TERMS & AGREEMENT
Members are advised that transactions involving Trade Dollars are treated as taxable income for federal, state, and local tax purposes therefore it is critical for Members to provide accurate and complete identifying data as required. Members should seek professional tax advice regarding the treatment of trade dollars. Fines and penalties imposed by the Internal Revenue Service, or by any other federal, state or local taxing authority, to Barter Network for invalid taxpayer identification numbers, social security numbers or Company Names, or on account of any other matter attributable to an act or omission of Member, will be charged to the Member and must be paid in cash within three (3) days of notice of such fines and penalties.
Members’ monthly statement will be considered accurate as printed unless the Barter Network accounting department is notified in writing of any discrepancy by the 14th of the month in which the statement is received. Member agrees to pay all monthly fees and trading fees by the close of the following month. Payments are due upon receipt of the monthly statement & considered late by the close of the following month. Any account that continues to be in a delinquent status for three (3) consecutive months may be closed without notice by Barter Network.
Member authorizes all cash fees incurred to be charged to the credit card on file on the 9th of the month following the close of the statement. In the event the 9th falls on a weekend or scheduled Holiday, the credit cards will be charged on the closest business day prior.
If the Member’s cash fees are 30 days past due, all trading will be suspended until the account balance is paid and (if applicable) a new valid credit card is provided to Barter Network for charges against the Member’s account. For each month a Member’s account remains past due, a $15.00 cash late fee will be imposed and charged immediately upon receipt of valid credit card information by Member.
A $30.00 cash charge will be applied to a Member’s account in the event of a returned check or a credit card that proves to be invalid, expired, or declined.
Barter Network is not responsible for lost or misdirected mail or for statements and notices which are sent electronically and not received by Member.
Member is responsible directly to any party which makes a purchase from it using trade dollars through Barter Network and agrees to indemnify and hold Barter Network harmless from and against any loss, cost, damage, claim charge, debt or liability with respect thereto. All trade transactions are entered into on a voluntary basis between buyer and seller. Barter Network may give referrals as a service provided to its Members, but such referrals shall neither constitute an endorsement or guaranty of the products or services to be purchased or otherwise obtained. Barter Network assumes no responsibility for the quality, timely delivery, warranty or dispute of any nature between Members with regard to any product or service being traded. Members should exercise the same due diligence entering into trade transactions as everyday cash transactions. As classified by the IRS Internal Revenue Service, Barter Network is functioning in a brokerage capacity and Member does hereby indemnify and hold Barter Network harmless with respect to any claim, debt or liability whatsoever, arising out of any trade exchange transaction wherein Member is a buyer or seller.
Barter Network will only be responsible for commitments made in writing and signed by authorized Barter Network officers.
Barter Network may from time to time modify the provisions of this Terms and Agreement and will post modifications on the Barter Network website; changes to the Terms and Agreement will be enforceable without notification to individual Members provided the changes are posted on the Barter Network website. Retention and use of the Barter Network Trade Card constitutes acceptance of this agreement with all the terms and conditions as a Member of Barter Network.
Members may place their account on “Standby”(not selling) by notifying the Barter Network office under the following conditions: A) Member’s trade account must not be in the deficit position. Members must give notice in writing to their Barter Network Trade Broker.
The agreement between Barter Network and Member may not be modified unless (i) the modification is a change in terms posted on the Barter Network website or (ii) if the change is exclusively related to Member’s specific Terms and Agreement, the change in writing signed by Member, any officer, guarantor or owner (as signed the original Membership Application) and Member. Barter Network reserves the right to rely upon and enforce any documents which are faxed or sent electronically to Barter Network from Member and which have been signed by Member. Barter Network also reserves the right to rely upon electronic communications sent to Barter Network from Member.
Member agrees to follow the following procedures when Member acts as a seller of goods and services to another member in the Barter Network. To receive credit (payment) for all transactions the seller must: A) Obtain the buyer’s account number & company name. This is obtained from the Barter Network Card. B) Obtain an authorization number from Barter Network on each and every transaction C) Obtain either a signed company’s invoice or a signed Barter Network’s authorization form. The seller must collect an acceptance signature on its own paperwork or invoice (same as used for cash sale) for verification, should any dispute arise. Please note that Barter Network reserves the right to refuse any transaction upon a reasonable basis (such as, but not limited to, the buyer or seller having an inactive or suspended account).
In the event that Member requests and receives from Barter Network additional Barter Network cards (“Courtesy Cards”) to be utilized by employees, partners or other business owners, the Member (which includes the officer, owner or other guarantor who signed the membership application) shall remain liable for all transactions engaged in with such Courtesy Cards. It is also understood that all cardholders will have access to the account information for the Member.
Member certifies that the information that is provided to Barter Network in the application is true and correct and agrees to timely notify Barter Network in the event of any material change with respect to said information. Examples of a “material change” include, but are not limited to, changes in the business address, changes in any residential address and changes in the nature or operation of the Member’s business. Member hereby authorizes all banks and suppliers listed in the application to release information necessary to assist Barter Network in the establishment of a line of credit for Member’s account. In addition, Member authorizes Barter Network to review the Member’s business or personal credit history utilizing one of the national Credit Reporting Bureaus.
It is at the sole discretion of Barter Network to refund any fees.
Purchases made by Members must be limited to the amount of Barter Network trade dollars in the buyer’s account. Members will be required to compensate Barter Network in cash on demand for any deficit amount in their trade dollar account resulting from:
- Purchases made resulting in a balance deficit without alternative loan or funding arrangements.
- Previous sales being reversed.
Barter Network may terminate a Member’s account, and/or suspend all trading activity in the event of:
- Barter Network has received two or more complaints on a given Member for either poor performance or attempting to charge in excess of Members’ normal prices.
