EVENTS OUTSIDE OUR REASONABLE CONTROL. (FORCE MAJEURE) 22.1. This section refers to events, which may occur from time to time, and which prevent us from performing any or all of our obligations ('Specific Events'). Specific events may include: a) any natural, technological, political, governmental, social, economic, act of god, pandemic, civil emergency, act of terror, interruption or failure of utility service; b) non-performance by a third party, destruction caused by man or any similar event which is outside our reasonable control; c) instances of illegitimate actions, errors, failures, disruptions in our systems, technological or other infrastructure (irrespective of whether it belongs to us or a third party) against our servers; d) changes in the applicable legislation and/or regulations, any action of an official body or any other change in our legal or regulatory obligations as a result of unforeseen events; e) an act or omission by any financial or other institution that we are unable to predict and/or prevent; f) any event that prevents the Software or the systems from operating on an orderly or normal basis; g) abnormal market conditions, such as significant volatility or instability in the markets, or the industry as a whole, preventing us from providing our services in an orderly manner, including any instances where we are unable to receive data and/or we receive incorrect data from our service providers; h) any other event and/or circumstance, which cannot be foreseen, within reason. 22.2. For the avoidance of doubt, a Specific Event is an event outside our control that, whilst it is reasonably likely to occur, or may be imminent, we cannot be expected to be prepared for, or we cannot prevent its occurrence. 22.3. Where we determine that a Specific Event has occurred, without prejudice to any other rights of ours under the Agreement, or the law, we may take the following course of action(s): a) inform you, where we have sufficient time to do so in the circumstances; b) increase margin requirements/ decrease leverage; c) increase spreads; d) change fixed spreads to floating spreads (only applicable to 'Fixed Spreads' Accounts); e) close any Open Position(s) at the price available in the circumstances, which may include: (i) combine or close any open positions at 'Volume-Weighted Average Price' ('VWAP') (ii) request amendments to any closed position(s); f) suspend, limit or restrict the provision of our services to you; g) amend any part of the Agreement on the basis that it is no longer feasible for us to comply with it; h) cease trading; i) precluding you from accessing or using the Software, our Website or any other system; j) make any necessary amendments to open trades; k) allow close-only functionality; l) reject or delay the processing of any withdrawal request from your Account(s) m) impose special or different terms regarding any of your orders in relation to size, volatility and/or liquidity of the instrument, amongst others; n) remove or temporarily suspend any products, or change any contract specifications; o) exercise any right to which we are entitled under the Agreement and our Order Execution Policy. 22.4. We will exercise all necessary endeavors to resume the orderly provision of our services as soon as reasonably possible. Where this is not possible at all, we will inform you of the necessary actions to be taken in order to protect your interests and ours, where possible. 22.5. Where we are unable to perform any of our obligations to you under the Agreement due to a Specific Event, we will not have breached the Agreement.
Appears in 2 contracts
Sources: Client Agreement, Client Agreement