This contract will settle (expire) at 100 ($10.00) if Michael Steele departs from his current position as Chairman of the RNC before midnight ET on the date specified in the contract.
The contract will settle (expire) at 0 ($0.00) if Michael Steele does not depart from his current position as Chairman of the RNC before midnight ET on date specified in the contract.
Expiry will be based on official public announcements from the Republican National Committee and/or Michael Steele, as reported in three independent and reliable media sources.
A departure may be forced or voluntary. A departure includes (but is not limited to):
- Dismissal from the position (i.e. being fired)
The departure must be permanent. If Michael Steele takes a leave of absence, temorarily steps aside or is temporarily relieved of duty the contract will not be expired.
A resignation does not have to result in the individual actually departing from their current position by the date specified in the contract. The contract will expire when the resignation or retirement is announced, regardless of when it takes effect. A tendered resignation that is not accepted will cause the contract to expire at 0.
Clarification (19/08/2010): For purposes of this contract, if Michael Steele announces he will not seek another term as chairman of the RNC it will not be considered a resignation or retirement. Such an announcement will not force an expiry of 100.
These contracts do not cover the death of the person named in the contract. In the event of the named person's death before expiry the contract will be unwound, all trades reversed and all trading fees refunded.
Due to the nature of this contract please also see Contract Rule 1.7 Unforeseen Circumstances.
The Exchange reserves the right to invoke Contract Rule 1.8 (Time Protection) if deemed appropriate.
Any changes to the result after the contract has expired will not be taken into account - Exchange Rule 1.4
Please contact the exchange by emailing email@example.com if you have any questions regarding this contract before you place a trade
Any changes to the result after the contract has expired will not be taken into account - Contract Rule 1.4
Due to the nature of this prediction market contract you are obligated to read Contract Rule 1.7 (Unforeseen Circumstances) and Contract Rule 1.8 (Time Protection). Intrade may invoke these rules in its absolute discretion if deemed appropriate.
Please contact the exchange by e-mailing firstname.lastname@example.org if you have any questions regarding this contract or interpretation of these contract specific rules, related exchange news articles or exchange rules before you place an order to trade.
Will Michael Steele depart as Chairman of the Republican National Committee?
Michael Steele to depart as chairman of the RNC before midnight ET on 31 Dec 2010
|Michael Steele to depart as chairman of the RNC before midnight ET on 31 Dec 2010|