Agreement for a LETS group
1. ________ Local Exchange Trading Scheme, also called "________
LETS", "the LETS", or "the scheme" is a
non-profit organization operating within the terms of its Constitution,
which enables members to trade by means of a Community Currency
called _____, referred to in this document as C-C.
2. Aims: ________ 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 community.
3. ________ LETS is affiliated to the regional organisation,
eg LETSlink London, which runs a networking service for all local
groups in the region and seeks to co-ordinate and facilitate sharing
of good practice and trading between "branch" and "independent"
LETS groups, who may also be members of LETSlink UK. By networking
all local groups, the regional organisation aims to ensure that
LETS trading is available centrally and in all areas, and also enables
exchanges to be made across boroughs and special interest groups.
4. Administration: The work of running the LETS may be delegated
to Administrators, who report to the Management Committee.
5. Membership of ________ 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
6. Subscriptions: Subscriptions may be deducted in C-C 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 number of C-C into the member's account from the
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, called _____, which are considered equivalent
in value to sterling. 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 TEN units of currency per
hour, but the rates for any particular trade are negotiable, and
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 C-C 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 C-C, or on a part sterling, part C-C basis, but only
the C-C are 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 system.
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 Eals.
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 a Mediation Group, or
if there is none, to the local branch of LETSlink, who will investigate
and make recommendations.
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. The regional organisation, LETSlink
London, aims to encourage mutual support and sharing of good practice
amongst all LETS groups in London. This Agreement should be read
in conjunction with the Constitution and Guidance Notes for a fuller
understanding of the operation of the scheme.
Based on draft for a LETS group in 2010, and updated in December