CIPS Level 3 Advanced Certificate in Procurement and Supply Operations L3M3 Dumps PDF

Explanation

An agreement between two or more parties which is enforceable in law.

This definition separates a contract from a social or domestic arrangement, in that contracts are in-tended to be enforceable at law. The other answers shown here dilute the concept, and so are unac-ceptableas answers to the question.

Explanation

Cost transparency - this requires a high trust level, as both parties open up and share information on the costs of their operations.

Open book costing is a one-way share - the seller allows the buyer to look at their actual costs.

Explanation

This is about risk, and the answer is 'treat'.

Risk management strategies can be classified into 'the 4 T's', which you need to know for your ex-am.

Treating the risk is essentially seeking to minimise the likelihood or impact of the risk. An example might be to carefully monitor key suppliers' ongoing financial performance to minimise the likeli-hood of their going into liquidation during the course of a contract with us. Etc.

Explanation

There is no obligation to buy under a framework arrangement; and a framework can be used for consultancy services.