Common use of MANIFEST ERROR Clause in Contracts

MANIFEST ERROR. 15.1. A Manifest Error is an error, omission or misquote (including any misquote by our dealer) which by fault of either of us or any third party is materially and clearly incorrect when taking into account market conditions and quotes in Markets or Underlying Instruments which prevailed at that time. It may include an incorrect price, date, time or Market or any error or lack of clarity of any information, source, commentator, official, official result or pronouncement. 15.2. If a Trade is based on a Manifest Error (regardless of whether you or we gain from the error) we may act reasonably and in good faith to: 15.2.1. void the Trade as if it had never taken place; 15.2.2. close the Trade or any Open Position resulting from it; or 15.2.3. amend the Trade so that its terms are the same as the Trade which would have been placed if there had been no Manifest Error. 15.3. We will exercise the rights in clause 15.2 as soon as reasonably practicable after we become aware of the Manifest Error. To the extent practicable we will give you prior notice of any action we take under this clause but if this is not practicable we will give you notice as soon as practicable afterwards. If you consider that a Trade is based on a Manifest Error, then you must notify us immediately. We will consider in good faith whether it is appropriate to take any action under this clause 15 taking into account all the information relating to the situation, including market conditions and your level of expertise. 15.4. In the absence of our fraud, wilful deceit or negligence, we will not be liable for any loss, costs, claims or demand for expenses resulting from a Manifest Error.

MANIFEST ERROR. 15.1. 14.1 A Manifest Error is an error, omission or misquote (including any misquote by our dealer) which by fault of either of us or any third party is materially and clearly incorrect when taking into account market conditions and quotes in Markets or Instruments, Underlying Instruments or foreign currency which prevailed at that time. It may include an incorrect price, date, time or Market or any error or lack of clarity of any information, source, commentator, official, official result or pronouncement. 15.2. 14.2 If a Trade is based on a Manifest Error (regardless of whether you or we gain from the error) we may act reasonably and in good faith to: 15.2.1. void 14.2.1 Void the Trade as if it had never taken place; 15.2.2. close 14.2.2 Close the Trade or any Open Position resulting from it; or 15.2.3. amend 14.2.3 Amend the Trade so that its terms are the same as the Trade which would have been placed if there had been no Manifest Error.had 15.3. 14.3 We will exercise the rights in clause 15.2 14.2 as soon as reasonably practicable after we become aware of the Manifest Error. To the extent practicable we will give you prior notice of any action we take under this clause but if this is not practicable we will give you notice as soon as practicable afterwards. If you consider that a Trade is based on a Manifest Error, then you must notify us immediately. We will consider in good faith whether it is appropriate to take any action under this clause 15 14 taking into account all the information relating to the situation, including market conditions and your level of expertise. 15.4. 14.4 In the absence of our fraud, wilful deceit or negligence, we will not be liable for any loss, costs, claims or demand for expenses resulting from a Manifest Error.