a) The LETS system is a non-profit membership society. It is organised by the local LETS group who act on behalf of the members. These individuals are members and are elected at the annual general meeting.
b) The LETS system provides an information service through which members exchange goods and services and maintains a central account of that exchange for the benefit of members.
c) Members agree to the LETS system holding their details on a computer and distributing to members any relevant information.
d) Members may give or receive from one another in credit on the local LETS currency unit called Tones. These are loosely related to the value of the £.
e) Only the account holder can authorise the transfer of units from their account to that of another, with the exception of service charges which may be levied. This would be agreed at the AGM.
f) No interest is charged on accounts. The Core Group is authorised to charge joining and renewal fees (at present there are none in Tones) which will be agreed at a Core Group meeting.
g) All accounts start at zero. Members are not obliged to have credit on their account before they can start spending. A limit to credit may be set by the Core Group.
h) No sterling is deposited into a LETS account. Any sterling transactions are carried out between members and this is not recorded.
i) No one is obliged to trade. ON leaving the LETS system members with outstanding commitments are encouraged to balance their account.
j) Any member is entitled to know the balance of another member. The Core Group will publish the balance of accounts from time to time.
k) The LETS system can give no warranty or undertaking as to value, condition or quality of services or goods offered. The LETS system published a directory of services etc but as with any newspaper it cannot be held responsible for the quality of goods and services on offer.
l) Members are individually responsible for their own tax return. The LETS System has no liability to report to the tax authorities or collect tax on their behalf.
m) The LETS system administrators may decline to record an amount or directory entry considered inappropriate for legal or other reasons.
n) Members have the right and are encouraged to attend any Core Group meeting and to participate in decision making. The members have a right of appeal via the Core Group for any decisions.
o) The Core Group reserves the right to deny membership in exceptional circumstances at their discretion. The Core Group may act on behalf of the system in seeking an explanation or satisfaction from a person whose activities are considered to be contrary to the interests of the membership. The Core Group may suspend a member in the case of delinquent accounts of as a last resort remove a member.
p) Members agree to be bound by the conditions of this agreement.