Common use of Partial acceptance rules Clause in Contracts

Partial acceptance rules. (a) Where a Transaction is formed as a result of the partial acceptance of a Bid, then: (i) the Transaction Quantity of the Transaction is equal to the Order Quantity in the Offer; and (ii) the Bid remains open with a reduced Order Quantity equal to the difference between the original Order Quantity in the Bid and the Transaction Quantity. (b) Where a Transaction is formed as a result of the partial acceptance of an Offer, then: (i) the Transaction Quantity of the Transaction is equal to the Order Quantity in the Bid; and (ii) the Offer remains open with a reduced Order Quantity equal to the difference between the original Order Quantity in the Offer and the Transaction Quantity. (c) Where Transactions are formed as a result of the operation of the Implied Order process in clause 13.6: (i) the Transaction Quantity of each such Transaction is equal to the Order Quantity specified in the Implied Order; and (ii) the originating Orders remain open with a reduced Order Quantity equal to the difference between the original Order Quantity in the originating Order and the Transaction Quantity.