Members Agreement

Members' Agreement

1. Devon North Local Exchange Trading Scheme,
also called "Devon North LETS", "the LETS", or "the scheme" is a non-profit organization operating within the terms of its Constitution, which enables members to trade by means of a Community Currency called Merts, which may be referred to in this document as C-C.

2. Aims: The LETS provides an information service through which members can exchange goods and services, and maintains a central account of those exchanges for the benefit of members.

3. Devon North LETS is affiliated to LETSlink UK, which seeks to co-ordinate and facilitate sharing of good practice and trading between LETS groups. It is hoped to develop a regional organisation to ensure that LETS trading is available in all areas, and to enable exchanges to be made between local LETS groups.

4. Administration: The work of running the LETS may be delegated to Administrators, who report to the Management Committee. Members will be updated regularly on who is responsible for particular functions, and when committee and general meetings are taking place, so that they can make their views known and participate in elections of officers resonsible for the running of the group.

5. Membership of the LETS is open to all individuals regardless of class, gender, orientation, ethnicity, creed, religion, or ability, who agree to and follow the rules of the scheme, subject to any geographical or other criteria that have been published in advance about the scheme. However, the management committee may, at their discretion, deny membership to an applicant in exceptional circumstances.

6. Subscriptions: Subscriptions may be deducted on an annual basis in Community Curreny (CC) from members' accounts. In addition, joining and/or renewal fees - or occasional contributions - in Sterling may be invited by the scheme, and if so, will be acknowledged by the deposit of an equivalent amount in CC into the member's account from the one of system accounts.

7. Key Information is available to all members to facilitate networking and trading. Members agree to the LETS holding their details online and making such details available to other members as are relevant to the purpose of exchange. Members also agree to the directory of goods and services being visible online - anonymously - to the general public for publicity purposes and to members with their contact details, and will be able to update them online. The Administrators may edit, recategorise (or delete if deemed inappropriate) members' online information. They will advise members of substantive alterations, and will provide support to individuals who need help to access and update their accounts.

8. Data Management. Members undertake to keep their own passwords secure, not to publish personal details of members outside the system, to conform to procedures set out by the administrators, to submit or record their own transactions promptly, to keep their personal information and listings up to date, drawing any change in their contact details to the attention of the administrators, and not to publish in these listings information which would identify themselves or other members. Likewise, the administrators undertake to keep information secured and backed up and not to convey information on individuals to anyone outside the system. It is the responsibility of any members who are trading on a professional basis to account to HM Customs & Revenue Service where appropriate.

9. Disclaimer: No warranty or undertaking as to the value, condition or quality of services or items exchanged is expressed or implied by virtue of the introduction of members to each other. The LETS publishes a list of the resources and services available to members but cannot be held responsible for the actual goods and services offered. Members must therefore ascertain for themselves the quality of goods and services on offer. Neither the Management Committee nor the Administrators can be responsible for any member acting outside the law.

10. Mutual Credit: The wealth of the LETS is generated by the activity of its members. All accounts start at zero, subject to any initial adjustments in regard to fees, as referred to in section 6. Members may give or receive from each other credit in the local unit of account, called Merts, which are considered equivalent in value to sterling. Members are not obliged to be in receipt of any credit before issuing another member with credit from their account, subject to any group or individual limits that may be set by the management group as a result of "overspend", which is referred to as being "in commitment".

11. Trading: Members are not obliged to accept any particular invitation to trade, or to engage in any transaction whatsoever with other members. When members wish to trade on the basis of equal hourly value, the recommended rate is TEN units of currency per hour, but the rates for any particular trade are negotiable, and members are advised to agree terms with others members prior to trading, in order to avoid any misunderstandings arising.

12. Authorisation: Only the account holder can authorize the transfer of CC from their account to that of another. Members may either carry out their own transactions online or submit signed cheques or trading records to the administrators to record them centrally, if there are resources available to provide this service. Vouchers or printed currency notes may also issued to facilitate trading by being withdrawn as "cash" from members' accounts, or issued as exchange for sterling, and paid back into a members account by an administrator. Members may appoint a "buddy" to act on their behalf or assist them in managing their account, and should advise the Administrators of the arrangement.

13. Trading Records: Members may engage in any transaction entirely in CC, or on a part sterling, part CC basis, but only the CC are recorded in the system. Members are entitled to know the balance and turnover of each other's accounts and this information may be viewed online by members when logged on. Members may avail themselves of the feedback facility provided and may also use information about previous trading to obtain references prior to trading.

14. Delinquent Accounts: the administrators may decline to record, or may reverse on behalf of a member, a transaction carried out in error or considered inappropriate for legal or other reasons. They may also seek explanation or satisfaction from a person whose activity is considered to be contrary to the interests of the membership. They may suspend the member's account whilst investigating the problem, and as a last resort may recommend to the committee removal of the member's account from the system.

15. Budgeting: No interest is charged or paid on member balances. The management group may make service charges in CC, which may be time-based, transaction-based, percentage-based, or a combination of these - the details of which must be made known to members when the fees are taken. Reasonable notice must be given of any change in the fee structure before it is actioned. Members may also opt to donate at any time or tithe into particular Project Funds, personal or other accounts within the system. The Management Committee will maintain an overview of budgeting, to ensure that payments to the Administrators are sustained by fees taken in Eals. They may also set up budgets for local Projects in order to stimulate activities which will benefit the community as a whole, and will seek to engage members in the planning of such projects.

16. Code of Conduct: Members are expected to treat each other with courtesy and consideration at all times (for example, personal phone calls and email messages should be responded to).

17. Disputes: If a dispute arises between members, the aggrieved party should initially seek to resolve the matter with the member/s concerned. If this is unsuccessful they should provide full details to the Administrators who, if not resolved at this stage may refer it to a Mediation Group, or if there is none, to the most local branch of LETSlink, who will investigate and make recommendations.

18. Closing Accounts: Anyone wishing to leave the scheme must inform the administrators, and balance their account by donating a positive balance to another account (an individual, organisation or fund) or if they are in commitment by working for another member, or a project, to bring their balance to zero. Alternatively the member may request that their balance be transferred to another LETS group where they have an account. As a last resort a member whose account is in commitment may settle up by an equivalent donation to the scheme in pounds sterling.

20. Membership of the LETS implies acceptance of the conditions of this agreement, which is based on a standard document provided by LETSlink UK, which aims to encourage mutual support and sharing of good practice amongst all LETS groups. This Agreement should be read in conjunction with the Constitution and Introduction page for a fuller understanding of the operation of the scheme. Further ongoing information is available on Inside Pages.

If you have any queries about the above, please contact us, otherwise proceed to the Join Page.

Members' Agreement