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TERMS AND CONDITIONS OF USE
As a member of Inner West Commons LETS, I agree to:
1.1 Negotiate a fair trade with other members.
1.2 Keep my personal contact details, my offerings and wants updated.
1.3 Enter transaction information as soon as possible after a transaction takes place. If I can't do it myself, I will have another member do it for me or provide the details to the adminstration.
1.4 Regularly review my offerings to ensure they provide enough information for others to engage in trade with me.
1.5 Actively promote my offerings if my account has a large negative amount and remains that way for over a month.
1.6 Make every effort to keep my balance within the limits set by the administration from time to time.
1.7 Advise the administration if I wish to re-register or move from one exchange to another.
1.8 If my account has a negative balance at the time of de-registering, I may be required to clear my account in Bluestones (Blueys), Australian dollars or other contribution as negotiated with the IWC LETS committee.
1.9 I nominate my email address as used on the exchange to receive communications and notices.
2.1 Neither the CES nor IWC LETS are party to any transaction between a buyer and a seller and accept no responsibility for the performance of trading parties nor as to their identitiy or trustworthiness nor as to the subject matter of any trade.
2.2 Neither the CES nor the IWC LETS accept responsibility for any loss or damage occasioned to any account holder as a result of information received via the system becoming available to other account holders or outsiders.
2.3 Account holders agree to indemnify and hold harmless the CES and IWC LETS and the administration and any of their employees or agents from any incident of loss or damage arising out of the use of the system.
3. ONLY ACCOUNT HOLDERS
Only registered account-holders may use the system to advertise and trade and no third party may trade through a registered account holder's account. Shared accounts must name one person who is responsible for the account.
4. BLUESTONE-BASED EXCHANGES
An account-holder may not use the facilities of the CES for advertising purely Dollar-based offerings. Trades may be advertised and effected for part Bluestones and part Dollars provided that the Dollar component shall not exceed the Bluestone component, unless the Dollars are for necessary disbursements made by the Seller.
5. NORMAL TRADING LAWS APPLY
The normal commercial laws of the land between trading parties shall govern all transactions and each party to a transaction takes responsibility for normal legal liabilities, obligations and risk.
6. FIRST ADVERTISE
New account-holders must start with at least one offering on the system.
Trades are entered into the system by the seller on the basis indicated on the CES website, which may be changed from time to time.
The administration shall be entitled to charge levies against trades done via the exchange as well as any Dollar portion of a trade. The administration shall be entitled to levy charges in either Bluestones or Dollars against the Dollar portion of any transaction made.
||The amount of the levy shall be as set or amended by the administration from time to time.
||The administration shall be entitled to use the levies accrued to manage and further the aims of IWC LETS as well as the CES.
9. CREDIT/DEBIT LIMITS
||All new accounts are created with a balance of zero Blueys.
||Account-holders are encouraged to begin trading without having a positive balance and may incur a debit balance in their accounts.
||The administration may set limits to the extent to which accounts may go into debit and credit.
||The administration may set and adjust criteria according to which account limits may be set. As a result debit and credit limits may vary from account to account.
10. EXCEEDING LIMITS
Each seller should ensure that the buyers have not exceeded their limits before agreeing to a transaction. If a buyer's debit limit is exceeded then the transaction may be declined by the administration, in which event:
||The seller will have to take recourse against the buyer personally.
||The parties will act in accordance with the laws of the state of Victoria in relation to claims.
||The seller shall be entitled to claim the amount owed in Blueys in Dollars on the basis of one Dollar being equal to one Bluey.
11. INTER-EXCHANGE TRADE
The administrator of the CES shall be entitled to set limits to the amount of credit that trading exchanges may incur vis a vis other exchanges as well as lay down terms and conditions governing inter-exchange trading.
12. ACCOUNT INFORMATION
Trading balances are available to all account-holders but details of individual purchases are not.
Advertisements for offerings should be honestly described. Advertisements considered offensive to others, inaccurate, illegal or contrary to the ethics of the system may be withdrawn by the administration without consultation.
An offer advertised on the system amounts to an invitation to do business only and shall not constitute an irrevocable offer to all.
14. DISPUTE RESOLUTION
||If any other dispute should arise between account-holders or between the administration and any account-holder, the matter shall be referred to mediation, or failing that, to arbitration.
||If the parties cannot agree on the person of the arbitrator then an appointment shall be made, if the dispute is between account-holders, by the administration, or if the administration is itself party to the proceedings, by the Registrar. Any such appointee should preferably be a member of the CES, or if not a member, then a person who agrees to act in an honorary capacity.
||The arbitrator shall be entitled to make awards for contractual losses or damages but not for delictual or consequential losses. The arbitrator may also make an award as to costs. All awards shall be in Bluestones. The administrator shall be required to debit or credit any account within the system to give effect to such order or award.
15. NO INTEREST
Account-holders may not charge interest for lending Bluestones to other members.
16. ONLY ONE ACCOUNT
Unless otherwise authorised by the administrator, account-holders may only operate one account in the system.
17. ACCOUNT HOLDERS' NAMES
Unless otherwise authorised by the administrator, all accounts shall be kept in an account-holders personal name.
18. STALE ACCOUNTS
||If any account becomes stale in the opinion of the administrator, the administrator shall be entitled to call up the account, after having given reasonable notice to the account-holder, in which event:
||Any credit balance will be forfeited unless the account-holder brings their account balance back to zero
||Any debit balance shall become immediately due and payable
||If such debit balance on a stale account is not cleared with Bluestones or Dollars within the time allowed by the administrator, the administrator shall be entitled to proceed against the account-holder on the same basis as set out in Clause 10.1 above as if the account-holder had exceeded their limits. For this purpose the administrator shall be entitled to institute action in his own name.
||Any account-holder with a stale account will not be entitled to re-apply for an account with IWC LETS or the CES until their obligations towards IWC LETS or the CES have been met.
||An account will automatically become stale if there has been no activity on the account for a year. "No activity" will mean either no sales or no purchases or no log-in by the account-holder.
19. LEAVING AND DE-REGISTERING
If an account-holder wishes to leave the exchange voluntarily, they shall apply to the administrator for deregistration of their account. In such event the same terms and conditions relating to stale accounts as per Clause 18 shall apply as if the account was stale.
20. SUSPENSION AND TERMINATION
||The administration can suspend an account of any account-holder who breaches any material trading rule or who acts in a way considered to be unethical or contrary to the norms of the CES.
||The administration shall notify any account-holder if his or her account has been suspended, and the account-holder shall have fourteen days to dispute the suspension. If no dispute is declared the administration shall then be entitled to terminate the account, in which event it shall be treated as if it was a stale account in terms of Clause 18 above.