CIPS L5M3 Exam Dumps

Get All Managing Contractual Risk Exam Questions with Validated Answers

L5M3 Pack
Vendor: CIPS
Exam Code: L5M3
Exam Name: Managing Contractual Risk
Exam Questions: 120
Last Updated: November 20, 2025
Related Certifications: Level 5 Advanced Diploma in Procurement and Supply
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Free CIPS L5M3 Exam Actual Questions

Question No. 1

Service Credits are a form of what?

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Correct Answer: A

Service Credits are a form of Liquidated Damages - it's a financial remedy, common in the IT in-dustry, which is available to a buyer when the service level falls below an expected level. See p. 31 for more details.


Question No. 2

Tyrone Enterprises has just come out of a meeting with one of its suppliers Bob. The meeting has not gone well and the contract has become frustrated. What does this mean?

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Correct Answer: C

Frustrated is when 'a situation has occurred which means that the contract can no longer be per-formed'. The situation is one which is outside of the control of either party and its no one's fault that this has happened. A common example of this is when contracts were unable to be performed due to Covid-19 and the national lockdown. The government mandated everyone 'stay at home' and therefore some business contracts were unable to be fulfilled, and were therefore 'frustrated' (for example the delivery of popcorn to cinemas- the cinemas were told by the government to close so the popcorn couldn't be delivered. This wasn't anyone's fault). See p. 47 for more information on Contract Frustration


Question No. 3

Dianne has a loan agreement which contains a clause for default. What does a clause for default imply?

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Correct Answer: D

A Clause for Default 'allows the lender to demand full payment of the outstanding balance'. See p.102. And always read the small print before you sign a loan agreement :)


Question No. 4

Which of the following will you put into box 2?

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Correct Answer: C

The correct answers are as follows:

This is payment terms- the clues here are 'financial' and 'progress payments'


Question No. 5

Restitution damages are often calculated before contracts are signed and are clearly stated within a contract. Which of the following statements is not true?

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Correct Answer: D

'restitution damages cannot be mitigated by the actions of the innocent party' is the untrue state-ment out of these four. The general principle of Restitution Damages is that the innocent party is expected to be proactive in mitigating the consequences of any breach and should not allow costs to spiral out of control. See p. 124


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