Common use of Placing Orders Clause in Contracts

Placing Orders. An order is irrevocable. After placing an order through the Depository Online website, you will receive a confirmation of receipt of the order. This confirmation does not constitute a binding acceptance of the instruction to execute the order but is merely acknowledgement of receipt of the order. Any losses resulting from incorrect, incomplete, unclear or inaccurate orders or instructions from you are for your account and risk. When placing an order to buy or sell, you must indicate whether your order is a limit order or a market order. Limit orders always contain a price limit. You must specify a maximum (limit) price for buying orders and you must specify a minimum (limit) price for selling orders. A limit date must also be specified, which is the latest date the limit order can be executed. Market orders do not have a price limit. The purchase or sale always takes place at the price offered by us at the time of the execution of the order. Normally the execution will occur immediately at current market prices as displayed on the website. However, if you place a market order when the Depository Online website is not quoting a live price, there can be a risk as the price at which the order shall be executed in unknown and can be higher or lower due to fluctuations. At the time of the execution the website will check if the balance in your Account is sufficient to pay for the proposed purchase and if not, it may not be executed or only partially executed. In addition, market orders will not be executed if the current market price differs by more than 10% from the market price at the time you placed your order. Both limit orders and market orders always contain a limit with regard to the quantity. you must specify how much Precious Metal you wish to buy or sell. The quantity that you specify is regarded as the maximum quantity. We will attempt to fully realise the maximum quantity that you have specified, however, we give no guarantee whatsoever and we have the right to execute the order partially and by so doing we are not liable to you for any losses in this regard. We will use our best endeavours to execute your Limit orders and Market orders as regards price and quantity, in accordance with your instructions. We will not be liable to you in any way for any costs, losses, damage and the like incurred by you if we fail to execute your Limit order or Market order. For example, where international Precious Metal prices suddenly move to a new price level such that trades were not possible at a price between the old and new price, where this is otherwise known as price gapping.