A procurement professional is drafting payment terms for a commercial contract. He is considering about payment method if defective products are found. Which of the following should be embedded in payment terms to control this issue?

• A.Remedies for late payment
• B.Pay-less notice
• C.Invoice preparation
• D.Retention clause

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Which of the following is always automatically considered as a contract?

• A.Call-off
• B.Framework arrangement
• C.Performance management framework
• D.Framework agreement

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A large company supplies a lot of products. Their shipments are often delayed and customers are not satisfied.
Which of the following KPIs is most likely to be applied to this situation?

• A.Technical support
• B.OTIF delivery
• C.Delay damages
• D.Consignment stock availability

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Standard terms and conditions should become the governing terms for which group of items?

• A.Leverage items
• B.Bottleneck items
• C.Strategic items
• D.Routine items

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Which of the following statements is true about model form of contract?

• A.When model contracts are employed, there are no requirements for legal advice and input
• B.Model contract form's standard clauses often contain correct legal terminology without recourse to third party experts.
• C.The standard clauses of model contract forms give the offeror legal advantages over the offeree
• D.Only the publishers of model forms of contract can edit the clauses of these forms

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