Order Taking Process Clause Samples
The Order Taking Process clause defines the procedures and requirements for how orders are placed, received, and acknowledged between parties. Typically, it outlines the steps a buyer must follow to submit an order, such as providing necessary information or using a designated platform, and may specify how and when the seller confirms receipt and acceptance of the order. This clause ensures both parties have a clear, standardized process for initiating transactions, reducing misunderstandings and streamlining the commencement of business dealings.
Order Taking Process. 1. Order Taker will receive creation or redemption orders from the Authorized Participants in accordance with the Prospectus and any procedures established in the applicable Authorized Participant handbook (“AP Handbook”). In the event of any conflict between the Prospectus and any procedures established in the AP Handbook, the Prospectus shall prevail; provided, however, that this paragraph A.1 shall not apply to any updates to a Prospectus impacting Order Taker’s obligations under this Agreement unless Order Taker and the Trust have mutually agreed to modify the Services to accommodate such change in accordance with the Change Procedures set forth in Section 19 of this Agreement.
2. The Trust agrees that all obligations of the Authorized Participants set forth in this Schedule C shall be included in the applicable AP Handbook.
3. Order Taker will receive from the Authorized Participant orders via an electronic order-taking platform (“Order Taking Platform”) or by phone. All phone orders must be promptly followed by a fax communication from the Authorized Participant for verification before the order is considered effective. When placing orders by phone or through the Order Taking Platform, the Authorized Participant and each individual authorized by the Authorized Participant to instruct orders on its behalf (“Authorized Participant User”), will be required to provide the appropriate identifiers and/or security devices or procedures relating to use of Order Taker’s electronic network, systems or platforms, which may include the use of User Codes, dual-factor authentication, telephone call backs, or third party utilities.
4. Each Authorized Participant User must agree to comply with the terms and conditions governing access to and use of Order Taker’s electronic network, systems, or platforms (“Terms and Conditions”). Upon receipt of an Authorized Participant User’s agreement to abide by the Terms and Conditions, Order Taker will work with the Authorized Participant to complete any other necessary documentation and steps to allow the Authorized Participant User to use the Order Taking Platform.
5. Notwithstanding anything to the contrary herein, the Trust acknowledges that technological irregularities, periods of heavy market activity or other circumstances may prevent Authorized Participant Users from being able to timely or successfully use the Order Taking Platform or Order Taker’s other order-taking processes. Order Taker will use commercially reasona...
Order Taking Process. 1. The Order Taker will receive creation or redemption orders from the Authorized Participants in accordance with the Prospectus of the Trust and any procedures established in the AP Handbook; In the event of any conflict between the Prospectus of the Trust and any procedures established in the AP Handbook, the Prospectus of the Trust shall prevail, provided, that the foregoing provisions in this paragraph A.1 shall not apply to any updates to a Prospectus of the Trust impacting ▇.▇. ▇▇▇▇▇▇’▇ obligations under this Agreement until ▇.▇. ▇▇▇▇▇▇ has received written notice, including notice by email, identifying such change and ▇.▇. ▇▇▇▇▇▇ has had a reasonable opportunity to implement any required changes to its procedures in accordance with the Prospectus.
2. The Order Taker will receive orders via the web through the ▇.▇. ▇▇▇▇▇▇ Markets platform (the “JPMM Platform”) or by phone. All phone orders must be promptly followed by a fax communication from the Authorized Participant for verification before the order is considered effective. When placing orders by phone or through the website, the Authorized Participant and all of its Authorized Persons will be required to provide the appropriate identifiers and/or security devices or procedures relating to use or access to ▇.▇. ▇▇▇▇▇▇’▇ network and/or the JPMM Platform (as those may be revised from time to time), which may include (but is not limited to), or involve the use of, digital certificate(s), unique identifiers including biometric identifiers, user name(s) and/or password(s) under separate cover which may be required to access or use the website or for trade processing (the “User Code(s)”). To the extent that any provision hereof is inconsistent with any provision of the JPMM Platform Electronic Access Agreement, as amended (the “Access Agreement”) or other terms and conditions of the JPMM Platform, the latter shall control.
3. Upon execution of the Access Agreement by the Authorized Participant, the Order Taker will work with such Authorized Participant to complete any other necessary documentation and steps to allow its Authorized Persons to use ▇.▇. ▇▇▇▇▇▇’▇ order-taking portal.
4. Notwithstanding anything to the contrary herein, the Trust and the Order Taker acknowledge that technological irregularities, periods of heavy market activity or other circumstances may prevent Authorized Participants from being able to timely or successfully use the Order Taker’s JPMM Platform or its other order-taking proc...