The liability of the undersigned with respect to said account shall be joint and several. The estate of any of the undersigned who shall have died shall be liable and each survivor shall continue liable jointly and severally to you for any debit balance or loss in said account in any way resulting from the completion of transactions initiated prior to the receipt by you of the written notice of the death of the decedent or incurred in the liquidation of the account or the adjustment of the interests of the respective parties. The proceed of all sales transactions and dividends paid will be reported to the Internal Revenue Service in accordance with applicable law. Equity orders are generally eligible for possible price improvement. Specialists and Dealers accomplish this by exposing the order to competition, size guarantees, or by stopping the order temporarily at the current issue bid or offer and providing the Specialist or Dealer the opportunity to improve the price.
Arbitration is final and binding on the parties.
The parties are waiving their right to seek remedies in court, including the right to jury trial. The arbitrators award is not required to include factual findings or legal reasoning, and any party's right to appeal or to seek modification of rulings by the arbitrators is strictly limited. The panel of arbitrators will typically include a minority of arbitrators who were or are affiliated with the securities industry. This agreement to arbitrate constitutes a waiver of the right to seek a judicial forum unless such a waiver would be void under the federal securities laws. All controversies that may arise between the undersigned and you, as introducing or clearing broker, your agents, or employees, concerning any transaction or the construction, performance, or breach of this or any other agreement between us, whether such transaction or agreement was entered in prior, on, or subsequent to the date hereof, shall be determined by arbitration held pursuant to the then current Constitution and Rules of the NYSE, or the Code of Arbitration Procedure of the NASD, or the provisions of the arbitration facility provided by any other exchange of which you are a member and on which a transaction giving rise to such a claim too, place, as the undersigned may elect.