CLIENT ACCOUNT AUTHORIZATION AND ACKNOWLEDGEMENT OF LIMITED POWER OF ATTORNEY
1. I/We the undersigned acknowledge that by completing the online account opening form, I/we will be placed under the agent and by subsequently typing the word ‘AGREE’ in the text box, agree to be bound by the Terms and Conditions set out below. Agent refers to the party that is authorized to trade the account.
I hereby authorize and appoint the agent I have selected and Wmax (the Company) to act as follows:
2. I/We hereby authorize the Company accept orders from the agent for and in every respect concerning transactions for my/our account(s) without limiting the Company right to decline to accept particular orders and my/our agent is authorized to act for me/us in giving orders for transactions for my/our account(s) in the same manner and with the same force and effect as I/we might or could do with respect to such orders for transactions for such accounts in accordance with my/our customer account agreement and all other things necessary or incidental there to except as expressly provided in Clause 3 hereof.
3. My/our agent shall have no authority to withdraw or give instructions for payment of any sums payable or delivery of any property deliverable under or in respect of transactions on my/our account(s) to any person other than me/us or to vary the terms of my/our customer account agreement or terminate my/our customer account agreement.
4. In the event my/our agent is a corporate entity, the Company by acting reasonably and in good faith can accept orders for transactions for my/our account(s) given by any person who represents himself/herself as being an officer, employee or sub agent of my/our agent and whose name has been previously advised to the Company.
5. I/we undertake with my/our agent to ratify and confirm any and all orders for transactions given to and transactions made with the Company by my/our agent on our behalf in accordance herewith and to indemnify the Company from any loss or liability arising from my/our failing or refusing to do so.
6. The authorization granted hereby are in addition to and do not limit or restrict any other authorization under my/our customer account agreement or any other agreement between the Company and me/us. The authorization granted hereby shall insure to the benefit of the Company and any of its successors or assignees.
7. I/We represent and warrant to the Company that I/We have full legal and (if a corporation) corporate power and authority to enter into grant and perform this customer order authorization and limited power of attorney and that the same has been duly authorized and duly executed by me/us.
8. Unless as the same time as giving my/our notice of revocation hereof to the Company I/We also give the company written advice of a replacement customer order authorization and limited power of attorney for another agent in the form and substance acceptable to the Company or written advice that shall henceforth be exclusively responsible for giving orders for transactions for any account with such evidence of delegated authority to my/our officers, employees or agents as the Company may reasonably require, the Company may in its discretion treat my/our notice of revocation of these authorizations as an instruction to close out and settle any outstanding transactions for my/our account and remit or require payment (as the case may be) of the balance on my account in accordance with my customer account agreement.
9. The authorizations granted hereby are of continuing effect and shall remain in full force and effect unless and until revoked by me/us by written notice to the Company. Such notice of revocation shall not have effect until actual receipt by the Company and the actual receipt of our acceptance of the ‘notice of revocation’ and shall not relieve me/us from any obligation or liabilities arising from or in respect thereof or in relation to transactions or my/our account generally.
10. As used herein “Account’s” means my/our account with Wmax (the Company) particulars of which are set out above, “Customer Account Agreement” means the customer account agreement between the Company and me/us including all documents forming part of the same comprising or including the terms and conditions on which the Company will open and/or maintain my/our accounts and enter into transactions with me/us for my/our accounts and risk and any amendment addition or variation thereto applying from time to time. “Order” includes any order instruction agreement or other commitment to the company “Orders for transaction” means any order or orders for any transaction including without limitation for the close out, liquidation and settlement any property by the Company to us pursuant to any transaction and my/our Customer Account Agreement. “Transaction” means any purchase or sale including a short sale of any commodity, financial or currency futures options or contracts for differences, bullion, precious metals or foreign exchange or any options therefore or any securities and or index, futures and options contracts and whether traded on or off exchange being of a kind or kinds from time to time contemplated by my/our customer account agreement and expressions importing the singular shall include the plural and vice versa.
11. Agents are entitled for what are known as incentive fees that are agreed upon by the agent and their Client. In the event that agent makes changes to these fees, the Client agrees to be bound by such changes. These fees normally represent a percentage of net profits when closing all deals. The Company is thus authorized and directed to deduct this amount from the undersigned account and pay the incentive fee or commission for the agent. The agent is solely responsible for the calculation of such fees and commission and that the Company has no responsibility or obligation to determine the accuracy of such fees and commissions. The undersigned hereby agrees to indemnify and hold harmless Wmax (the Company) and its affiliates and employees from any loss damage or dispute arising out of or relating to the calculation and payment of such fees and commissions.