BIE Trade Policies and Procedures
1. Clients shall pay an initial set-up fee $395.00, and a maintenance fee of $10.00 cash per mouth & , 1.5% (trade) per month interest fee on overdrawn accounts (compounded monthly for an effective annual rate of (19.56%), and a cash commission of 5% on all sales and all purchases. The cash fee is applied to the gross value of each sale or purchase transaction, completed with other BARTER INTERNATIONAL EXCHANGE members, and/or trade exchange affiliates. Every transaction involving BARTER INTERNATIONAL EXCHANGE trade dollars shall be commissionable. All fees are in payment for services rendered in respect to processing clients into the exchange, maintaining records and facilitating clients use of the exchange. All dollar amounts are in legal tender of
2. Buyer must have a valid, signed, current membership card in order to make a purchase. Client is solely responsible for all charges made on card(s) issued to the client’s account. Cards will be issued only upon written request and authorization from the client representative who signed the Account Application Agreement.
3. To obtain credit for each transaction the seller must:
(i) Obtain an authorization number from the BARTER INTERNATIONAL EXCHANGE office, on each transaction over $50.00, prior to purchase.
(ii) Obtain the Buyer’s signature on a BARTER INTERNATIONAL EXCHANGE trade slip (or other written document) and mail a copy to the BARTER INTERNATIONAL EXCHANGE office within 7 days.
(iii) If the signed trade slip is not submitted to the BARTER INTERNATIONAL EXCHANGE office within 30 days, BARTER INTERNATIONAL EXCHANGE has the right to reverse the authorization, in which event, it will be the responsibility of the Seller to collect from the Buyer.
(iv) For telephone order transactions, the Seller must put the abbreviation T.O., with the printed name of the purchaser, in the signature area of the trade slip. In the event that the Buyer disputes the purchase within 3 months, it will be reversed by BARTER INTERNATIONAL EXCHANGE, unless a signed transaction slip has been received. Telephone orders are not reversible after 3 months.
4. Selling client shall furnish all materials and labour for 100% trade at their normally prevailing prices. Real Estate and individual of $10,000 or more, may be negotiated for a partial cash payment by prior approval of BARTER INTERNATIONAL EXCHANGE and the participating clients. BARTER INTERNATIONAL EXCHANGE shall be entitled to its regular fees on the total value of the transaction, as if the transaction was completed using only trade dollars.
5. Clients may request their account by placed on stand-by status (not trading) under the following circumstances:
(i) Client’s account must not by in a deficit position.
(ii) Client must give 30 days notice to BARTER INTERNATIONAL EXCHANGE.
(iii) Client must not be on the Not to Authorize List of suspended clients.
6. Any time a client’s account is in a deficit condition, BARTER INTERNATIONAL EXCHANGE has the right to demand immediate payment in cash for the total trade deficit due and may take any action necessary to secure such payment. BARTER INTERNATIONAL EXCHANGE reserves the right to adjust cash balances with members’ trade accounts.
7. Trade dollars shall be considered as legal tender, securities or commodities, by either BARTER INTERNATIONAL EXCHANGE or its clients, and may be redeemed for cash.
8. Membership shall not be transferred or sold without prior approval of BARTER INTERNATIONAL EXCHANGE.
9. The declaration and reporting of all applicable local, provincial and federal taxes resulting from trade transactions rest solely with the client. Barter sales are taxable events and must be reported as income for tax purposes.
10. A referral fee of 100 trade dollars will be given to clients who sponsor a new client that joins BIE.
11. It is understood that BARTER INTERNATIONAL EXCHANGE is acting strictly in a brokerage capacity and the client does hereby indemnify and hold BARTER INTERNATIONAL EXCHANGE harmless with respect to any claim, debt, or liability whatsoever, arising out of any trade exchange transaction wherein the client is a buyer or seller.
