Exam L4M3 Topic 8 Question 42 Discussion

Actual exam question for CIPS's L4M3 exam
Question #: 42
Topic #: 8
Which of the following statement is true about one-off contract?

Suggested Answer: B Vote an answer

One-off contract is the type of contract that relates to a single purchase. One-off contracts can be used for goods, services or works. One-off contract can be simple (such as buying a small number of office stationeries) or complex (such as a construction project or buying an aircraft).
A one-off contract lasts "until completion of the obligations of the parties". The performance is unlikely to be improved during contract performance since the duration is relatively shorter than framework agreement or call-off contract.
Ad-hoc purchase is an item bought for a single and non-recurring use or purpose. Ad-hoc purchase is a type of one-off contract.
Reference:
LO 1, AC 1.3

by Ingram at May 11, 2024, 07:57 AM

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