South Bay Trade Exchange, LLC Member Agreement
A: CONTRACT AND MODIFICATION OF CONTRACT
The following terms conditions constitute the contract by and among Member and South Bay Trade Exchange, LLC. Any use of South Bay South Bay Trade Exchange, LLC hereafter referred to as South Bay Trade Exchange, (SBTE)to facilitate a transaction by a Network Member (hereinafter referred to as Member) constitutes acceptance of all terms, conditions, policies and procedures as most recently adopted by South Bay Trade Exchange. They apply to all South Bay Trade Exchange Member's and to all transactions facilitated by South Bay Trade Exchange. At its sole discretion, South Bay Trade Exchange may amend this agreement by giving Member thirty (30) days written notice via e-mail. South Bay Trade Exchange may amend the Policies and Procedures with seven (7) days written notice via e-mail. Any purchase or sale by Member, which makes use of South Bay Trade Exchange after these time frames constitutes acceptance by Member of such change(s) and the agreement of Member to abide by the same.
B. PARTICIPATION IN THE EXCHANGE
1. NATURE OF THE PARTIES:
B. South Bay Trade Exchange regulates the network and acts as a third party record-keeper and administers the clearinghouse function of the network for the Members.
C. Member is a bona fide and legal business that desires to do business with other members of the network and hereby subscribes to South Bay Trade Exchange services. Member warrants that it is in compliance with all State, Federal, industry and professional laws and regulations.
D. South Bay Trade Exchange reserves the right of final approval of this agreement and may refuse to accept anyone as a Member for any reason it deems necessary
2. DISCLAIMER OF WARRANTY AND LIABILITY:
C. ADMINISTRATION OF THE EXCHANGE SBTE TRADE DOLLARS
1. NATURE OF SOUTH BAY TRADE EXCHANGE TRADE DOLLARS:
B. South Bay Trade Exchange Trade Dollars are a private currency which operates as contractually accepted tender for specified private debts only, between exchange members, backed only by the goods and services available within the Network, and regulated by South Bay Trade Exchange These Trade Dollars denote value received for goods or services sold, and may be exchanged for other goods or services made available by South Bay Trade Exchange Member's. Trade Dollars may be used only in the manner and for the purposes set forth in this agreement and the Policies & Procedures. Neither South Bay Trade Exchange nor Member shall consider South Bay Trade Exchange Trade Dollars as legal tender, securities, or commodities. South Bay Trade Exchange disclaims any and all responsibility for the acceptance or negotiability of South Bay Trade Exchange Trade Dollars or for the availability of goods or services from any source
2. LIABILITY OF SOUTH BAY TRADE EXCHANGE TRADE DOLLARS:
D. SUSPENSION OR TERMINATION:
1. If Member violates this Agreement or the currently effective Policies and Procedures, South Bay Trade Exchange may at it's discretion immediately terminate Members' account or may freeze all activity in the account without notice and/or make immediate adjustment to the transactions involved. At its sole discretion, South Bay Trade Exchange may reinstate Member or unfreeze Members' account.
A. All cash and South Bay Trade Exchange Trade Dollar service fees outstanding become due and payable. No service fees will be refunded.
B. Any Member with a negative account balance must balance their account with South Bay Trade Exchange Trade Dollars within thirty days of termination date. After said thirty day period, Member must immediately pay to South Bay Trade Exchange any remaining negative balance in cash
C. Any Member with a positive balance (where sales exceed purchases) must spend out their account within ninety days of termination. Any trade dollars remaining after ninety days will become the property of South Bay Trade Exchange
1. Fees paid to South Bay Trade Exchange are non-refundable. If buyers or sellers do not complete a transaction, or if performance of Members' obligations to each other is disputed, South Bay Trade Exchange will not be obligated to refund any fees it has received.
2. Transaction fees payable are due at time of purchase and fees due for more than 30 days will be assessed a late fee of $15.00 per month, or 1.50% of the unpaid balance, whichever is more.
3. Services fees are 10% of members transactions whenever they buy thru South Bay Trade Exchange, payable in cash.
4. 10.00 trade monthly
5. One time membership fee of $195.00
F. LEGAL REQUIREMENTS
1. Member shall abide by applicable international, federal, state or provincial, and local laws or regulations pertaining to exchange transactions.
2. Fax & Email Signatures South Bay Trade will,and member agrees that South Bay Trade Exchange may,accept a faxed or e-mailed signature as an original,legal signature
Every item contained in this agreement is separate from every other term herein. If any term should be judged unenforceable, it shall not affect the enforceability of other terms outlined in this Agreement or the Policies and Procedures. If legal action must be taken by South Bay Trade Exchange, Member shall pay South Bay Trade Exchange, reasonable attorney's fees, costs, plus interest from the date of default until payment in addition to any other judgment as granted by a court of law or an acceptable arbitration.
4. SECURITY INTEREST:
5. WARRANTY OF INFORMATION:
6. No Competion Clause
No member or employee can open a competing barter trade network or work for another barter company within 100 mi of Los Angeles for a period of one year.
7. ENTIRE AGREEMENT:
8. NO WAIVER OF RIGHT:
10. JUDGMENT SETTLEMENT:
G. APPLICABLE LAW:
1. This agreement shall in all respects be construed under the laws of the State of California
2. Venue shall be Los Angeles, CA USA.