LONDON BARTER NETWORK MEMBERSHIP AGREEMENT
Policies and Procedures of Agreement โ Acceptance upon registration and use our services thereafter, London Barter Network constitutes full agreement and acceptance of the below terms and conditions and demonstrates intent/implied consent. You acknowledge London Barter Network as being in full compliance with the Ontario Electronic Commerce Act. Compliance with the Ontario Electronic Commerce Act ( OECA ) is strictly adhered to. The Membership Agreement is presented, viewable, and agreed to at time of initial registration off-line or on-line via the website. You can generate and print the membership at www.londonbarternetwork.com at any time. The email provided upon registration will fulfill the requirement for legal presumption of delivery of the membership agreement to the recipient. The membership agreement is emailed to every member, on a monthly basis and a record of these emails is stored. If your email changes, or is entered incorrectly by you, it is your responsibility to ensure that you have the correct address for communications and delivery of the membership agreement. You may request a paper copy of the membership agreement at any time and we shall provide this in a timely manner. You may copy this information for later reference at any time. To further comply with OECA, after every trade transaction is processed an automated reminder is also sent to the email supplied by you, regarding the membership agreement and its terms. If your email changes, it is your responsibility to ensure we have the correct address for communications.
Registering with London Barter Network, whom your account resides with, you the client agree to abide by all of the policies as outlined. For the purpose of this agreement London Barter Network will be referred to as โTHE EXCHANGEโ and you, the applicant will be referred to as the Client.
1. THE EXCHANGE is a trade dollar network only. Members participate 100% voluntarily unless in a deficit position. Trade dollars shall not be considered as legal tender, securities, or commodities, by either THE EXCHANGE or itโs clients and may not be redeemed for cash under any circumstances. The client agrees to pay THE EXCHANGE the following: A fee of 1.5% in trade dollars compounded per month will be charged on all overdrawn trade dollar accounts. The client agrees to pay THE EXCHANGE a transaction fee of 1% trade dollars on all sales and all purchases due the same time the transaction occurs. The client agrees to pay THE EXCHANGE a transaction fee of 6% cash on all sales and all purchases due the same time the transaction occurs. The client agrees to pay a monthly fee of $15 trade. THE EXCHANGE will automatically charge the Clientโs account for any such cash or trade fees outstanding on the credit card provided or from their trade account. The cash and trade transaction fees apply to any and all EXCHANGE related sales and purchases entered into by the Client. These transaction fees are applied to the gross value of the individual trade entered into including all applicable taxes. Every transaction entered into that involves trade dollars is subject to a cash and/or trade transaction fee. All payments are for processing a clientโs membership into the trade exchange system maintaining records of such transactions, and assisting in clients use of the trade exchange system. All cash fees are in lawful Canadian money.
2. The Seller may enter into a barter transaction sale to a buyer who does not hold an EXCHANGE account however the Seller does so at Sellerโs own risk. The Buyer must have a valid EXCHANGE account in good standing in order to make a purchase. Any sharing of the Clientโs account login information, for use in purchases through the member portal website or the mobile app, is the sole responsibility of the Client.
3. In order for the client to receive credit for a transaction, the seller must obtain the following: (1) An authorization number from the Exchange office. (2) The buyerโs signature, a valid email confirmation and or other documentation (such as a contract, email or purchase order) clearly outlining acceptance of the goods and services, the buyerโs EXCHANGE account number or name clearly stating payment to be made with EXCHANGE credit, and the amount of the transaction. (3) A disputed purchase by the buyer will be automatically be reversed by THE EXCHANGE within 6 months of the date the transaction appears on the EXCHANGE statement unless the seller provides THE EXCHANGE with a signed EXCHANGE transaction slip or a copy of valid supporting documentation forwarded to THE EXCHANGE within 10 days of such request from THE EXCHANGE. After six months a transaction cannot be reversed for any reason without the consent of the seller. Making trade dollar sales on the network is completely voluntary. The client shall save THE EXCHANGE 100% harmless from any and all liability resulting from the voluntary accumulation of EXCHANGE DOLLARS or โtrade creditsโ
4. THE EXCHANGE will continue to make efforts to solicit new businesses to enter the trade exchange system if staffing levels are available but does not guarantee any number of new members. At times goods and services may not be available within the trading system. It is not the obligation of THE EXCHANGE to provide such goods and services and the Client saves THE EXCHANGE harmless from any and all liability resulting from its inability to provide such goods and services. The Client also saves THE EXCHANGE harmless from any and all liability resulting from any member refusing to sell a product or service for trade dollars. All sales on the network are 100% voluntary.
