Manifest Error Definition.
Manifest Error means a manifest or obvious misquote by the Company, or any market, liquidity provider or official price source on which the Company has relied in connection with any Transaction, having regard to the current market conditions at the time an order is placed as the Company may reasonably determine. When determining whether a situation amounts to a Manifest Error, the Company may take into account any information in its possession, including information concerning all relevant market conditions and any error in, or lack of clarity of, any information source or announcement. The Company will, when making a determination as to whether a situation amounts to a Manifest Error, act fairly towards the Client but the fact that the Client may have entered into, or refrained from entering into, a corresponding financial commitment, contract or Transaction in reliance on an order placed with the Company (or that the Client has suffered or may suffer any loss) will not be taken into account by the Company in determining whether there has been a Manifest Error.
Source: lawinsider.com
29. MANIFEST ERROR
29.1 We reserve the right to either void from the outset or amend the terms of any Trade containing or based on any error that we reasonably believe to be an obvious or palpable error (a “Manifest Error” and any such Trade a “Manifestly Erroneous Trade”), without your consent.
29.2 If, in our reasonable discretion, we choose to amend the terms of any such Manifestly Erroneous Trade, the amended level will be such level as we reasonably believe would have been fair at the time the Trade was entered into. In deciding whether an error is a Manifest Error we shall act reasonably and we may take into account any relevant information including, without limitation, the state of the underlying market at the time of the error or any error in, or lack of clarity of, any information source or pronouncement upon which we base our quoted prices. Any financial commitment that you have entered into or refrained from entering into in reliance on a Trade with us will not be taken into account in deciding whether or not there has been a Manifest Error.
29.3 In the absence of our fraud, willful default or negligence, we will not be liable to you for any loss, cost, claim, demand or expense following a Manifest Error (including where the Manifest Error is made by any information source, commentator or official on whom we reasonably rely) or in relation to a Manifestly Erroneous Transaction.
29.4 If a Manifest Error has occurred and we choose to exercise any of our rights under this clause 29.1, and if you have received any monies from us in connection with the Manifest Error, you agree that those monies are due and payable to us and you agree to return an equal sum to us without delay.
Source: Section 29 QuickTrade (Pty) Ltd Client Agreement