North London LETS Membership Agreement

1. The North London LETS system is a non-profit making organisation. Its right and authority are invested in the administrators and members committee, who act as agents for the members.

2. The main function of the North London LETSystem is to provide a service which allows members to trade among themselves.

3. Members give and receive units in exchange for goods and services. These transactions are recorded on their account by the LETS system administrators.

4. All accounts start at zero. Members can begin trading immediately, and are not obliged to be in credit before issuing cheques on their account, but should not go more than 500 pledges in commitment without contacting the management committee.

5. Only LETS units (pledges) are recorded in the LETSystem's accounts. Transactions between members may be entirely - and preferably - in LETS units or on a part-cash basis, but no more than 50% in sterling. It is advised the the cash component should not exceed the costs of the materials used for the transaction. Transactions which involve the purchase of goods may involve a higher cash percentage.

6. Members undertake to trade wholly or partly in LETS units. Members are never obligated to make a trade, or to trade in LETS units only in any particular transaction. Members authorise the transfer of units from their account to that of another by pledge cheque.

7. The administrators will transfer LETS units from one members' account to another's only when the member making the payment gives permission. The administrators may decline to record a transaction which they regard as inappropriate for legal or other reasons.

8. The North London LETSystem maintains a central account of all exchanges for the benefit of members, and provides a regular directory in which members may advertise the goods and services which they wish to offer or require.

9. Any member is entitled on request to know the balance of another member's account. This option is available to assist members in deciding whether or not to trade with another member.

10. Members are accountable for any taxes they incur through trading. The North London LETSystem has no obligation or liability to report to the Inland Revenue or to collect taxes.

11. The North London LETS system is not responsible for the value, condition or quality of goods and services exchanged by members. But the administrators will take action to safeguard other members for the future, when alerted and considered necessary.

12. The administrators, in conjunction with the members committee, may act on behalf of the membership to seek explanation, payment or satisfaction from any member whose account is considered to be contrary to the interests of other members. In the last resort, they may remove members from the system In the event of dissatisfaction, please contact the office so that your complaint can be looked into.

13. The members committee has the right to deny membership (at their discretion) to an application in exceptional circumstances.

14. Any member whose account is in commitment (debt) and who wishes to leave the area or resign from the North London LETS system must inform the administrators so that their account can be settled, if necessary, in pounds sterling.

15. The administrators are authorised to charge join-up and renewal fees in LETS units and pounds sterling.

16. Members are responsible for keeping all their entries up to date. Members are expected to keep the office uninformed of any trading problems.

17. Members must have a telephone and live or work in North London.

18. I do not object to my membership and account details being held on computer eecords. I also consent to these details being available to other members of North London LETSystem in accordance with the Membership Agreement.

By signing this form I understand that I am entering into a contract with North London LETS

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