5. The seller must furnish all labour and materials at 100% trade at all times unless authorization from an EXCHANGE Officer is obtained prior. The Seller must enter a transaction with the buyer at their normal prevailing everyday prices. Any client who does not abide by these policies is subject to immediate termination.
6. Purchases by a client are limited to the amount of trade credit they have in their account plus any credit limit. Credit limits are established by application and subject to approval by THE EXCHANGE. Any deficit amount or credit limit may be called at any time at the sole discretion of THE EXCHANGE at which time the client is obligated to pay such deficit amount in cash to THE EXCHANGE on demand. THE EXCHANGE may use the credit card on file to recover a credit line. Credit lines are not traded dollars earned and cannot be treated the same way as the accounting units known as trade dollars. Recovery of credit lines is necessary in cash at certain times to purchase products for the membership to buy. Credit lines are backed by the membership as a whole and recovery is for the membership as a whole and is not profit for THE EXCHANGE.
7. Clients may request their account to be placed on standby (not trading sale or purchase) status if their account is not in a deficit position and 30 daysโ notice is provided. Do not try a bait and switch for cash. If you have repeat customers. For example, buying monthly, you must notify THE EXCHANGE within 30 daysโ notice of your intent not to sell to the buyer on trade in the future.
8. Any time a clientโs trade account is in a deficit position, THE EXCHANGE has the right to demand immediate payment in cash of the total trade deficit due and may take any action necessary to secure such payment.
9. THE EXCHANGE reserves the right to adjust cash balances with trade membersโ accounts.
10. It is understood that THE EXCHANGE has complete authority to institute policies that, for the long-term health of THE EXCHANGE, affect and/or restrict buying and selling within the network.
11.Accounts may not be transferred or sold or assigned in any fashion without prior approval of THE EXCHANGE.
12. All transactions entered into by the client must be reported to all local, municipal and federal tax departments including but not limited to appropriate sales and excise taxes and HST. This reporting obligation rests solely with the clients. THE EXCHANGE sales are taxable events for municipal, provincial, federal or other authorities, the client agrees and saves THE EXCHANGE harmless from any such compliance with the laws.
13. Trade transactions are entered into on a voluntary basis between clients. Although THE EXCHANGE may give referrals as a service to its clients. THE EXCHANGE assumes no responsibility for the quality, timely delivery, warranty, or dispute of any nature between clients with regard to any product or service being traded. Clients should exercise the same diligence entering into trade transactions as they would for ordinary cash transactions. THE EXCHANGE is functioning in a brokerage capacity and the client does hereby agree to indemnify and hold the exchange harmless with respect to any claim, debt or liability whatsoever, arising out of any trade exchange transaction where the client is a buyer or seller.
14. All cash and trade transaction fees are due and payable upon completion of the transaction. If payment by cash or cheque is not received by the 25th of the month then THE EXCHANGE will charge either the Clientโs major valid credit card on file (Visa, Mastercard, American Express) or automatically charge the fees to the client with an automatic bank debit (void cheque from the client on file). THE EXCHANGE has the right to suspend all trading privileges of clients whose accounts are not paid within 30 days past due. A late payment charge of 15% will be levied against the client on the last day of the month if payment is not received from the client. THE EXCHANGE has the right to suspend all trading privileges and hold the clientโs trade balance until cash fees are paid current. After 90 days past the billing date, if the cash fees are in arrears, THE EXCHANGE has the right to take the trade balances of any client and the client forfeits their right to hold such balance. Any client that has a cheque returned, an automatic bank debit declined, or a credit card charge declined will be charged a $40 (cash) NSF fee.
15. Unless superseded by a policy instituted by THE EXCHANGE under article 10 of this agreement, the Client or THE EXCHANGE, may notify in writing with 30 daysโ notice, of the cancellation of this agreement. Such cancellation provides a provision whereby the Client may spend their trade balance within 90 days of such cancellation notice with clients of THE EXCHANGE after which time the trade balances due the Client become the property of THE EXCHANGE. Any and all cash fees outstanding become due and payable in full within 30 days. Any and all obligations under this agreement and pursuant to the rules and regulations in connection with any trade transaction shall survive termination of this agreement. Termination of this agreement does not allow for any refund to the client of transaction fees, maintenance fees, set up fees, or other fees.
16. THE EXCHANGE may change policies and procedures from time to time at its own discretion for the overall good of clients. Any such changes in this agreement shall be published ONLINE. Retention and/or use of โTHE EXCHANGEโ OR voluntarily proceeding with transactions will constitute acceptance of such changes. Forbearance of indulgence by THE EXCHANGE in enforcing any of the terms of this agreement and these rules or regulations shall not constitute a waiver of the obligations to be performed by the client under this agreement. Each and every term and provision of this agreement is severable and if any such term or provision should be judged invalid, illegal or unenforceable, it shall not enact the validity or legality or enforceability of this agreement or the rules and regulations or any term or provision of this agreement or the rules and regulations and the remainder shall remain valid, legal and enforceable.
17. The client agrees to THE EXCHANGEโS Gift Certificate Policy which is: All certificates are not redeemable for cash, no change will be provided for certificates under any circumstances and that any gratuities must be paid in cash. Other conditions may also apply and are stated on the front or back of the certificate. Members who fail to comply with this policy may be restricted from purchasing gift certificates in the future. The clientโs monthly statement will be considered accurate as is unless THE EXCHANGE is notified of any discrepancy within 10 days of the last day in any given month or within 30 days of the date the transaction occurred.
18. Time shall be of the essence in this agreement and with regard to these rules and regulations.
19. This agreement shall be considered enforceable in accordance with the laws of the province in which the Client is located.
20. Upon accepting this agreement and the opening of an account by the Client, the Client and the individuals who sign for or on behalf of the Client hereby assumes several and joint responsibilities for any and all purchases and fees as outlined in this agreement and any individuals signing on behalf of a corporation agree to guarantee and be personally liable for full performance by the said corporation of this agreement and conformity with any and all rules and regulations.
21. The Client and THE EXCHANGE agree that any transmission by facsimile, Internet, or email of this agreement, rules and regulations, changes to rules and regulations, membership application and or trade receipts and or slips shall be valid and treated as if they are in the original form. In the event that THE EXCHANGE or the Client utilizes facsimile, Internet, or email documents, both parties hereby agree to accept and hereby agree to rely upon such documents as if they bore the original signatures/agreements.
22. Transactions between EXCHANGE clients that are not reported to THE EXCHANGE are subject to a 6.5% cash transaction fee and a 1% trade dollar fee. Transactions between EXCHANGE clients that are declined by THE EXCHANGE and are consummated on a cash basis are subject to a 6.5% cash transaction fee.
23. THE EXCHANGE may place an account on standby and/or cancel this agreement if: (A) EXCHANGE has received more than (2) complaints concerning a given client for poor performance or attempting to charge in excess of the clientโs normal prices. (B) Client has committed fraud against THE EXCHANGE or any EXCHANGE client. (C) Client is charging cash and/or not following his/her contractual agreement with THE EXCHANGE.
24. The client agrees to respond to all claims and complaints from THE EXCHANGE or its clients and agrees to resolve them directly with the client within 30 days from the time of notification. If the complaint is not resolved by the end of the 30-day period, THE EXCHANGE will have full authority to reserve, reverse or hold funds as appropriate. THE EXCHANGE shall be held harmless from any claim or liability related to any transaction.
25. THE EXCHANGE can not assume responsibility for lost, stolen, or expired Gift Certificates or for Gift Certificates from companies that go out of business. THE EXCHANGE will mail or email gift certificates at the purchasing memberโs risk or send them by Certified Mail for an additional charge. EXCHANGE is not responsible for lost or stolen Gift Certificates.
26. Trade dollars shall not be considered as legal tender, securities, or commodities, by any party, and may not be redeemed for cash under any circumstances. The Client agrees that any attempts to redeem trade credit for cash will be considered a breach of contract between THE EXCHANGE and EXCHANGE members who have all agreed to participate in barter exchange and trade dollar system only.
27. The client authorizes THE EXCHANGE to charge my on file credit card for purchases. I understand that my information will be saved to file for future transactions on my account. I also understand that I may cancel this authorization at anytime by contacting THE EXCHANGE but that the authorization will remain in effect until it is canceled.
BY USING THE EXCHANGE YOU ACKNOWLEDGE FULL AGREEMENT TO THE ABOVE TERMS AND CONDITIONS
