigger event?
Indemnity- this is the definition given on p. 20
Logan Gin Distillery is creating a contract for one of its new suppliers. It is a complicated item that they are ordering and if things go wrong, it would have an extremely negative impact on production, and therefore on revenue. However it is impossible to say what the cost of this would be if things were to go wrong. What type of clause should be included in the contract?
Unliquidated damages would be the best to include as there is no way of identifying a figure for liquidated damages. This would be the safest thing for the buyer to do. P.108 - section on Unliqui-dated Damages.
Which of the following will you put into box 8?
The correct answers are as follows:
This is arbitration as it involves a panel.
Which of the following will you put into box 1?
The correct answers are as follows:
It's reputational damage as the scenario mentions 'bad press'
John has signed a document with Larry that says that he will give Larry his car. Both John and Larry are over the age of 18 and are of sound mind. Larry accepts this offer and signs the document. Is this a contract?
No - There is no consideration. For a document to be considered a contract there must be consideration. This means something of value must be exchanged. In this example John gives Larry something but Larry doesn't give John anything. Therefore there is no consideration and this is not a contract. See p.12
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