Norfolk Local Exchange Trading Scheme
1. Norfolk Local Exchange is a non-profit organization whose rights and authority are vested in the members who delegate that authority to the management group who act on their behalf.
2. Norfolk Local Exchange provides an information service through which members can exchange goods and services, and maintains a central account of those exchanges for the benefit of members.
3. Key information is available to all members. Members agree to Norfolk Local Exchange holding their details on computer and distributing to other members those details relevant to the purpose of exchange. Members also agree to the directory of goods and services being distributed to the general membership for publicity purposes.
4. Members may give or receive from each other credit in the accepted Norfolk Local Exchange unit of account called Time Dollars. These units are considered to represent the nominal value of $10 (e.g. ten dollars = one hour’s work) and are recorded centrally.
5. Only the account holder can authorize the transfer of units from their account to that of another.
6. No money is deposited or issued. Members may engage in any transaction entirely in time dollars, or on a part cash, part Time Dollar bases, but only time dollars are recorded on the Norfolk Local Exchange system.
7. All accounts start at zero. Members are not obliged to be in receipt of any credit before issuing another member with credit from their account, subject to any limit that may be set by the management group from time to time.
8. No member is obliged to accept any particularly invitation to trade, or to engage in any transaction whatsoever with other members. On leaving the Norfolk Local Exchange however, members with commitments outstanding are obliged to balance their account.
9. Any member is entitled to know the balance and turnover of another member’s account. The management group may also decide from time to time to publish the balances and turnovers of all accounts for members to view.
10. No interest is charged or paid on balances. The management group is authorized to charge joining or renewal fees in time dollars on a cost-of-service basis as the situation requires, and to levy service charges on member's accounts at rates assessed in consultation with the membership or advisory group.
11. The Norfolk Local Exchange system administrators may decline to record an account or directory entry considered inappropriate for legal or other reasons.
12. No warranty or undertaking as to the value, condition or quality of services or items exchanged is expressed or implied by virtue of the introduction of members to each other. Norfolk Local Exchange publishes a list of the resources and services made available to members but cannot be held responsible for the actual goods and services offered.
13. Members have the right and are encouraged to attend any meeting of the management group and to participate in decision making. Members have a right of appeal to the advisory group on all management decisions.
14. The management group may act on behalf of members in seeking explanation or satisfaction from a person whose activity is considered to be contrary to the interests of the membership. The management group, in consultation with the advisory group, may suspend membership in the case of delinquent accounts and as a last resort may remove members from the system. The management group may also reserve the right to deny membership to an applicant in exceptional circumstances at their discretion.
15. Membership in Norfolk Local Exchange implies acceptance of the conditions of this agreement.
16. This agreement may be updated, changed or modified at the discretion of the management group.
If you are happy to proceed please go to the Joining Form.