Which of the following should be done by procurement professionals right after obtaining a pre-written specification for a critical item so that the added value will be the greatest?

• A.Evaluate tender or quotation
• B.Select the best supplier
• C.Challenge the used specification
• D.Issue invitation to tender or request for quotation

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Curnoe Ltd supplied tyres to Garage Ltd. Garage Ltd agreed in the contract that for any specified breaches of contract, it would pay Curnoe Ltd £5 per tyre sold in breach. It subsequently sold tyres at below the listed price, which was one of the breaches mentioned in the contract. What is the £5 per tyre provision an example of?

• A.Quantum meruit
• B.Exclusion clause
• C.Liquidated damages
• D.Unliquidated damages

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When writing an implementation section for an IT requirements specification, which factors would be appropriate for inclusion? Select TWO that apply.

• A.Required response timeframes for service requests
• B.Mandatory training required for supplier's staff
• C.Details of applicable legal and regulatory standards
• D.Integrations required with existing systems
• E.Lists of technical terms and abbreviations

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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 indicates the ratio between profit and costs?

• A.Gearing
• B.Margin
• C.Mark-up
• D.Liquidity

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