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CIPS L5M2 Exam - Topic 1 Question 34 Discussion

Actual exam question for CIPS's L5M2 exam

Question #: 34
Topic #: 1

[All L5M2 Questions]

Which of the following statements about FIDIC Contracts are true? Select TWO:

AThey are used in the construction industry

BThey are more collaborative than NEC contracts

CEach party manages their own risks separately

DEarly warning notices are given when risks arise

EChange control is called a 'Compensation Event'

Show Suggested Answer

Suggested Answer: D

The correct answers are as follows:

The consequences of this risk are huge, therefore the risk should be terminated. This means the cause of the risk is taken away (i.e. the animal testing).

by Virgie at Jun 03, 2024, 08:18 AM

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Josefa

7 months ago

Compensation Event is a classic term in FIDIC contracts!

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Sharan

8 months ago

Early warning notices are definitely a thing in FIDIC.

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Vallie

8 months ago

Wait, are they really more collaborative? I thought it was the other way around.

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Gayla

8 months ago

Totally agree, but I think NEC is more collaborative!

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Erasmo

8 months ago

They are used in the construction industry.

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An

9 months ago

I vaguely recall something about early warning notices, but I can't remember if that's specific to FIDIC or not.

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Jesus

9 months ago

I practiced a similar question where change control was mentioned. I think option E about 'Compensation Event' is correct.

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Catherin

9 months ago

I'm not sure about the collaboration aspect compared to NEC contracts. I feel like I need to double-check that one.

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Ashley

9 months ago

I remember FIDIC contracts are definitely used in construction, so I think option A is true.

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Adelina

9 months ago

This question seems straightforward, but I want to make sure I get the details right. I'll carefully read through each option and select the two that are most accurate.

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Malika

9 months ago

Ah, I remember learning about FIDIC contracts in class. I think the key is understanding the collaborative nature and the early warning system. I'll focus on those aspects.

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Catarina

9 months ago

Okay, I know FIDIC contracts are used in construction, but I'm not certain about the specifics on risk management and change control. I'll need to double-check those points.

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Georgeanna

9 months ago

Hmm, I'm not too sure about the differences between FIDIC and NEC contracts. I'll have to review those details.

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Gearldine

9 months ago

I'm pretty familiar with FIDIC contracts, so I think I can handle this one. Let me think it through.

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Maynard

10 months ago

Schedule seems like the most likely option that's not a trigger type. I'll go with that.

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Howard

10 months ago

I practiced a similar question, and I think A and D are true, but I'm hesitating on the third one.

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Elise

1 year ago

I feel like the FIDIC Contracts are a secret society or something. All these unique terms and procedures - it's like they have their own language. But hey, at least they're trying to keep things interesting in the construction world!

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Ernie

1 year ago

Ah, the age-old FIDIC vs. NEC debate. I'm just going to go with 'more collaborative' and hope for the best. As long as I don't have to worry about any 'Compensation Events' or early warning notices, I think I'll be alright.

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Bernardine

1 year ago

Hmm, managing risks separately? That sounds a bit outdated. I thought the whole point of FIDIC was to foster more collaboration between the parties. Maybe I'm missing something here.

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Caprice

1 year ago

Yes, FIDIC contracts are commonly used in construction projects and they do require early warning notices to be given when risks arise.

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Mariann

1 year ago

D) Early warning notices are given when risks arise

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Tracey

1 year ago

Hmm, managing risks separately? That sounds a bit outdated. I thought the whole point of FIDIC was to foster more collaboration between the parties. Maybe I'm missing something here.

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Marsha

1 year ago

A) They are used in the construction industry

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Ressie

1 year ago

D) Early warning notices are given when risks arise

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Antione

1 year ago

A) They are used in the construction industry

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Owen

1 year ago

Interesting that 'Early warning notices' are given when risks arise. That could really help project teams get ahead of potential issues. And 'Compensation Event' for change control - that's a clever way to handle it.

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Maybelle

1 year ago

D) Early warning notices are given when risks arise

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Lashaunda

1 year ago

A) They are used in the construction industry

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Marlon

1 year ago

FIDIC Contracts are definitely used in the construction industry, that's a no-brainer. But I'm not sure about the collaboration aspect compared to NEC contracts. Guess I'll have to do some more research on that one.

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Chara

1 year ago

I agree with Colby, A and D make sense because FIDIC Contracts are used in construction and early warning notices are given.

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Kristofer

1 year ago

I think B and E are the correct statements.

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Colby

1 year ago

A and D are true.

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