Edinburgh Local Exchange Trading System

Membership agreement

Edinburgh LETS Membership Agreement

• The LETS system is a non-profit membership society. It is organised by the local LETS management group who act on behalf of the members.

• The LETS system 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.

• Members agree to the LETS system holding their details on computer and distributing to members those details relevant to exchange.

• Members may give or receive from one another credit in the local currency unit called Reekies. (These are recorded on the website - they’re not physical coins or notes).

• Only the account holder can authorise the transfer of units from their accounts to that of another, with the exception of minimal service charges.

• No interest is charged on accounts. The management is authorised to charge joining fees and renewal fees in Reekies and/or sterling. It may also levy service charges on members accounts in Reekies.

• All accounts start at 0. Members are not obliged to have any credits in their account in order to trade (subject to a limit the management group may decide to apply). • No money is deposited into or issued from the LETS accounts. Members may engage in transactions entirely in Reekies or on a part cash basis. Only Reekies are recorded on our accounts.

• No one is obliged to trade. On leaving Edinburgh LETS members with outstanding commitment are obliged to balance their account.

• Any member is entitled to know the balance and turnover of another member’s account. The management may also decide to publish balances and turnovers of all accounts from time to time.

• Edinburgh LETS can give no warranty or undertaking as to the value, condition or quality of service offered. Members should seek to determine for themselves the quality of standard of workmanship offered before agreeing to a purchase.

• Members are individually responsible for their own personal tax liabilities and returns. Edinburgh LETS have no liability for claims for tax on participants and has no obligation or liability to report to the tax authorities or collect taxes on their behalf.

• Edinburgh LETS administrator may decline to record an account or directory entry considered inappropriate for legal or other reasons.

• Members have the right and are encouraged to attend any meeting of the management group and to participate in decision making. Members have the right of appeal on all management decisions

• The management reserve the right to deny membership in exceptional circumstances at their discretion.

• The management group may act on behalf of the system in seeking explanation of satisfaction from a person whose activity is considered to be contrary to the interests of the membership and as a last resort may remove members from the system.