Common use of Open Clause in Contracts

Open. If the order has an 'open' status, this means that you have placed the order but it has not been executed or processed yet. At that time, the respective weight and type of Precious Metal is reserved for sale and you will retain ownership until the order reaches the 'processed' status. Any order can only be cancelled during this ‘open’ status. Completed - If the order has an 'executed' status, this means that the order is being executed in our systems and the price at which the order is executed has been determined and locked in. Processed - Once the order reaches the 'processed' status, the Precious Metal is debited from your Account and the purchase price, less any costs payable, is credited to your Account. Normally all of the above stages will occur on the same day. You will receive an e-mail every time your Sell Order status changes. When your Sell Order reaches the 'processed' status, you will receive an e-mail confirmation with details of the processed order. The only way to swap or move between different Precious Metal types or physical forms is to sell the Precious Metal you do not want and separately buy the Precious Metal you do want.