The LETSystem is a non-profit membership society.
It is organised by the local LETS Management Group, who act on behalf of the members.
The LETSystem 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.
Members agree to the LETSystem holding their details on computer and
distributing to members those details relevant to exchange.
Members may give or receive from one another credit in the local LETS
unit called 'DEANS'.There are a
minimum of ten Deans per hour rising to a maximum of fifteen Deans per hour.
Only the account holder can authorise the transfer of units from their
account to that of another, with the exception of minimal service charges.
No interest is charged on accounts.The management is authorised to charge joining and renewal fees in.LETS units and/or sterling.It
may also levy service charges on members accounts in LETS units.Both are on a cost of service basis agreed with members or their
All accounts start at zero.Members
are not obliged to have credit in their account before issuing another member
with credit, subject to any limit that may be set by the Management Group.
No money is deposited into, or issued from the LETS accounts.Members may engage in transactions entirely in LETS units, or on a part
cash basis.Only LETS units are
recorded on the LETSystem.
No-one is obliged to trade.On
leaving the LETSystem, however, members with commitments outstanding are
obliged to balance their account.
Any member is entitled to know the balance and turnover of another
member's account.The Management
may also decide to publish the balances and turnovers of all accounts from
time to time.
The LETSystem can give no warranty pr undertaking as to the value,
condition or quality of service or items offered.Members should seek to determine for themselves the quality or standard
of workmanship offered before agreeing a purchase.The LETSystem publishes a directory of resources and services
made available by members but, as with any directory or newspaper, it cannot
be held responsible for the quality of the goods and services on offer.
Members are individually responsible for their own personal tax
liabilities and returns.The
LETSystem has no, liability to claims for tax on participants, and has no
obligation or liability to report to the tax authorities or collect taxes on
The LETSystem administrators may decline to record an account or
directory entry considered inappropriate for legal or other reasons.
Members have the right and are encouraged to attend any meeting of the
Management Group, and to participate in decision making.Members have the right of appeal via the Advisory group or Management
Committee on all management decisions.
The Management reserve the right to deny membership in exceptional
circumstances at their discretion.The
Management may act on behalf of the system in seeking explanation or
satisfaction from a person whose activity is considered to be contrary to the
interests of the membership.The
Management in consultation with the Advisory and Arbitration Groups may
suspend membership in the case of delinquent accounts and in the last resort
may remove members from the system.
Members agree to be bound by the conditions of this Agreement and those
embodied in the Constitution of the Forest of Dean LETS system.