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Members Agreement

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The System and its aims

  • Richmond and District LETS is a non-profit making community enterprise whose members can be individuals, businesses, voluntary-sector groups or others.
  • Its purpose is to enable members to exchange goods and services using a local currency, the Cobble, which has a notional equivalent of one pound sterling, unless otherwise agreed.
  • The system is not owned by any individual or group. It exists solely because its members agree to the conditions set out here.

Who runs it?

  • The activities of the system are administered and developed by an elected Core Group of members who agree to take responsibility for specific tasks. Any member may contribute, and for successful outcomes will usually be paid for their work in Cobbles.
  • The Core Group is fully accountable to the membership, and information on what it is doing is available to any interested member.  Any member may attend a Core Group meeting as an observer.
  • The Core Group is responsible for ensuring that the website is kept up to date and accessible to all members. So that this can be done efficiently, members must agree to relevant details being held on computer.

How your account is managed

  • Members are responsible for making payments to those who provide them with goods or services. This means that you should make the transfer online as soon as possible after you have traded (or contact the Cobbles treasurer to do this on your behalf).
  • So that members can regulate their trading, the balance of every member will be available for all members to view.
  • The Core Group is authorised to pay members in Cobbles and/or pounds sterling for any services they provide in relation to maintaining and developing the system.

Your responsibilities

  • The Core Group cannot guarantee the value, condition or quality of goods or services exchanged through Richmond and District LETS. It is the responsibility of the members involved in any particular transaction to ensure that it is mutually satisfactory.
  • Each member is responsible for their own tax and VAT returns, where applicable.

Protecting your interests

  • The Core Group will act as necessary to protect the interests of Richmond and District LETS. Action may include seeking explanation of a member's actions, refusing to record transactions or Directory entries for legal or other reasons, suspending accounts or refusing or withdrawing membership.
  • There is an Arbitration Group of three people separate from the Core Group to arbitrate in cases where a member feels unfairly treated and cannot otherwise resolve the problem.

Leaving the system

  • Members can leave Richmond and District LETS at any time. Members leaving the system are asked, where possible, to bring their balance to zero