I/We, the applicant whose name appears on this agreement, hereinafter referred to as “Member” hereby applies membership and an account with Saturn Barter Company, hereinafter referred to as “SBC”. Member agrees that, in return for the privilege of trading goods and services with other SBC Members, that Member will agree to abide by the General Trading Policies and Procedures of SBC, which are incorporated herein by reference, as if fully rewritten, and by the SBC Rules and Regulations as are outlined below and/or may be adopted by SBC in the future.
Upon ACCEPTANCE in the SBC exchange MEMBER and SBC AGREE:
1. Member shall make available goods and/ or services to other SBC Members in exchange for trade dollars. Although trade dollars shall not be considered as a security or legal tender by either SBC or its Members and may not be converted to cash. IT IS EXPRESSLY UNDERSTOOD THAT FOR ALL PURPOSES OF VALUATION, ONE TRADE DOLLAR IS EQUIVALENT TO ONE DOLLAR IN UNITED STATES CURRENCY.
2. Member shall trade/sell goods and/or services at prevailing prices. Members acknowledges that unfair over-pricing is a violation of SBC policy. Any Member found to be unfairly over-pricing may subject Member to cancellation of Membership.
3. All cash fees (6% on purchases and 6% on sells) shall be payable by the 20th of each month and shall be billed on the Member’s monthly statement. Member agrees to pay a $5 CASH late fee on any transaction fees not received by SBC on or before the 15th of the month. Credit card payments shall be processed on the 20th of the month. All transactions between Members are commisionable to SBC, as described above, unless prior written approval from SBC is received by the members.
4. If an account becomes sixty (60) days past due on its cash fees, SBC may, at its discretion, suspend trading on any such account.
5. Member acknowledges that trade transactions between Members are entered into on a voluntary basis. SBC is not responsible for the quality, timely delivery, warranties, or any other problems which may arise with respect to goods and services traded by Members of SBC. Members should exercise the same diligence in entering into trade transactions as ordinary business transactions for cash. SBC assumes no liability for any damages of any kind including, but not limited to, compensatory and consequential damages which may result from a trade transaction and/or the use or the quality or products and services thereunder. SBC does not make any representations or guarantees with respect to the quality or volume of business which the Member will derive from Membership in SBC. Member will indemnify and hold SBC harmless from any and all claims, suits and damages arising out of trade transactions or the quality or use of products and services thereunder.
6. Member agrees to clear all overdrafts within thirty (30) days of receipt of the SBC monthly statement. Overdrafts may be cleared by submitting: (a) Transaction forms not previously submitted, or (b) A check IN CASH of the overdrafted total. FAILURE TO CLEAR OVERDRAFTS WITHIN THIRTY (30) DAYS FROM RECEIPT OF THE SBC MONTHLY STATEMENT SHALL PUT MEMBER IN DELINQUENT STATUS. A DELINQUENT OVERDRAFT IS IMMEDIATELY DUE AND PAYABLE IN FULL IN CASH and is subject to a 1.5% per month compounded interest charge, until paid. SBC may, at its discretion, clear such overdrafts through member’s credit card account. Delinquent status may result in the termination of SBC Membership. Member agrees to bear all collection and legal costs, should collection procedures become necessary.
7. PERSONAL GUARANTEE: THAT IN THE EVENT OF BANKRUPTCY OR INSOLVENCY OR FAILURE OF THE MEMBER’S BUSINESS OR CORPORATION, TO CLEAR ANY DELINQUENT OVERDRAFTS, THAT SUCH DELINQUENT OVERDRAFT IS HEREBY GUARANTEED INDIVIDUALLY BY THE OWNER, OFFICER OR INDIVIDUAL(S) SIGNING THE CONTRACT.
8. All transactions must be authorized by SBC and are the responsibility of the seller. The seller shall retain a signed receipt (either an SBC Transaction Form or other delivery receipt) for all transactions for a period of 24 months.
I agree to the terms and conditions set forth by Saturn Barter Company.
