Common use of Broker Authorization Clause in Contracts

Broker Authorization. Customer authorizes Broker to purchase and sell Commodities, as either agent or principal, for Customer's Account(s) in accordance with the oral or written instructions of Customer or persons authorized in writing to act on Customer's behalf. All such instructions must contain sufficient information to permit Broker to execute orders without the exercise of discretion. Customer hereby waives any defense that any such instruction was not in writing as may be required by the Statute of Frauds or any other law, rule or regulation. Unless Customer specifies to the contrary, Broker is authorized to execute all orders on any contract market, exchange, board of trade or other market where such business is conducted which may be deemed by Broker, in its sole and absolute discretion, to be appropriate. Customer further authorizes Broker to employ clearing members (including, without limitation, on exchanges where Broker is not a member), floor brokers and other agents in connection with the execution, carrying, clearance, delivery and settlement of any such purchases and sales of Commodities. Neither Broker nor any managing director, officer, employee or affiliate of Broker will act as a fiduciary, commodity pool operator, commodity trading advisor or investment adviser in respect of Customer's Account(s) nor shall Broker have any responsibility for compliance with any law or regulation governing the conduct of fiduciaries, commodity pool operators, commodity trading advisors or investment advisers.