L5M3 Managing Contractual Risk (CORE) Study Guide By Certs Warrior
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L5M3 CIPS Exam Title:
L5M3 MANAGING 
CONTRACTUAL RISK (CORE) 
STUDY GUIDE
BEST QUALITY L5M3  EXAM
QUESTIONS WITH ANSWERS
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L5M3 CIPS Exam Features
 EXAM CODE:                         L5M3 
 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)
As organizations outsource more and more activity it is vital 

thaMt tohdeyu elens auriem t(hsa)t 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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 1.0 Understand the legal and process issues relating to the formation of 
L5M3 Exam Learning Outcomes Details
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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