NEW BARTER NETWORKS TRADING RULES (rev. 05/16)
The following Trading Rules form a part of and are incorporated by reference and made a part of the Membership Application and Agreement (“Agreement”) between Member (“Member”, “Buyer” or “Seller”) and New Barter Networks, Inc. (“NBN”). These Trading Rules are posted on the NBN website, www.newbarternetworks.com. Use of the NBN website by you constitutes your acceptance of these rules.
1) Buyer shall present valid proof of membership and NBN account number at time of purchase from other members.
2) Any sale over $300 shall be approved by NBN prior to the transaction and shall have an authorization number. Otherwise, failure to obtain a pre-approval may result in the sale being declined by NBN and is at the seller’s risk. Client is responsible for reviewing the NBN website to determine if there are any applicable trade policies which may apply to the contemplated transaction.
3) A Member who conducts trades in accordance with these Trading Rules, is current in any monies owing to NBN, and has a valid un-expired Member account, is to be considered a member in “Good Standing." Only Members in Good Standing are entitled to the services of NBN and to otherwise participate in trades with other Members.
4) All invoices or other proof of transaction must be signed by the Buyer and retained by the Seller in order to maintain proper accounting. Seller bears the obligation to retain invoices or other proof of a transaction in case of discrepancies and NBN assumes no responsibility.
5) Seller shall furnish goods and services at regular prevailing prices, plus applicable taxes for 100% trade dollars, unless a special exemption has been granted. Shipping charges, tips and sales tax are to be paid in cash directly to Seller, as described on NBN’s website.
6) Purchases by Buyers are limited to Member’s trade dollar balance in account plus any line of credit approved by NBN.
7) Any Member account with a negative balance (purchases exceed sales) shall be assessed a 1% per month carrying charge. The carrying charge will be assessed in trade dollars monthly and will be added to the statement of the account.
8) An account can be placed on "Standby" status, which gives a Member the right to spend accumulated trade dollars, but shall receive no additional business. "Standby" status (whether requested by Member or imposed by NBN) cancels contractual commitments by NBN regarding exclusive territories or other applicable agreements. A Member can request that its account be placed on "standby" under the following conditions: a. Member’s account must have a positive balance; b. Member must give notice to NBN; and c. Member must be in Good Standing.
9) A fee of thirty dollars ($30.00) will be charged on all returned checks, payable to NBN within three (3) business days of notice to Client.
10) Members should consult their own tax advisors for appropriate tax treatment of transactions. NBN is required by federal law to obtain the correct taxpayer identification number of Member (who is required by law to provide such number) and to report all trade sales of Member to the IRS on Form 1099-B. Member agrees to hold NBN harmless for any actions NBN takes to comply with federal tax laws.
11) NBN is a third-party record keeper acting as a clearinghouse which debits and credits trade dollar units generated between Members. It is not an issuer of credit except as specified in these rules. NBN will use its best efforts to broker the trade dollars of Members into goods and services, to accurately record trades, and to administer these Trading Rules in accordance with its terms. NBN 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 due diligence in entering into a trade transaction as in an ordinary business transaction for cash. NBN is functioning in a brokerage capacity and Member does hereby indemnify and hold NBN harmless with respect to any claim, debt, or liability whatsoever, arising out of any trade exchange transaction where Member is a Buyer or Seller.
12) In the event a trade transaction is reversed, canceled or refunded for credit upon approval by New Barter Networks, the transaction fees are non-refundable after 60-days from the original transaction date. Trade dollars will be credited or debited to Member’s trade account.
13) Members must report to NBN any discrepancies in monthly statements within 20 days of receipt or the statement will be deemed correct.
14) Member hereby authorizes NBN to charge service fees and transaction fees to Member’s credit card or other electronic payment form. If a Member fails to pay the service fees or any other charges to NBN within 30 days of billing, NBN may assess a late fee and may charge the Member interest on the outstanding cash balance at a 1.5% monthly rate of interest. In addition, NBN may suspend the Member’s trading privileges and place the account in delinquent status.
15) Any account continuing in a delinquent status for three (3) consecutive months may be terminated without further notice by NBN. Positive trade dollars in the account will be forfeited and placed by NBN in its Bad Debt Reserve Account. At any time within six (6) months of the date the account is closed, the Member may reestablish the account and reclaim the trade dollars by paying all outstanding amounts due to NBN hereunder together with a $100.00 cash reactivation charge. Member accounts with a deficit balance become due and payable upon termination, either in goods or services acceptable to NBN or cash. Any delinquent balances may be turned over to a 3rd party for collection. In that event, Member will be responsible to pay any costs of collection and reasonable attorney fees.
16) NBN Members may cancel this agreement at any time after 10 days written notice. Upon cancellation, all trade dollars in Member’s account must be spent for goods and services available through NBN within 90 days or they will be forfeited.
17) Should a Seller fail to honor and accept purchases from a Buyer in Good Standing, the Seller shall be in material breach of these rules. The Member acknowledges if this occurs, NBN’s business relationship with the Buyer attempting to purchase was damaged. In such an event, NBN may terminate the membership of the Seller failing to honor such purchases.
18) Member accounts shall not be transferred or sold without NBN’s written permission. Members agree to keep usernames and passwords for online system confidential and not to share them with anyone.
19) NBN posts its rules and fees on its website and may amend these rules and revise administrative fees and cash fees at any time. NBN shall give at least 10 days prior notice of a substantive revision. A Member shall have the right to resign its membership if it objects to an amendment in Trading Rules adopted by NBN. Non-cancellation of membership by a Member shall be deemed acceptance of the change.
20) If the Member is a corporation, a LLC, or other business entity, the person executing the Agreement, to induce the granting of credit to the Member, and in consideration therefore, does hereby guarantee personally payment of all amounts owed to NBN, and hereby waives any requirement on the part of NBN to proceed with its claim against the business entity, either first or concurrently, as a condition precedent to bringing any action against such individual on the basis of this guaranty. The Member and individual signing the Agreement hereby assume joint and separate responsibility for all purchases and fees as outlined in the Agreement and in these Trading Rules.