Draft at February 2017
1. Harrow Local Exchange Trading Scheme, also called "Harrow
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 local currency called
|2. Aims: Harrow 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. Harrow LETS is affiliated to the regional
organisation (LETSlink London, abbreviated as LLL), which runs a networking
service for all local groups in greater London and beyond 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,
LLL aims to ensure that LETS trading is available centrally and in
all London boroughs, 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 Harrow 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 Harmonies from members' accounts. Joining fees, an annual subscription
or occasional contributions in Sterling may be invited, and will be
acknowledged by the deposit of an equivalent number of Harmonies into
the member's account from the system account.
|7. Key Information is available to all members
to facilitate networking and trading. Members agree to _____ 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 Harmonies , 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 Harmonies per hour,
but this is negotiable. Members are advised to agree terms with others
members prior to trading, in order to avoid any misunderstandings
|12. Authorisation: Only the account holder can
authorize the transfer of Harmonies 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 Harmonies, or on a part sterling, part harmony
basis, but only the Harmonies 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 Harmonies. 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 London, 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 Harrow LETS implies
acceptance of this constitution, 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.
| Draft at 19/2/2017