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 Community Currency called Harrow, referred
to in this document as CC.
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, 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/ Core Group.
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 circumstances.
6. Subscriptions: Subscriptions may be deducted in CC 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 CC
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 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
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 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
12. Authorisation: Only the account holder can authorize the transfer
of CC 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 CC, or on a part sterling, part CC basis, but only the CC 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
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 CC. 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.
draft at 19/2/2017
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