Barter Association National Currency
Rules & Trading Procedures
1. Pricing shall be determined by the selling member or their client and may be negotiated by the buying member, if they so desire. The BANC shall not be involved in determining the price or quality of the products and services exchanged. No product or service may be advertised through The BANC system with a "cash" component. Members will sell goods and services to other members in good standing. All transactions shall be subject to The BANC rules and regulations presently existing and/or adopted in the future.
2. Members enter into BANC transactions on a voluntary basis. The BANC is not responsible for the quality of goods or services, timely delivery, prices, warranties, or commitments not kept by other members. Members should exercise the same discretion in entering into a trade transaction as in ordinary cash business transactions. The BANC does not make any representations or guarantees with respect to the quality or volume of business that the member will derive from membership in The BANC.
3. A BANC authorization number must be secured for each and every sale through The BANC. The BANC accepts no responsibility for any transaction without an authorization.
4. Trade (BANC) dollars shall not be considered legal tender, securities or commodities by either The BANC or its members and may not be converted to cash, except by The BANC, under the terms of the personal guarantee.
5. The declaration and reporting of all applicable local, state and federal taxes resulting from trade transactions through The BANC, rests solely with the member. Barter sales are taxable events and should be treated as such.
6. BANC members who fail to pay their fees when due, or who violate other BANC rules and policies, may be put on a suspended trading list. BANC members remaining on the suspended trading list for a period exceeding ninety (90) days may forfeit any trade dollars in their account. However, any cash fees due The BANC remain the responsibility of the member.
7. Any complaints registered against a BANC member must be submitted in writing within ninety (90) days of the date of occurrence. Complaints must be specific in nature and include the contact, the date and the amount involved. Complaints will be handled by the NATE ethics committee.
8. Any member whose NATE membership is not renewed or is terminated from NATE for any reason, agrees to spend any earned trade dollars in their account for goods and services offered by other BANC members within ninety (90). After 90 days the monthly cash fee will be $100 cash per month until the balance is spent. Regular BANC transaction fees and monthly fees will continue to apply – until such time as the account is brought to a zero balance. Failure to do so will constitute a forfeiture of said trade dollars. All credit Lines on account will be removed.
A member indebted to The BANC at the time of termination (negative trade balance) will have 90 days to bring account to a zero Balance. After 90 days monthly cash fee will be $100 cash per month will be charged until the account is brought zero balance. 12 months after termination, the remaining balance will be due in cash at the rate fifty cents on the dollar payable within 30 days of notice. If payment is not made within 30 days the entire amount of the original balance will be due in cash.
9. In the event the association (NATE) is required to obtain the services of an attorney to enforce the obligations and agreements between The BANC and a member, the member agrees to pay all legal and collection costs involved.
10. A BANC member may terminate their membership at any time and for any reason provided their account with The BANC is in a positive or zero (0) position and all cash fees due The BANC are paid in full.
11. The BANC reserves the right to terminate the membership of any member for "just cause" as determined by The NATE Board.
12. The personal guarantee: That in the event of bankruptcy or insolvency or failure of the member's business or corporation to clear any debts due the association, after due notice, that such debts are due and payable to the association in cash and are guaranteed individually by the owner, officer or individual signing The BANC contract.
13. The BANC member agrees to examine their statement immediately upon receipt and to notify The BANC administrator of any discrepancies in writing, within ten days.
14. The member understands and agrees that each and every term and provision contained in The BANC Member Agreement/Contract and the Rules and Regulations of The BANC, is severable from every other term or provision. If any such terms or provisions shall be invalid, illegal or unenforceable, the balance of the agreement/contract shall remain in effect.
15. In all cases this agreement shall be interpreted in accordance with the laws of the state in which the current NATE offices are located.
16. Members will receive Thirty days notice for changes to the Barter Association National Currency Rules & Trading Procedures
Revised June 2011