Legal Documentation
In this Agreement, “I”, “me” and “my” refer to the individual(s), corporation(s) or party/parties who is/are the account owner(s), has/have an interest in the account(s) , and consent(s) to be bound by the terms of this Agreement. On the other hand, “you”, “your” refer to Akeman Capital, its employees, officers and directors.
In consideration of your acting as my broker in the buying and selling of my account, I hereby consent that all the transactions are governed by the rules and regulations of various exchanges where such transactions take place, the customs and usages of such exchanges, and the following terms and conditions:
1. Client Identification.
I am aware of your explicit policy that business transactions will not be conducted with me if I fail to provide evidence of my identity upon opening my account with you. The signature(s) appearing on this form is/are true and official signature(s) of the account and may be used for verification of the said signature(s) at all times and for all purposes.
2. Warranty of Information.
I represent and warrant that all information provided by me pursuant to this Agreement, including the Customer Account Information Form, is true, complete and accurate. In case of any change in said information, I shall inform you immediately. I also hereby authorize you to conduct such credit or background checks to verify any information provided by me, and to ascertain my financial situation and investment objectives.
3. Buy and Sell Orders.
Any order made by me for the purchase or sale of securities shall be binding on me (i) upon making the order, verbally (whether in person, through the telephone or other similar means), in writing (by fax, by telex or by e-mail), or through an authorized person, and (ii) upon receipt of confirmation notice duly signed by your authorized officer. You may rely or act upon such orders, and you shall not be liable for any loss or damage suffered by me, provided that you act in good faith.
You may, at your discretion and from time to time require advance payment, fully or partially, for securities I order to be purchased before your execution of the order, or in the case of securities to be sold, I understand that you require advance delivery of securities duly endorsed and cleared by the transfer office before your execution of the sell order. You will require that stock certificates in good deliverable form be deposited into my online trading account prior to the acceptance of a sell order. In the event a sell order is inadvertently accepted and executed without the required stock certificates deposited in my account, I agree to immediately deliver to you the securities sold in good deliverable and negotiable form. I am responsible for any losses or expenses incurred by you as a result of my failure to make such delivery. The proceeds of all sales will be retained in my account unless I request otherwise. All sell orders will be for securities owned by me at the time the order is placed, and must be long and in good deliverable form in my account on date of the transaction.
You shall have the right, whenever in sole or exclusive discretion, and whenever necessary for your protection, or in the event that: (i) a petition for bankruptcy, or for appointment of a receiver is filed by or against me, or (ii) an attachment is levied against my account(s), or (iii) I fail to comply with the provision of Section 12 and 13 hereof, and in all cases, regardless whether, my account is carried individually or jointly with others to transfer money or securities from any one of my account(s) to another, and to close any or all outstanding contracts, all without the need of notice or demand for margin, additional security or collateral, or notice of sale or purchase, or any other notice or advertisement, all of which are hereby waived. Any such sales or purchases may be made at your discretion at any exchange or other market where such business is then usually transacted, or at public auction or private sale all without need of notice or demand all of which are hereby waived; and in case of sale at public auction or on an exchange, you may be purchasers for your own account. Notwithstanding the foregoing, I shall, at all times, be liable for the payment of any amount owing on my account(s) with you upon demand and that I shall be liable for any deficiency remaining in any such account(s) in the event of the liquidation thereof in whole or in part by me or by you.
For the purpose of selling, buying, or performing other acts pursuant to the above paragraph, I hereby irrevocably appoint you, your successors or assigns, as my attorney in fact with power to sell, buy or act, for any of my account(s) (whether carried individually or jointly with others), to agree upon the price of said securities, execute bills of sale, receipts, assignments of all my rights, title and interest to the purchaser(s) thereof. You are also authorized to deliver or accept delivery of the corresponding stock certificates and/or any portions of the securities held under any of my account(s) (whether carried individually or jointly with others) and herein pledged, to be transferred to your name or your nominee. All acts and things which you may do or cause to be done in accordance with the power herein conferred upon you are hereby deemed ratified by me.
4. Fees and Charges.
I agree to pay the then current fees and charges upon my purchase and sale of securities.
5. Risks.
I am aware that all investments involve risk. In particular, investments in low priced securities, and initial public offerings, may entail an increased risk of loss and may not be suitable to all investors. Losses may be the entire principal amount I invested. Additionally, the performance of a security does not guarantee future results or returns. I understand that all orders entered by me are based upon my investment decisions and are unsolicited and my sole responsibility and I will not hold, nor seek to hold you or any of your officers, directors, employees, agents, subsidiaries or affiliates, liable for any trading losses or other losses incurred by me.
6. Notices.
I agree to accept confirmation and receive monthly statements of account and other account information and related documents electronically through media such as email and facsimile. Electronic confirmation will be deemed good delivery in the absence of any written objection received by you within 24 hours from the time confirmation was sent to me/us electronically. Communication may be sent to me at my postal or e-mail address or at such other addresses as I may hereafter give to you in writing. It is understood that in the event of any failure to notify you in writing of any change of address, all communications shall be directed to my last known address appearing in your records. All communication so sent, whether by mail, email, telegraph, telephone, fax, messenger or otherwise shall constitute personal delivery to me and be deemed delivered and received by me whether actually received or not. It is also agreed that all communication sent to my indicated address shall be conclusive and binding on me, in the absence of any written objection received by you within twenty four (24) hours from the time the communication was sent to the said address. It is understood that you are justified in relying upon any information I have provided.
