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Ed as a result of the Member acting on or declining to act on instructions which the Member reasonably believed to have been given by the Client. 7.7 The Client hereby indemnifies the Member against all claims, liabilities, damages, losses, costs and expenses of any kind arising from the Member acting on the Client s instructions, except where any such claims, liabilities, damages, losses, costs or expenses arises directly from the Member s negligence, wilful default or fraud. 7.8 8 Pur.

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