BARTER BUSINESS UNLIMITED TRADING RULES
1) Buyer shall present a valid membership card at time of purchase.
2) Any purchase shall be approved by BBU prior to purchase and have an authorization number. Otherwise, failure to obtain a pre-approval may result in the sale being declined by BBU and is at the sellers risk.
3) BBU may refuse to issue an authorization number for any of the following reasons:
a) If a buyer has outstanding cash service charges over 30 days past due.
b) If the transaction is disputed by either party and written notice has been received by BBU.
c) If the buyer does not have sufficient barter units or extensions thereof to purchase or otherwise is not in good standing.
d) If either party fails to conform to these rules. Members attempting to circumvent these rules while trading may have their memberships terminated.
4) All invoices must be signed by the buyer and retained by the seller. Failure to retain the invoice places responsibility for the bill on the seller and BBU assumes no responsibility.
5) Seller shall furnish goods and services at regular prevailing prices, plus applicable taxes for 100% barter through BBU.
6) Purchases are limited to members accrued barter units plus extensions thereof unless secured by collateral and approved by BBU.
7) Members may authorize BBU to collect initial fees, cash service charges and renewals due through a members’ Credit Card, Paypal, Bank Transfer or Electronic Money Transfer.
8) Members may request their account to be placed in “standby” status, EXCEPT when account is in a deficit position.
9) Units shall not be considered legal tender, securities or commodities.
10) Members should consult their own tax advisors for appropriate tax treatment.
11) BBU is a third party record keeper acting as a clearinghouse which debits and credits barter units generated between members. It is not an issuer of credit except as specified in these rules. BBU is not responsible for the quality, timely delivery, warranties or any other problems which arise with respect to goods and services traded by members. Members should exercise the same diligence in entering into a trade transaction as an ordinary business transaction for cash.
12) Declaration and reporting of all applicable taxes resulting from trade transactions rest solely with the member.
13) Members must report to BBU any discrepancies in monthly statements within 20 days of receipt; otherwise the statement will be deemed correct.
14) If a member fails to pay the service fees or any other charges to BBU within 30 days of billing, BBU may charge the member interest on the outstanding balance at a periodic rate of interest and suspend the members trading privileges until the charges are paid. Should the charges remain outstanding beyond 60 days of billing, BBU may terminate the delinquent members account.
15) BBU may terminate a member’s account for any violation of the BBU rules, as amended, by written notice to the member. In the event of termination BBU may, in addition to such other rights as it may have, do any or all of the following:
a) Suspend trading privileges if there is a positive trade balance in member’s account until such time as any cash service charges are paid in full. Thereafter, all barter units due to a member must be spent for goods and/or services within 90 days.
b) Suspend trading privileges if there is a deficit credit balance and demand member pay the balance in full within 30 days, either in goods or services acceptable to BBU or cash. Any balances due and payable after the due date may be turned over for collection. ln that event, member will be responsible to pay any costs of collection and reasonable attorney fees. .
c) BBU may demand the return of the BBU trade card which remains BBU property, and notify other members of termination of member’s account.
16) BBU members may cancel this agreement at any time after 10 days written notice. Upon cancellation, all barter units due to the member must be spent for goods and services available through BBU within 90 days. Outstanding balances due to BBU shall be paid within 30 days either in goods or services acceptable to BBU or cash. Any balances due and payable after the due date may be turned over for collection. In that event, member will be responsible to pay any costs of collection and reasonable attorney fees.
17) Should a member fail to honor and accept purchases from another member, the member shall be in material breach of these rules. The member acknowledges if this occurs, BBU’s business relationship with the member whose card was not honored will be damaged. In such an event, BBU may terminate such membership.
18) Accounts shall not be transferred or sold without BBU’s written permission.
19) BBU may amend these rules, change dues and cash charges, should the amendment be for the benefit of the exchange. BBU shall give 10 days prior notice of a substantive amendment. A member shall have the right to resign its membership if it objects to the amendment adopted by BBU. Non cancellation shall be deemed acceptance of the change.
20) BBU may permit members to trade in excess of barter units member’s accounts.