12. Trade transactions are entered into on a voluntary basis between clients. Although BARTER INTERNATIONAL EXCHANGE may give referrals as a service to its clients, BARTER INTERNATIONAL EXCHANGE assumes no responsibility for the quality, timely delivery, warranty or dispute of any nature between clients with regard to any product or service being traded. Client should exercise the same level of care entering into trade transactions as they would with similar cash transactions.
13. Cash transaction fees are due upon receipt of the BARTER INTERNATIONAL EXCHANGE monthly statement. If a cheque has not been received by the 15 th of the billing month, the fees will be charged against the client’s securing credit card (VISA, Master Card or American Express) no sooner than the 15th of the month. If the client cannot provide a current credit card, he/she agrees to pay a 1.5% handling fee on sales and purchases, in addition to the normal 5% commission. This fee reflects the cost to BARTER INTERNATIONAL EXCHANGE to mutually transact, bill and collect the accounts. BARTER INTERNATIONAL EXCHANGE RESERVES THE RIGHT TO SUSPEND ALL TRADING OF CLIENTS WHOSE ACCOUNTS ARE NOT PAID BY THE 25TH OF THE MONTH IN WHICH THE STATEMENT IS RECEIVED. A late payment penalty of 1.5% per month will be assessed on the last day of the month if the transaction fees have not been paid, and the client’s trading privileges will be suspended until the account is current.
14. The client or BARTER INTERNATIONAL EXCHANGE may cancel this agreement after 30 days written notice of their intention to do so. Upon cancellation, all trade dollars in the client’s account must be spent within 60 days on products and services available through BARTER INTERNATIONAL EXCHANGE. Any outstanding balance due BARTER INTERNATIONAL EXCHANGE must be paid in full,in cash.
15. BARTER INTERNATIONAL EXCHANGE may from time to time, publish bulletins or directories containing modifications or additions to these Policies and Procedures, which are deemed to be in the best interest of BARTER INTERNATIONAL EXCHANGE clients. The client agrees to abide by these additions or modifications. Retention or use the BARTER INTERNATIONAL EXCHANGE trade card constitutes acceptance of the BARTER INTERNATIONAL EXCHANGE Application and Agreement, with all terms and conditions required for membership in the BARTER INTERNATIONAL EXCHANGE.
16. Any client that has a cheque returned to BARTER INTERNATIONAL EXCHANGE by the bank, will be charged a $30.00 service fee.
17. Client agrees to provide written notice at least 30 days prior to the anniversary date of the client Agreement if he/she does not intend to renew. Unless such notice is received, this Agreement shall automatically be renewed and the renewal fee will be charged to the client’s credit card.
18. Client’s monthly statement shall be considered accurate unless the BARTER INTERNATIONAL EXCHANGE accounting department is notified of any discrepancy within 10 days of receipt.
19. Trade between clients without knowledge and approval of BARTER INTERNATIONAL EXCHANGE is prohibited. Any such transactions will be subject to the normal commissions and fees as set by BARTER INTERNATIONAL EXCHANGE.
20. BARTER INTERNATIONAL EXCHANGE may place a client on stand-by and/or cancel this Agreement if:
(i). BARTER INTERNATIONAL EXCHANGE has received more than 2 complaints on a given client for either poor performance or attempting to charge in excess of the client’s normal prices.
(ii) The client has committed fraud against BARTER INTERNATIONAL EXCHANGE or any BARTER INTERNATIONAL EXCHANGE client.
(iii) Client is charging cash, and/or is not following his/her contractual agreement with BARTER INTERNATIONAL EXCHANGE.
21. If this agreement is canceled there shall be no refund of the initial set-up fee, annual renewal or commissions.
22. The client will pay to BARTER INTERNATIONAL EXCHANGE all costs and expenses including legal fees, incurred in enforcing any part of this Agreement. This shall be the essence of the Agreement
23. This Agreement shall be construed and enforced in accordance with the laws of the Province of Ontario.