Gipping Valley -
Local Exchange Trading Scheme (LETS)

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Members Agreement

  1. Gipping Valley LETS (GVLS) is a non-profit making society. It is organised by the GVLS Committee who act on the behalf of the members.
  2. GVLS provides an information service through which members can exchange goods and services and maintains a central account of that exchange for the benefit of members.
  3. Members agree to GVLS holding their details on computer and distributing to other members those details relevant to the purpose of exchange.
  4. Members may give or receive from one another credit in the GVLS unit called Talents which are related to the value of the pound. Talents are recorded centrally on the GVLS system.
  5. Only the account holder can authorise the transfer of units from their account to that of another.
  6. No interest is ever charged on accounts.
  7. All accounts start at zero. Members are not obliged to have credit in their account before issuing another with credit, subject to any limit that may be set by the Members.
  8. No money is deposited into or issued from the GVLS accounts. Members may engage in any transaction entirely in Talents or on a part cash basis, but only Talents are recorded on the system.
  9. No one is obliged to accept any particular invitation to trade, or to engage in any transaction with another member. On leaving GVLS, however, members with commitments (debits) outstanding are obliged to balance their account.
  10. Any member is entitled to know the balance and turnover of another members account.
  11. GVLS gives no warranty or undertaking as to the value, condition or quality of services or items offered. Members should seek to determine for themselves the quality or standard of workmanship offered before agreeing a purchase. GVLS publishes a Directory of Needs and Skills made available by members, but it cannot be held responsible for the quality of goods and services on offer.
  12. Members are individually responsible for their own personal tax liabilities and returns.
  13. GVLS may decline to record an account or Directory entry considered inappropriate for legal or other reasons.
  14. Members have a right and are encouraged to attend Meetings and to participate in decision making.
  15. GVLS reserve the right to deny membership to an applicant in exceptional circumstances and at the Members discretion. Members, in joining GVLS, agree to abide by this agreement and to undertake to maintain honesty and fairness in their trade with other members.

8th October 1997