1. The Local Exchange Trading Scheme, also called "The LETS",
"the Group", or "the scheme" is a non-profit organization
operating within the terms of its Constitution,
which enables members to trade by means of a named local currency.
|2. Aims: The LETS provides an information
service through which members can exchange goods and services, and maintains
a central account of those exchanges for the benefit of members and the
|3. The LETS is affiliated to LETSlink
UKwhich runs a networking service for all local groups and seeks to co-ordinate
and facilitate sharing of good practice and trading between "branch"
and "independent" LETS groups.
|4. Administration: The work of running the LETS may
be delegated to Administrators, who report to the Management Committee.
|5. Membership of The LETS is open to all individuals
regardless of class, gender, orientation, ethnicity, creed, religion, or
ability, who agree to and follow the rules of the scheme, subject to any
geographical or other criteria that have been published in advance about
the scheme. However, the management committee may, at their discretion,
deny membership to an applicant in exceptional circumstances.
|6. Subscriptions: Subscriptions may be deducted in
local currency from members' accounts. Alternatively/ In addition,
joining fees, an annual subscription or occasional contributions in
Sterling may be invited by the scheme, and will be acknowledged by the deposit
of an equivalent amount of currency into the member's account from the system
|7. Key Information is available to all members to
facilitate networking and trading. Members agree to The LETS holding their
details online and making such details available to other members as are
relevant to the purpose of exchange. Members also agree to the directory
of goods and services being visible online - anonymously - to the general
public for publicity purposes and to members with their contact details,
and will be able to update them online. The Administrators may edit, recategorise
(or delete if deemed inappropriate) members' online information. They will
advise members of substantive alterations, and will provide support to individuals
who need help to access and update their accounts.
|8. Data Management. Members undertake to keep their
own passwords secure, not to publish personal details of members to others
outside the system, to record their own transactions promptly, to keep their
personal information and listings up to date, drawing any change in their
contact details to the attention of the administrators, and not to publish
in these listings information which would identify themselves or other members.
Likewise, the administrators undertake to keep information secured and backed
up and not to convey information on individuals to anyone outside the system.
It is the responsibility of any members who are trading on a professional
basis to account to HM Customs & Revenue Service where appropriate.
|9. Disclaimer: 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
publishes a list of the resources and services available to members but
cannot be held responsible for the actual goods and services offered. Members
must therefore ascertain for themselves the quality of goods and services
on offer. Neither the Management Committee nor the Administrators can be
responsible for any member acting outside the law.
|10. Mutual Credit: The wealth of the LETS is generated
by the activity of its members. All accounts start at zero, subject to any
initial adjustments in regard to fees, as referred to in section 6. Members
may give or receive from each other credit in the local unit of account,
which is considered equivalent in value to sterling and will agree a standard
rate per hour to be used when members wish to trade on an equal basis. Members
are not obliged to be in receipt of any credit before issuing another member
with credit from their account, subject to any group or individual limits
that may be set by the management group as a result of "overspend",
which is referred to as being "in commitment".
|11. Trading: Members are not obliged to accept any
particular invitation to trade, or to engage in any transaction whatsoever
with other members. When members wish to trade on the basis of equal hourly
value, the recommended rate is currently TEN units per hour, but this is
negotiable. Members are advised to agree terms with others members prior
to trading, in order to avoid any misunderstandings arising.
|12. Authorisation: Only the account holder can authorize
the transfer of currency from their account to that of another. Members
may either carry out their own transactions online or submit signed cheques
or trading records to the administrators to record them centrally, if there
are resources available to provide this service. Vouchers or printed currency
notes may also issued to facilitate trading by being withdrawn as "cash"
from members' accounts, or issued as exchange for sterling, and paid back
into a members account by an administrator. Members may appoint a "buddy"
to act on their behalf or assist them in managing their account, and should
advise the Administrators of the arrangement.
|13. Trading Records: Members may engage in any transaction
entirely in local currency, or on a part sterling, part "local" basis, but
only the latter is recorded in the system. Members are entitled to know
the balance and turnover of each other's accounts and this information may
be viewed online by members when logged on. Members may avail themselves
of the feedback facility provided and may also use information about previous
trading to obtain references prior to trading.
|14. Delinquent Accounts: the administrators may decline
to record, or may reverse on behalf of a member, a transaction carried out
in error or considered inappropriate for legal or other reasons. They may
also seek explanation or satisfaction from a person whose activity is considered
to be contrary to the interests of the membership. They may suspend the
member's account whilst investigating the problem, and as a last resort
may recommend to the committee removal of the member's account from the
|15. Budgeting. No interest is charged or paid on member
balances. The management group may make service charges in local currency,
which may be time-based, transaction-based, percentage-based, or a combination
of these - the details of which must be made known to members when the fees
are taken. Reasonable notice must be given of any change in the fee structure
before it is actioned. Members may also opt to donate at any time or tithe
into particular Project Funds, personal or other accounts within the system.
The Management Committee will maintain an overview of budgeting, to ensure
that payments to the Administrators are sustained by fees taken in local
currency. They may also set up budgets for local Projects in order to stimulate
activities which will benefit the community as a whole, and will seek to
engage members in the planning of such projects.
|16. Code of Conduct: Members are expected
to treat each other with courtesy and consideration at all times (for example,
personal phone calls and email messages should be responded to).
|17. Disputes: If a dispute arises between members,
the aggrieved party should initially seek to resolve the matter with the
member/s concerned. If this is unsuccessful they should provide full details
to the Administrators who, if not resolved at this stage may, with the agreement
of all parties, refer it to the Mediation Group. If the matter remains unresolved
after one month, or earlier if it is an emergency, a minimum of six members
may call an Extraordinary General Meeting. If this is unsuccessful, or if
it is inappropriate to bring the matter to the attention of all members,
the aggrieved party/s, or the mediator should contact LETSlink UK, whose
grievance procedure will then be initiated.
|18. Closing Accounts: Anyone wishing to leave the
scheme must inform the administrators, and balance their account by donating
a positive balance to another account (an individual, organisation or fund)
or if they are in commitment by working for another member, or a project,
to bring their balance to zero. Alternatively the member may request that
their balance be transferred to another LETS group where they have an account.
As a last resort a member whose account is in commitment may settle up by
an equivalent donation to the scheme in pounds sterling.
|20. Membership of The LETS implies acceptance
of the conditions of this agreement, which is based on a standard document
for LETS who are members of LETSlink UK, which aims to encourage mutual
support and sharing of good practice amongst all LETS groups in the UK.
This Agreement should be read in conjunction with the Constitution and Guidance
Notes for a fuller understanding of the operation of the scheme.
| LLUK/MF December 2010