Responsibility for the conduct of a trade is exclusively that of the two clients participating in the trade. The duty to inspect goods and services for quality and quantity rests upon the buying client. Trades are entered into on a voluntary basis between the clients. Local Trade Network assumes no responsibility for the quality, timely delivery, warranty or service being traded. Clients should exercise the same diligence entering into trades as they would with normal cash transactions. Client does hereby indemnify and hold Local Trade Network harmless with respect to any claim, debt, or liability, whatsoever, arising out of any trade exchange transaction wherein client is a buyer or a seller. 

The sole and exclusive warranty made by the selling client is that it has title to such products free and clear from any lien or incumbrance. Other than set forth above, goods and services are sold “as is, where is”, with respect to any goods and/or services purchased by the buying client through Local Trade Network. Buying client recognizes that such items are produced and provided by others, and not by Local Trade Network or its affiliates. Local Trade Network makes no warranty, either expressed or implied, by operation of law or otherwise and disclaims all liability as to the fitness, quality, delivery date, merchantability, prices or any term of the trade transaction, and the buying client shall look solely to the manufacturer, distributor or retailer of such merchandise for any warranty. Buying client acknowledges that any trade transaction in which it participates shall be on a voluntary basis. 

The buying client is responsible for reporting all incidents of overpricing to a Local Trade Network representative. Clients are required to sell their goods and services at their prevailing retail prices for 100% trade credit. Selling clients are not obligated to honor sale prices and may charge their prevailing retail prices. Local Trade Network reserves the right to inquire into complaints of overpricing. Violations may result in (the) termination of client’s account. 

Clients may wish to submit a complaint to a Local Trade Network representative. A copy of the complaint will be kept in each client’s file, and a copy will be sent to each client. Local Trade Network is functioning in a brokerage capacity, and as a third party record keeper. Trade disputes are only between the buying client and the selling client, and shall be settled by the parties themselves. Local Trade Network is to be held harmless on any liability question arising between clients. 

Local Trade Network implements the “three strikes and you’re out” rule. If Local Trade Network receives more than two written complaints on a given client for, either poor performance, or attempting to charge in excess of client’s normal retail prices, Local Trade Network reserves the right to terminate the client’s account. 

If your subscription payment through the debit/credit card on file gets declined, the Local Trade Network member has 30 days to have adequate funds in their account, or to provide a new form of payment to be kept on file. In light of this, the Local Trade Network member has 30 days to bring their account back into good standing. If payment is not received within 30 days the account will be suspended. 

Local Trade Network reserves the right, at its sole discretion, to suspend the trading privileges of any client, 1) Who owes outstanding cash fees due to Local Trade Network which are more that 30 days past due. The trading privileges of the client shall be reinstated immediately upon payments of such past due fees. 2) Who ceases to be a client in good standing. If any of the above situations occur, client shall be given notice of such suspension. 

Local Trade Network reserves the right, at its sole discretion, to terminate the account of any client if, 1) Local Trade Network has received more than two complaints for either poor performance or attempting to charge in excess of the client’s normal retail prices. 2) Client commits fraud against Local Trade Network or other clients. 3) Client is charging cash. 4) Client is overpricing. 5) Client is not following the trading policies and procedures. 6) The filing of any proceedings or petition by client by federal or state law seeking protection from its creditors or any assignment made by client, whether formal or informal, for the benefit of creditors. 7) The appointment of a receiver or trustee with respect to clients business affairs or the filing of any involuntary proceeding against client by its creditors. 8) Client’s loss or suspension of any license held by it, which is necessary for client’s business operation. 

Client grants Local Trade Network a security interest, and all barter units credited, and to be credited, to client’s account for the amount of all unpaid cash fees. In the event of the insolvency or bankruptcy of client, all cash fees, including the original credit given to the client when they opened their account, shall be due, and either payable in full in cash, or the client can agree to continue to make their goods and/or services available until the equivalent amount of goods and/or services have been provided to equal the amount of the cash fees that are due on the account. If providing services to other members after the client is no longer a client in good standing, client must provide such services in a professional and satisfactory manner, as well as in a way that meets the buyer’s expectations. Failure to do this, in any capacity, will result in a permanent suspension of the right to reimburse Local Trade Network via the act of providing goods and/or services, and the outstanding amount due will be owed and payable, in full, in cash. 

Either party may terminate the client application and agreement via a written notice. Immediately upon termination, all cash and barter unit service fees become due and payable: 

1) If the client has a positive barter account balance (sales exceed purchases) and is a client in good standing, the client may stay active and spend the balance until purchases equal sales. If the client has a positive barter account balance (sales exceed purchases) and the client’s application and agreement has been terminated by Local Trade Network, the client will be granted 30 days to spend the remaining positive balance on their account, under the designated restriction that the client’s sole remaining transaction capability will be to spend that remaining balance. All barter units that are not spent within the 30 days from the date of the termination letter will be forfeited, and placed by Local Trade Network into its general operating account.  

2) In the event that Local Trade Network incurs any costs or expenses to collect any sum due to Local Trade Network from the client, then Local Trade Network shall be reimbursed by the client for any such costs or expenses, including reasonable attorney’s fees. In the event Local Trade Network is the prevailing party in any other controversy or proceeding involving client, then Local Trade Network shall be entitled to the recovery of it’s costs, expenses and reasonable attorney’s fees, in addition to such other remedies being sought therein.  

3) If a Local Trade Network member shall go out of business, any debt owed to Local Trade Network shall be repaid from the Local Trade Network member directly to Local Trade Network, and will become immediately due to Local Trade Network in cash. This payment constitutes a sale to the client. Local Trade Network is required by law to report all barter income to the Internal Revenue Service on a 1099B. 

When each member joins Local Trade Network, they agree to offering a predetermined amount of goods and/or services in exchange for a credit in barter units of the equivalent value of the goods and/or services offered. In the event that a Local Trade Network member chooses to end their membership subscription, the member has the option to either pay the equivalent amount in cash of goods and/or services that were originally credited to the member when opening their Local Trade Network account, or continue to make their goods and/or services available until the equivalent amount of the original credit is paid off. If the original credit amount has not been repaid within six months from the member’s account cancellation request, Local Trade Network reserves the right to charge the business’ debit/credit card that is on file in the amount of the unpaid credit due. If, for any reason, Local Trade Network’s efforts to charge the members’s debit/credit card on file are unsuccessful, the member’s unpaid balance will then be forwarded to a collection agency for payment. 

Local Trade Network may at its sole discretion change the trading policies and procedures of these agreements by giving clients 30 days prior written notice. Failure to give Local Trade Network written notice of objection thereto within such 30 day period shall be deemed to constitute acceptance by clients. By using the Local Trade Network, client agrees to accept the changes. Any purchases or sales after the 30 day notice period shall also constitute client’s acceptance of changes.