- Member has committed fraud, either toward other Members or Barter Network.
- Member is charging cash and/or not following the contractual agreement with Barter Network.
- Member is 90 days past due with their outstanding cash fees.
- Members’ trade account is a deficit and refuses to post either products and/or services for repayment.
- Member cannot be contacted for a period of 10 days or more via all methods made available to Barter
Network, unless the Members’ Trade Broker has been previously notified in writing.
Barter Network reserves the right to close a Member’s account and take ownership of a positive trade balance if the Member’s cash fees reach 90 days past due, unless alternative arrangements have been agreed upon in writing with an officer of Barter Network.
In the event a Member desires to close its account, the following actions must occur: All previous commitments to other Barter Network Members must be fulfilled. Barter Network must be notified in writing thirty (30) prior to the date which Member intends to close its account. Members with a positive trade balance have 60 days from the receipt of the closing letter to prepay all commissions and spend their remainder of their trade balance. In the event that the above is not completed, the Members trade balance will be forfeited. Members with a negative trade balance have 60 days to prepay all commissions and payback the negative trade balance. In the event the negative trade balance is not paid in the required time, the Member will be charged for their negative trade balance on their credit card or any other form of payment.
In the event any obligation under this Terms and Agreement, or to otherwise enforce any obligation between Member and Barter Network (including obligations arising from the issuance of gift certificates and gift cards) is referred to an attorney or outside collection agency, with or without suit, Member agrees to pay all attorney fees and costs, including, but not limited to, filing fees, service of process fees and other reasonable costs and expenses which Barter Network incurs, whether or not billed by retained counsel.
Barter Network makes no representation, guaranty or promise (i) that at any given time Member will have access to goods or services it desires and (ii) that particular businesses which were members at the time Member entered into its agreement Barter Network will remain members in good standing of the Barter Network. Barter Network shall use reasonable efforts to continue to solicit new businesses offering products and services which may be of interest to Members. Barter Network reserves the right, in consultation with its members, to offer certain items on a limited basis only. Barter Network is committed to providing only those products or services which the members offering for sale can readily provide or make available; however, Barter Network can make no representation, guaranty or promise of the availability of any good or service which Member seeks to obtain from a fellow member in the exchange network.
Members recognize and grant to Barter Network, and to those having ownership interest in Barter Network the right and power to borrow from the exchange and spend within the exchange network. Such borrowing will be sufficiently collateralized by specifically pledged assets to the system pursuant to the guidelines established and imposed by the International Reciprocal Trade Association.
Barter Network trade dollars shall not be considered a legal tender, securities, or commodities by either Barter Network or our Members, and may not be redeemed for cash from Barter Network.
Members will sell their products and/or services for their prevailing prices for 100% Barter Network trade dollars to other Members in good standing. If a selling client receives part cash for any transaction, Barter Network is entitled to 13% in cash on that portion of the transaction from the seller.(This excludes sales tax, gratuities and shipping costs) Barter Network may at its’ discretion suspend or terminate a Member’s account for soliciting cash from a buyer.
Direct Trades: Direct trades between clients to avoid commission fees are PROHIBITED. If consummated, these trades are subject to commission fees, and at the discretion of Barter Network, termination and/or suspension may occur with all parties involved. Any trades using another barter company, without prior approval from Barter Network, is prohibited and commissionable.
At times, Members are offered gift certificates and gift cards from other members of Barter Network. Such gift certificates and gift cards represent an agreement between the member issuing such gift certificate or gift card and the member purchasing same. In the event that Barter Network authorizes any member to sell gift certificates and gift cards, such selling Member covenants and agrees that the Member will honor such gift certificates and gift cards in compliance with all applicable federal, state and local laws, rules and regulations (including, but not limited to, laws restricting expiration dates, as applicable). Barter Network makes no representation, guaranty or promise that the issuing member will abide by such laws, rules and regulations. In the event that a Member issuing gift certificates or gift cards fails to honor same (regardless of the reason for such dishonoring), the Member shall remain liable for the full cash value of such gift certificates and gift cards and authorizes Barter Network to exercise its right to seek enforcement of such gift certificates and gift cards on behalf of all purchasers of same. Furthermore, in the event that Member issues gift certificates or gift cards to Barter Network for sale by Barter Network, then Member (notwithstanding any other writing, agreement or document to the contrary) shall indemnify and hold Barter Network harmless from and against any and all loss, cost, damages, claim or expense related thereto, including but not limited to attorneys fees and expenses, costs of enforcement and costs of collection.
Member represents that any product it offers for sale through Barter Network shall be free and clear from any lien or encumbrance. Member represents that any product or service it offers for sale through Barter Network shall comply with all applicable federal, state and local laws, rules and regulations. With respect to any products or services purchased by Member through Barter Network. Member recognizes that such items are produced and provided by others and not by Barter Network or its affiliates. Barter Network makes no warranty either expressed or implied, by operation of law or otherwise, as to the merchantability or fitness for a particular purpose of such products or services, and the Buyer shall look solely to the manufacturer, distributor or retailer of such merchandise for any warranty.
At times, Barter Network may offer Member opportunities to earn trade dollars (or to discharge certain obligations to Barter Network) through certain financial facilities, such as (but not limited to) the sale of future receivables, the sale of gift certificates and gift cards and the extension of credit terms. However, nothing set forth herein, or in any communication explaining the possibility that such financial facilities may be available, shall constitute the extension of an offer of same to Member and there shall be no promise, express or implied, that Member would qualify for such financial facility or that it would be made available to Member. The right to extend such offers, and the right to accept Member’s application for such offers, shall be deemed to be in the sole and exclusive discretion of Barter Network and any such offer shall be deemed “conditional” until such time as there is a mutually-executed agreement among the parties regarding same.