- The LET System is a non-profit membership society. The group in this area is known as South West Dorset LETS. It is organised by a Core Group made up of members who have accepted administrative responsibilities. All members must be notified of Core Group meetings; they have the right to attend and are encouraged to participate in decision-making. Any changes to the Membership Agreement made at these meetings must be ratified at the following Annual General Meeting.
- SW Dorset LETS provides a directory of resources and services offered by members, enabling them to trade with each other. It also maintains a central record of these exchanges for the benefit of members.
- Members agree to SW Dorset LETS holding on its database the details entered on members’ application forms. Members also agree to their name, telephone number and email address being distributed to all members of the group in order to facilitate trading.
- Credits for services/goods are issued in the local LETS currency; ours are called NETS. One NET = approx. £1. Currently members are advised to follow a guide rate of between 5 and 20 NETS an hour according to the type of service being offered but it is up to individuals to negotiate an acceptable charge for each transaction.
- Only the account holder can authorise the transfer of NETS from his/her account to that of another member. A NETS renewal fee is debited from every member’s account annually.
- All accounts start at zero. Members are not obliged to have a credit balance in their account before issuing credit to another member. A member having a debit balance is regarded as being “in commitment”, ie. making a commitment to provide goods or services to other members in the future.
- No interest is charged on debit balances. The Core Group is authorised to charge joining and renewal fees in NETS and/or sterling. Any changes to these fees must be ratified at the next Annual General Meeting.
- No money is deposited into or issued from LETS accounts. Members may engage in transactions entirely in NETS or on a part NETS/part cash basis. Only NETS are recorded in the LETSystem.
- No member is obliged to accept any particular request to trade or to engage in any transaction with another member. However, members should try to provide the services/goods they have offered. If this becomes no longer possible they should arrange for the item to be deleted from the directory.
- SW Dorset LETS cannot be held responsible as to the value, condition or quality of services or goods offered. Members should seek to determine for themselves the quality of goods or standard of workmanship offered before agreeing to a transaction.
- Any member is entitled to know the balance and turnover in another member’s account. The Core Group will issue periodically the balances and turnovers of all members’ accounts.
- If a member decides to leave SW Dorset LETS they should try to return their balance to zero. If this is difficult to achieve they should seek advice from a Core Group member.
- LETS administrators may decline to record a directory entry or transaction considered inappropriate for legal or other reasons.
- The Core Group has the right to deny membership to any person whose activity is considered to be contrary to the interests of the membership.
- Members of SW Dorset LETS accept the conditions of this Membership Agreement.
Last updated: Monday, January 30th, 2017