Bath LETS

Bath LETS Members' Agreement

Bath LETSystem has an agreed structure which is founded on the basis of members' commitment to each other and to the wider community. The ability to extend trust or credit is based on the commitments undertaken in adopting the Members' Agreement of Bath LETSystem. Members agree to be bound by the conditions of this agreement.

1. Bath LETSystem is a non-profit membership society whose rights and authority are vested in the members who delegate that authority to a Core Group of members, who act on the members' behalf.

2. Bath LETSystem provides an information service through which members can exchange goods and services, and maintains a central account of that exchange for the benefit of members.

3. Members agree to Bath LETSystem holding details on computer and distributing to other members those details relevant to the purpose of exchange. The details are strictly confidential to within the membership.

4. Members may give or receive from each other credit in the accepted LETS units, called Olivers, which are recorded on the Bath LETSystem central accounting system.

5. Only the account holder can authorize the transfer of units from his/her account to that of another.

6. No money is deposited or issued. Members may engage in any transaction entirely in Olivers, or on a part cash basis, but only Olivers are recorded on the LETSystem.

7. All accounts start at zero. Members are not obliged to be in receipt of any credit before issuing another member with credit from their account, subject to any limit that may be set by the Core Group from time to time.

8. No member is obliged to accept any particular invitation to trade, or to engage in any transaction whatsoever with other members. On leaving the LETSystem, however, members with commitments outstanding are obliged to balance their account.

9. Any member is entitled to know the balance and turnover of another member's account. The Core Group will from time to time publish the balances and turnovers of all accounts.

10. No interest is charged or paid on accounts. The Core Group is authorized to charge joining or renewal fees in Olivers and/or Sterling on a cost-of-service basis as the situation requires and to levy service charges on members' accounts. Work carried out for the LETSystem can be paid in Olivers by the agreement of the Core Group.

11. The Core Group may decline to record an account, newsletter or directory entry considered inappropriate for legal or other reasons.

12. 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. Bath LETSystem publishes a list of the resources and services made available by members but cannot be held responsible for the actual good and services on offer.

13. Members are individually responsible for their own personal tax liabilities and returns. Bath LETSystem has no obligations or liability to report to the tax authorities or to collect taxes on their behalf.

14. Members are encouraged to attend any Core Group meeting, and have a right of appeal to a full meeting of members against any Core Group decision. Members have the right and are encouraged to participate in decision making. An open meeting for all members will be held at least once annually.

15. The Core Group may act on behalf of members in seeking explanation or satisfaction from a person whose activity is considered to be contrary to the interests of the membership. They may also suspend membership and, in the last resort, may remove members from the system on the same grounds. The Core Group also reserves the right to deny membership to an applicant in exceptional circumstances at their discretion.

16. There is a fee to join the system (currently ?5 concessions) plus a deduction made in Olivers (currently 10 Olivers per month) to cover administration of the scheme. These amounts may change in the future.

17. Membership of the LETSystem implies acceptance of the conditions of this agreement and the Constitution of BathLETS.