Common use of Closure or Suspension Clause in Contracts

Closure or Suspension. We have the right to close Accounts that have not been activated and validated within 30 days of opening the Account, without any prior notice. Asset Manager or Financial Planner (a) You may elect to nominate an Asset Manager or a Financial Planner in relation to your Account. (b) Under no circumstances is such Asset Manager or Financial Planner an agent of ours, nor is there the relationship of a partnership, joint venture or like relationship between the Asset Manager or Financial Planner and us, other than an arm’s length commercial relationship. (c) You may terminate the nomination and authority of your Asset Manager or Financial Planner at any time by giving written notice to us expressly stating that you withdraw that nomination and authority. Failing such written notice you acknowledge that we are entitled to assume that the authority given by you to the Asset Manager or Financial Planner to act on your behalf in relation to your Account currently remains as notified to us when you previously nominated such Asset Manager or Financial Planner. (d) A decision to nominate an Asset Manager or a Financial Planner is entirely in your discretion and we have no responsibility in relation to your selection of an Asset Manager or a Financial Planner or any liability for loss or damage suffered by you as a result of the action, inaction, negligence or misconduct including, without limitation, advice given to you by your Asset Manager or Financial Planner whether or not acted upon by you.