L3M3 practice question 5 of 15
Contracts published by third party experts such as trade associations or professional bodies, widely regarded as favouring neither buyer nor seller, are called:
Full set: 90 questionsCorrect Answer:
B. Model form
Explanation
These are 'model form' contracts. Industry standard templates eg NEC ('New Engineering Con-tract'); or FIDIC model form contracts. You will find some examples produced by CIPS on the CIPS website eg for IT procurements.
Keep practicing
Take the free L3M3 practice test
Ten exam-style questions with answers and explanations, plus the exam facts and study guides.
More questions
Other L3M3 practice questions
- Question 1The UN Guiding Principles on Business and Human Rights (UNGP) - which recognise that busi…
- Question 2In legal circles, ownership of something is often called:
- Question 3‘The CIPS Code of Conduct states that procurement professionals should not accept any bus…
- Question 4Revenue-earning possibilities which are foregone as a result of implementing a plan; the …
- Question 6A justification of an action (expenditure) that is to be taken by an organisation.
- Question 7Win-win style negotiations are said to be: