Oswestry and District

LETS

Members Agreement

1. The Oswestry & District Local Exchange Trading System (LETS) is a non-profit membership society. The system is managed by the Core Group on behalf of the members.
2. Fundamental to Oswestry & District LETS is the idea of supporting and building our community by sharing our skills and knowledge for the benefit of all.
3. Members agree to their details being held on computer and to the distribution to other members of those details required to promote trading.
4. LETS provides a regularly updated directory of offers and requests through which members can exchange goods and services. It maintains a central account of that exchange in units called Oswalds.
5. Members may engage in any transaction entirely in Oswalds or on a part-cash basis. For example: Cash might be paid to cover materials, travel, etc. Only Oswalds are recorded on the system.
6. Each member starts with Zero Oswalds in their account and can, if they wish, credit other members immediately. There are no penalties for a negative balance of Oswalds: Members can issue credit irrespective of the current balance on their account (subject to any limits set by the Core Group).
7. Only the account holder can authorise the transfer of Oswalds from their account to other members' accounts.
8. On leaving the LETS community, members agree to balance their accounts to zero.
9. No interest is charged on balances. In order to cover the running costs of the system members may be asked to pay certain fees in Oswalds and/or sterling. For example: A joining fee, annual renewal fee, monthly charge, or transaction charge. The fees may be revised from time to time by the Core Group, in line with varying running costs. Members will receive advance notice of any changes. Current fees are 1 Oswald per month, charged 3 times per year.
10. LETS is an open community system. Any member is entitled to know the balance and turnover of another member's account. The Core Group may also publish these details from time to time.
11. No member is obliged to accept any particular invitation to trade with another member.
12. LETS cannot be held responsible for the value, condition or quality of the goods and services on offer in the directory. It is the responsibility of both parties in a trade to satisfy themselves as to the quality of the service provided and to the integrity of the provider/recipient.
13. The price of an article or service is set at the time of negotiation between members and is not the responsibility of the Core Group. It is an informal arrangement and there are no legal rights as in paying money.
14. It is the responsibility of the individual members to make any declarations necessary to the Inland Revenue, the DSS and VAT.
15. The Core Group may decline to record an account or directory entry considered inappropriate for legal or other reasons.
16. The Core Group may act on behalf of the LETS user community with regard to any person whose activities are considered to be contrary to the interests of Oswestry & District LETS. In extreme cases the Core Group may suspend or deny membership.
17. Members agree to be bound by the conditions of this agreement.

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