L4M3 Commercial Contracting

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In this practical 1-day course (or 4 x 2-hour sessions), you will learn the key elements and legal aspects of formal commercial contracts, from contract formation and the documents that make up an agreement through to specifications, key performance indicators, contractual terms and pricing arrangements. Choose the short course on its own, or add the optional CIPS L4M3 exam to earn 6 credits towards the CIPS Level 4 Diploma in Procurement and Supply.

Description

Do you know exactly what you are committing to before you sign?

A significant element of the procurement and supply function is based around the contracting process. To be successful, contracts must be clearly defined, aligned with legal requirements and contain key clauses and terms. You will learn the legal principles to consider when developing contractual relations.

Delivered by AcademyGlobal faculty who are experienced procurement practitioners and hold MCIPS or FCIPS qualifications, the course combines practical activities, group discussion and locally relevant examples drawn from the Australian and New Zealand procurement environment.

AcademyGlobal is Australia and New Zealand's first and only CIPS Centre of Excellence, recognising the quality of our CIPS teaching, learner support and study centre delivery.

Choose your learning pathway

Two pathways, depending on your goals.

Option 1: Short course

Build practical skills you can apply immediately in the workplace. Complete the course and receive an AcademyGlobal Certificate of Course Completion recognising your professional development. There is no requirement to become a CIPS member or sit an examination.

Option 2: Short course + CIPS exam

Build your skills and progress towards the CIPS Level 4 Diploma in Procurement and Supply. Complete the course and register for the official CIPS L4M3 exam. Pass the exam to earn 6 credits towards the CIPS Level 4 Diploma in Procurement and Supply.

What the course covers

Documentation that makes up a commercial agreement for the supply of goods or services
Legal issues in creating commercial agreements with customers or suppliers
Types of contractual agreements between customers and suppliers
Content of specifications for procurement activities
Key performance indicators (KPIs) in contractual agreements
Sources and purpose of contractual terms
Contractual terms typically incorporated into contracts with external organisations
Types of pricing arrangements in commercial agreements

What you will be able to do

By the end of the day, you will be able to:

Describe the key elements and legal aspects of formal commercial contracts
Analyse and interpret the fundamentals of specifications and key performance indicators included in contractual arrangements with suppliers
Recognise examples of contractual terms typically incorporated into contracts with external organisations
Recognise types of pricing arrangements in commercial agreements

Course format

Duration: 1 day or 4 x 2-hour sessions
Delivery: in person or virtual, with practical activities and group discussion
CIPS module: L4M3 Commercial Contracting (https://www.cips.org/qualifications/diploma-in-procurement-supply/commercial-contracting)

Fees

Standalone short course: $475 incl. GST per participant
CIPS pathway: $695 incl. GST (includes one year CIPS student membership)
The CIPS exam fee is set by CIPS and paid separately (https://www.cips.org/membership/exam-member-fees)

Assessment

Option 1: Short course. This option is for participants who wish to complete the training without undertaking a CIPS exam or other formal assessment. On completion of the course, you will receive an AcademyGlobal Certificate of Course Completion, confirming your participation in and completion of the training. This option does not include assessment, a CIPS examination or credits towards a CIPS qualification.

Option 2: Short course and CIPS exam. After completing the course, you can sit the CIPS L4M3 Objective Response (OR) exam during one of CIPS’ scheduled exam periods throughout the year (see the CIPS exam schedule (https://www.cips.org/students/exam-success/exam-schedules)). A pass gives you 6 credits towards the CIPS Level 4 Diploma in Procurement and Supply.

The exam is a computer-based Objective Response examination. Rather than writing extended or essay-style answers, you are presented with questions and select the correct response from a range of possible answers. The pass mark for Objective Response examinations is 70%.

Objective Response exams are held during designated CIPS examination periods. CIPS currently schedules exam periods five times each year, in March, May, July, September and November.

All CIPS examinations are computer based, and you can sit the exam through remote invigilation. This means you can undertake the examination from a suitable location such as your home or office, provided you meet CIPS’ technical and examination-environment requirements.

For a remotely invigilated exam, you will need an appropriate desktop or laptop computer, stable internet connection, webcam and suitable private examination environment. The examination itself is completed through CIPS’ computer-based TestReach platform while an approved remote invigilator supervises the examination. CIPS provides candidates with instructions and technical requirements ahead of the exam.

The exam fee is set by CIPS and paid separately (see the CIPS exam fees (https://www.cips.org/membership/exam-member-fees)), and AcademyGlobal will take care of your exam registration and support you with the associated administration.

You must hold current CIPS membership to sit the examination. If you are not already a CIPS member, the CIPS exam pathway fee includes one year of CIPS student membership.

Exam format (objective response): you select a response from a list of possible answers. The exam is 1.5 hours long.