Southern Barter Club
A. CONTRACT AND MODIFICATION OF CONTRACT
The following terms & conditions constitute a contract by and among Member and Southern Barter Club. Any use of Southern Barter Club to facilitate a transaction by a Network Member (hereinafter Member) constitutes acceptance of all terms, conditions, policies and procedures as most recently adopted by Southern Barter Club. They apply to all Southern Barter Club Members and to all transactions facilitated by Southern Barter Club. At its sole discretion, Southern Barter Club may amend this Agreement by giving Member thirty (30) days written notice via e-mail. Southern Barter Club may amend the Policies and Procedures with seven (7) days written notice via e-mail. Any purchase or sale by Member, which makes use of Southern Barter Club after these time frames constitutes acceptance by Member of such change(s) and the agreement of Member to abide by the same.
B. PARTICIPATION IN THE EXCHANGE
1. NATURE OF THE PARTIES
a) Southern Barter Club operates an association of businesses and professionals who have joined together to do business among themselves through the organized system which is regulated by the record-keeping and administrative services of Southern Barter Club or its designee and through the medium of Southern Barter Club Trade Dollars. Southern Barter Club functions as a clearinghouse for the transactions of the Network membership.
b) Southern Barter Club regulates the Network. Southern Barter Club acts as a third party record-keeper and administers the clearinghouse function of the Network for the Members. Southern Barter Club may contract with others to provide all or part of such services.
c) Member is a bona fide and legal business that desires to do business with other members of the Network and hereby subscribes to Southern Barter Club's services. Member warrants that it is in compliance with all State, Federal, industry and professional laws and regulations.
d) Southern Barter Club reserves the right of final approval of this agreement and may refuse to accept anyone as a Member for any reason it deems necessary.
e) The signer of this agreement hereby acknowledges that they are over 18 years old.
f) The member bears sole responsibility for the authentication of the identity of any person Member may trade with. Because authentication is difficult particularly on the internet, SBC cannot and does not confirm any Personís purported identity and should establish their own standards for identity authentication.
2. DISCLAIMER OF WARRANTY AND LIABILITY
Southern Barter Club makes no representation or warranty, either express or implied, and disclaims all liability, as to the fitness, quality, delivery date, merchantability, prices or any term of any trade transaction. Member agrees to indemnify and hold Southern Barter Club harmless with respect to any claim, debt, or liability whatsoever, arising out of any transaction wherein Member is a Buyer or Seller. Member acknowledges that any transaction facilitated by the Network, in which Member participates is entered into by Member on a voluntary basis. Member agrees to waive any claim, debt, or liability whatsoever against Southern Barter Club arising out of any computer or software malfunction or processing errors.
Seller shall be solely responsible to collect and remit to the appropriate taxing authorities the applicable taxes and shall collect and record these as required by law. Under no circumstances is Southern Barter Club responsible to pay any taxes on behalf of any Member. Transactions involving Southern Barter Club Trade Dollars are generally treated as taxable events for federal, state or provincial, and local tax purposes and Southern Barter Club reports Southern Barter Club dollar sales to the appropriate government taxing authority. The declaration and reporting of applicable taxes resulting from trade transactions rests solely with the Member. Member agrees to indemnify and hold Southern Barter Club harmless for any actions Southern Barter Club takes to comply with federal, state or provincial, and local laws.
C. ADMINISTRATION OF THE EXCHANGE AND SOUTHERN BARTER CLUB TRADE DOLLARS
1.†††† NATURE OF SOUTHERN BARTER CLUB TRADE DOLLARS
a) Members conduct transactions (purchases or sales of goods or services) using the Southern Barter Club accounting system. Payments are made by posting debits and credits to the buying and selling Members' respective accounts, pursuant to these Rules and in the form of Southern Barter Club Trade Dollars.
b) "Southern Barter Club Trade Dollar" is a private currency which operates as contractually accepted tender for specified private debts only, between exchange Members, backed only by the goods and services available within the Network, and regulated by Southern Barter Club. Southern Barter Club Trade Dollars denote value received for goods or services sold, and may be exchanged for other goods or services made available by Southern Barter Club Members. Trade Dollars may be used only in the manner and for the purposes set forth in this Agreement and the Policies and Procedures. Neither Southern Barter Club nor Member shall consider Southern Barter Club Trade Dollars as legal tender, securities, or commodities. Southern Barter Club disclaims any and all responsibility for the acceptance or negotiability of Southern Barter Club Trade Dollars or for the availability of goods or services from any source.
2. LIABILITY FOR SOUTHERN BARTER CLUB TRADE DOLLARS
Member acknowledges that Southern Barter Club Trade Dollars in the Network (positive balances) are the liabilities of persons who have spent more than their earnings (negative balances); that there is a creditor/debtor relationship between such persons and that Southern Barter Club transactions incur the normal business risks associated with any credit transaction. Any positive trade balances are solely the liability of Members who owe Southern Barter Club Trade Dollars to the Exchange and are not the liability of Southern Barter Club.
a) Member acknowledges and grants to Southern Barter Club the right and power to regulate and control the number of Southern Barter Club Dollars within the Network.
b) Member grants to Southern Barter Club the right and power to borrow from the Network.
c) Member is NOT authorized to sell Southern Barter Club Trade Dollars for cash.
D. SUSPENSION OR TERMINATION
1.†††† If Member violates this Agreement or the currently effective Policies and Procedures, Southern Barter Club may immediately terminate Memberís account or may freeze all activity in the account without notice and/or make immediate adjustment to the transactions involved. At its sole discretion, Southern Barter Club may reinstate Member or unfreeze Memberís account.
2. Either party may terminate this Agreement upon seven (7) days written notice to the other party. Upon termination:
a) All cash and Southern Barter Club Trade Dollar service fees outstanding become due and payable immediately. No service fees will be refunded.
b) Any Member with a negative account balance (where purchases exceed sales) must balance their account with Southern Barter Club Trade Dollars within thirty days of termination date. After said thirty day period, Member must immediately pay Southern Barter Club any remaining negative balance in cash.
c) Any Member with a positive balance (where sales exceed purchases) must spend out their account within ninety days of termination. Any Trade Dollars remaining after ninety days will become the property of Southern Barter Club.