Common use of AUTHORIZATION TO TRADE Clause in Contracts

AUTHORIZATION TO TRADE. GMI will engage in foreign exchange transactions with Client in accordance with Client’s oral, written or electronic instructions. In relation to any Transaction the Client acts as Principal and not as Agent on behalf of any third party. This means that unless otherwise agreed, GMI will treat the Client as a Client for all purposes and the Client shall be directly and fully responsible for performing the obligations under each Transaction made by or on behalf of the Client. The Client authorizes GMI to rely and act on any Request, Instruction or other communication received from the Client which purports to have been given by the Client or on behalf of the Client without further enquiry on the part of GMI as to the authenticity, genuineness, authority or identity of the person giving or purporting to give such Request, Instruction or other communication. The Client will be responsible for and will be bound by all obligations entered into or assumed by GMI on behalf of the Client in consequence of or in connection with such Requests, Instructions or other communications.