Common use of COMMUNICATIONS AND ORDERS Clause in Contracts

COMMUNICATIONS AND ORDERS. Since Contracts may experience rapid movements in price, Client’s attention is required in the placement of orders and execution of the same by X.X. X’Xxxxx. Unless a managed (discretionary) account has been arranged through the execution of a written trading authorization, each order should be communicated to X.X. X’Xxxxx by the Client or Client’s Introducing Broker or Agent as may be applicable. Instructions should include, but may not necessarily be limited to, the commodity involved, quantity, price, and delivery month. Any trade not specifically authorized by Client must be immediately reported by Client directly to X.X. X’Xxxxx’x Compliance Department. Client will be financially responsible for all trades not so reported and for any Losses arising by virtue of a course of dealing involving his/her grant of de facto control over the Account to Introducing Broker or Agent. Orders are good for one (1) day only (regular day trading session) unless specified and accepted as being “open”, in which case the order will remain open until filled or the Client specifies otherwise. The price at which an order is actually executed shall be binding even if incorrectly reported. Similarly, an order actually executed, but in error reported as not executed is also binding. Client agrees that when X.X. X’Xxxxx executes sell or buy orders on Client’s behalf, X.X. X’Xxxxx, its directors, officers, employees, agents, affiliates, and any floor broker or terminal operator may take the other side of Client’s order for the account of such person subject to such order being executed in accordance with and subject to the limitations and conditions, if any, contained in Applicable Law.