Common use of Settlement Failure Clause in Contracts

Settlement Failure. If you fail to settle a Buy Order by not making full cleared Cash payment of the Settlement Value under Clause 4.2(a) by the Value Date, we may, at our sole discretion, sell the purchased Precious Metal and you irrevocably authorise us to sell the purchased Precious Metal and agree to reimburse us immediately on demand for all costs, losses, penalties, interest or liabilities incurred by us due to your failure to pay. We may deduct, at our sole discretion, any amount so owing from Cash held by us on your behalf.