Here is the clause in full:
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The broker will make every reasonable effort to execute my instructions at the requested limit price or the best market price. I understand, however, that I and not the broker assume the market risk of my orders. I understand that the broker is not responsible for transactions canceled or modified by any regulatory authority where such cancellation or modification is beyond the control of the broker nor is the broker responsible for a failure to carry out my instructions due to circumstances beyond the broker’s control or for problems or economic loss, including, but not limited to, lost anticipated profits, rising from an equipment, telecommunications or third-party vendor failure or any other cause beyond the broker’s reasonable control. I agree to indemnify and hold the broker harmless against any and all claims, losses, liability, costs and expenses (including, but not limited to, attorneys’ fees and expenses), arising from any of the foregoing causes.
A. I understand that the stock quotation and other market information provided to me are obtained from a third party vendor. I acknowledge that the broker does not warrant that the stock quotation and related information is accurate, current or complete or may be relied upon for trading or any other purposes. the broker and its affiliates shall not be subject to liability for the truth, accuracy or completeness of the information of such third party vendor or for errors, mistakes or omissions therein or for any delays or interruptions of the data feed from whatever cause.
B. I agree that the broker and its affiliates shall not be liable for any loss of profits, loss of anticipated profits, loss of use, loss resulting from increased expenses of operation, cost of cover, loss of savings or damage suffered or costs and expenses incurred by me of any nature, or from any cause whatever, whether direct, special, incidental or consequential, arising in connection with my trading of my account.
C. I understand all Trade Execution Software services are provided “as is”, without warranty of any kind by the broker, express, implied or statutory (including, without limitation, timeliness, sequence, completeness, accuracy, freedom from interruption), any implied warranties arising from trade usage, course of dealing or course of performance, or the implied warranties of merchantability, fitness for a particular purpose, title and non-infringement. The entire risk as to the quality and performance of the services offered through the Trade Execution Software is with me. Nor is there any representation that such services, or any information provided in connection therewith, will meet my requirements, be error free, or operate without interruption. the broker and its clearing broker rely upon sophisticated computer software and hardware to execute transactions, which are subject to failure due to a variety of factors. In addition, the exchanges, Nasdaq and the ECN’s have computer systems that sometimes malfunction. I understand that among other events, I may experience losses due to system crashes during both peak and low volume periods, the loss of orders on various electronic trading systems and exchanges, and delayed, conflicting and inaccurate confirmations on orders or cancellations that I initiate.
D. I agree that the broker shall be responsible only for any direct loss or damage incurred by me as a result of any failure to confirm to me by computer message (or by telephonic communication, if the computer is inoperative), any transaction which I communicated. Provided, however, should any such failure occur, the broker shall not be liable unless I inform the broker in person or by telephone immediately upon discovering my hardware and/or software is inoperative or partially inoperative, and further provided, however, the broker shall not be responsible for such loss or damage if caused in whole or in part by the occurrence of any contingency beyond the reasonable control of the broker, including but not limited to failures of proper execution attributable to any hardware or software system malfunctions, governmental acts, work stoppages, fire, civil disobedience, riots, rebellions, accidents, explosions, interruptions or imperfections in telephonic service, communications line or equipment failures, satellite malfunctions, electrical disturbances, brown-outs or black-outs, flood, storms, earthquakes, acts of God and similar occurrences.
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The broker believes that it was the vendor fault, and it has no obligation in the matter. I have arguments to the contrary, and I don't believe they are in a position to dictate whether a statement applies to a specific situation. Irregardless, according to the clause does the broker have a right to charge me for its court costs?
