(c) Manual Transactions Clause Samples
The "Manual Transactions" clause defines how transactions that are not processed automatically, but instead require manual intervention or approval, are to be handled under the agreement. This clause typically outlines the procedures, responsibilities, and any special requirements for parties when conducting such transactions, such as manual payment processing, exception handling, or approvals outside of automated systems. Its core function is to ensure that both parties understand the process and obligations for non-automated transactions, thereby reducing confusion and mitigating the risk of errors or disputes in these situations.
(c) Manual Transactions. If the parties choose not to use Fund/SERV, if there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV, or in the event there are rejected trades which require manual settlement due to exceptions processing, the following provisions shall apply:
(c) Manual Transactions. If the parties choose not to use Fund/SERV, if there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV, the following provisions shall apply: Next Day Transmission of Orders. On each Business Day, the Company shall aggregate and calculate the net purchase and redemption orders for each Account received by the Company prior to the Close of Trading on such Business Day. Prior to 9:00 a.m. Eastern Time (or such other time as may be agreed by the parties from time to time) on the next following Business Day, the Company shall communicate to the Fund or its designee by facsimile or, in the Company’s discretion, by telephone or any other method agreed upon by the parties, the net aggregate purchase or redemption orders (if any) for each Account received by the Close of Trading on the prior Business Day. All orders communicated to the Fund or its designee by the 9:00 a.m. deadline (or such other time as may be agreed by the parties from time to time) shall be treated by the Fund or its designee as if received prior to the Close of Trading on the Trade Date.