7. Settlements.
It is agreed that all securities purchased will be settled in cash not later than the transaction date. It is further agreed that interest charges at the prevailing interest rate and penalties irrespective of their origin, including those that may be incurred by you shall be imposed for each day of my delayed payment and such securities purchased shall be registered in your name until such time that it is fully paid. In the event of my failure to pay, any upward or downward fluctuation in the market price shall be for my account and at my risk, until actually sold or disposed of. It is understood that the securities market is a rapidly changing market and attached are the inherent risks of incurring losses in securities transactions. Therefore, I hold you free and harmless against any and all costs, losses, damages, fines, penalties, and taxes which may arise out of the exercise of your powers and functions duly authorized. Furthermore, you are authorized at your own discretion to sell all or a portion of my securities which I guarantee to be free from any and all liens and encumbrances to cover unpaid orders or balances, without prejudice to your right to collect the remaining liability after the sell-out. All orders for the purchase of securities will be on cash basis unless margin trading is explicitly approved by you. I am responsible for all of my orders, including any orders which exceed available funds in my account. If full funds are not available in the account and an order is processed, a bank wire payable to you must be promptly submitted.
8. Purchase and Sales Confirmations.
I understand that my confirmation of purchase and/or sale shall be sent to me via electronic mail (Email).
9. Statement of Account.
I understand that you will provide me with statements of account(s) in such form as you may determine. My failure to inform you of any error in my account statement within fifteen (15) days from my receipt thereof shall constitute an admission by me of the correctness of all matters stated therein.
10. Joint Account.
If the undersigned shall consist of more than one person, the obligations and liabilities shall be joint and several. Failure to state upon opening that an account is an “and” or “or” joint account, shall be construed to mean a joint “or” account. Each party to a joint “or” account is a principal, with joint and several liability and is privileged to operate same separately and independently of the other and to withdraw all funds, assets and securities unless otherwise specified in writing by the parties to such joint and several account. Each party to a joint and several “or” account hereby grants authority to the other party to transact, endorse and accept on behalf of each other, money, securities and other assets of every kind, which are originally in the sole name of one party, and after which shall become common fund of such joint and several account.
11. Force Majeure.
I agree that you will not be liable to me for any delay or failure to perform any obligation on your part, or for any loss or damage caused directly or indirectly by any condition or circumstance over which you do not have control, including but not limited to government restriction, exchange or market rulings, suspension of trading, failure of internet service, electronic or mechanical equipment or communication lines, telephone or other interconnection problems (e.g. if you are unable to access your online service provider), unauthorized access, theft, operator errors, severe weather, earthquakes, floods and strikes or other labor problems, war (whether declared or not), invasion, insurrection, military coup, commotion or usurped power, or by order of any civil authority, or other causes beyond your control.
12. Death.
If you, in the event of death of either party to my common account, and in reliance hereunder, deal with or in any manner pay, deliver to, credit or trust either party to such common account, and any and all deeds and things done or suffered by or for either party to such account or in their names and on their behalf shall, as to you, be binding upon the parties to such common account, their representative(s) assign(s), heirs and successors-in-interest.
13. Invalidity.
If any provision in this agreement shall be held unenforceable by any court or self-regulatory agency, the invalidity shall be limited to such provision while other remaining provisions shall not in any way be affected.
14. Revocation.
This agreement shall continue until a signed notice of revocation is received by me or from me, and in the case of such revocation, it shall continue to be effective as to transactions entered into prior thereto. I understand that you may at any time, at your sole discretion and without prior notice to me, prohibit or restrict my access to the use of the website or related services and my ability to trade. You may terminate my account at any time for any reason and without prior notice to me. The closing of an account will not affect the rights or obligations of either party incurred prior to the date the account is closed.
15. Amendment.
You shall be entitled to modify or change the terms of this Agreement, in whole or in part, with advance notice on your website or via electronic mail or in writing. Reference to these “Terms and Conditions” and to any particular condition, in these “Terms and Conditions” shall be interpreted to mean these Terms and Conditions or that particular condition respectively, as changed from time to time in accordance herewith. Information by regular mail, statement of account messages, electronic mail, website information, courier delivery and/or other alternative modes of communication shall be considered sufficient notice. And my failure to manifest or register my objection to the change(s) in writing within ten (10) days from receipt of the notice or knowledge of the change(s) shall be deemed to constitute acceptance of such changes.
16. Effectivity.
This Agreement shall take effect upon the date of my opening an account and shall not be revoked by me except upon five (5) days prior written notice to you. Notwithstanding such revocation, the terms hereof shall continue to be effective as against all transactions entered into by me prior to your receipt of the written notice of revocation from me. This Agreement shall inure in favor of your successors and assigns and shall continue until a signed notice of revocation is received.