Members Agreement

A LETS system is founded on the basis of members' commitment to each other and to their wider community. The ability to extend trust and credit to members is based on the commitments undertaken in adopting the Membership of the Warwick and Leamington LETS system.

1: The Warwick and Leamington LETS system is a non-profit society whose right and authority are vested in the members who delegate that authority to the Administrators who act on their behalf.

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

3: Members agree to the LETS system holding their details on computer and distributing to other members those details relevant to the purpose of exchange Members also agree to the directory of goods and services (without names) being distributed to the general public for publicity purposes.

4: Members may give or receive from each other credit in the accepted LETS unit of account (called Oaks) which are recorded centrally on the LETS system

5: Only the account holder can authorise the transfer of units from their account to that of another member

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

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 Administrators from time to time

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

9: Any member is entitled to know the balance and turnover of another members account. The Administrators may also decide from time to time to publish the balances and turnovers of all accounts.

10: No interest is charged or paid on balances The Administrators are authorised to charge joining and renewal fees in Oaks and/or sterling on a cost of service basis as the situation requires, and to levy service charges on members' accounts at rates assessed in consultation with the membership

11: The LETS Administrators may decline to record an account 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. The LETS system publishes a list of the resources and services made available by members but can not be held responsible for the actual goods and services on offer

13: Members are individually responsible for their own personal tax liabilities and returns. The LETS system has no obligation or liability to report to the tax authorities or to collect taxes on their behalf

14: Members have the right and are encouraged to attend any meeting of the Administrators and to participate in decision making. Members have a right of appeal to the Administrators Executive on all decisions

15: The Administrators 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

The Administrators may suspend membership in the case of delinquent accounts and in the last resort may remove members from the system

The Administrators may also reserve the right to deny membership to an applicant in exceptional circumstances at their discretion.


October, 2003