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.