IOC killed in 3 minutes w/ SNet?

When I was reading some information about placing an IOC order through SNet, I found that the order is killed in 3 minutes if not executed.

My first question is, what is the purpose of having an IOC order that can last for 3 minutes before being killed?

My second question is, since SNet Preference has a 10-second minimum life for an order, can the IOC order placed through SNet be cancelled before 10 seconds?

Thanks for your comments,

Dan
 
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