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Commercial Contracting

Last Update Jan 27, 2023
Total Questions : 190

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Commercial Contracting Questions and Answers

Questions 1

Which of the following will be included in a conformance specification?

1. Brand names

2. Description of the operating environments

3. Chemical formulae

4. Required safety level

Options:

A.

1 and 2 only

B.

1 and 3 only

C.

1 and 4 only

D.

2 and 3 only

Questions 2

Which of the following is always an advantage of using fixed price arrangement in a contract for buying organisation?

Options:

A.

Buyer can allocate budget with certainty

B.

Buyer can harness falling market price

C.

Supplier always receives a fixed margin

D.

Suitable for contracts that last 5 years or more

Questions 3

Which of the following are features of performance specification?

1. Method of achieving the buyer's desired result

2. What needs to be achieved when using the product

3. Purposes of the product

4. Technical and physical characteristics of the product

Options:

A.

2 and 4 only

B.

1 and 2 only

C.

1 and 4 only

D.

2 and 3 only