BLT Community Dollars Virtual Currency/Barter program Policies and Procedures:
1. Participants of the BLT Community Dollars Virtual Currency/Barter program; hereafter referred to as BLTCD, agree to sell goods and/or services at fair retail prices.
2. BLTCD virtual currency must be accepted for 100% of the purchase price except for large transactions, such as autos or real estate. Transactions of substantial value may be negotiated between participants. The cash charged must be for the actual cost and any mark-up must be accepted in BLTCD virtual currency.
3. Participants of BLTCD selling products or services at inflated prices will be given a warning. If the participant continues to sell products or services at a premium for BLTCD virtual currency transactions, the participant’s listing will be removed from the website and the participant will be given six months to spend all funds in their account. After that time, the participant will be expelled from the program and will forfeit all unspent funds in their account.
4. BLTCD virtual currency shall not be considered legal tender, securities, or commodities and BLTCD virtual currency may not be redeemed for cash.
5. Gratuities and taxes that are standard to an industry shall be paid in cash or other acceptable means by the Participant at the time of the transaction. BLTCD shall not be responsible for the failure to collect taxes or gratuities.
6. Buyers must identify themselves to the seller as a participant of BLTCD prior to arranging a purchase. Continued violations of this policy may result in expulsion from membership.
7. Purchases made by participants will be limited to the amount of BLTCD virtual currency in their accounts and the credit line granted. Lines of credit will be based on secured collateral approved by an officer of the program, the status of the participant, and/or their ability to repay the loan. Credit lines will be granted at the sole discretion of BLTCD management. As credit lines are considered loans, if deficit balances are not paid within a six months, an interest rate of 1.5% monthly will be charged in either cash or BLTCD virtual currency. This will be at the sole discretion of BLTCD management.
8. Participants may cancel this agreement at any time. A 30 day written notice must be provided as proof of cancellation. Upon cancellation participants will be given six months to spend all of their BLTCD virtual currency and the monthly fees will continue until the funds are spent.
9. Participants with negative account balances must either pay cash or provide acceptable merchandise to BLTCD to balance their account within four (4) weeks of their termination date. BLTCD reserves the right to charge any fees due against credit cards or EFT authorizations on file.
10. BLTCD shall not be held responsible for any and/or all disputes between buyers and sellers. Disputes shall be settled by the parties or adjudicated in a court of law. BLTCD virtual currency transactions are entered into on a voluntary basis by buyers and sellers. BLTCD shall not be responsible for the service quality, delivery, warranty, or any dispute between buyers and sellers. Participants hereby indemnify BLTCD and shall hold BLTCD harmless with respect to any claim, debt, or liability whatsoever; arising out of any BLTCD transaction wherein participant is a buyer or seller.
11. All participants agree to abstain from using the proprietary information, participant directories, or systems concerning or related to BLTCD in any competitive manner.
12. Authorizations must be obtained for each purchase. To receive credit for a transaction, Sellers must:
A. Obtain an authorization number either by logging in to the website or emailing BLTCD for an authorization of each transaction.
B. Obtain an authorization and/or process the sale within 30 days of the transaction.
13. Transaction reversals must occur within 30 days of the sale. Buyers and sellers will forfeit any transaction fees for reversals processed beyond 30 days.
14. If, after one year, an account has not had any activity (buying or selling), and the account maintains a zero balance, BLTCD will have the right to terminate that account. Participants acknowledge that, from time to time, participant firms will cease doing business, abandon or otherwise exit BLTCD, leaving a debit or credit balance in their BLTCD account. Further, BLTCD maintains an account termed “Reserve” wherein the debit or credit balances are charged or credited. If BLTCD has lost contact with an account due to a disconnected telephone and/or continued returned email, and the participant has not attempted to notify BLTCD of this change of status, BLTCD will close the account after 60 days and credit any BLTCD virtual currency to BLTCD’s Reserve account.
15. Participants may not transfer or sell their account without the approval of BLTCD management.
16. Participant’s monthly statements will be considered accurate as delivered. Participants must, within ten (10) days of receipt, notify the BLTCD accounting department of any discrepancies.
17. BLTCD may place a participant’s account on hold, freeze the account, and/or terminate their agreement for one or more of the following situations:
A. BLTCD receives written complaints on a given participant for either poor performance and/or attempting to charge in excess of participant’s normal retail prices.
B. Participant commits fraud against another participant of BLTCD.
C. Participant does not follow his/her contractual agreement with BLTCD.
D. Participant exhibits unprofessional behavior in dealing with other participants, BLTCD staff, or in the way they conduct business.
18. Monthly fees are due and payable within ten (10) days of the date monthly statements are sent. BLTCD reserves the right to charge late fees on any or all outstanding balances. Accounts over 30 days in arrears will be placed on a “Buy Hold” until the balance is paid. All checks returned for insufficient funds or any deficiency, will be assessed a $25 cash fee.
19. Participant agrees to these Policies and Procedures, which are binding upon the participant as the conditions and provisions of participating in the BLTCD program. If this Agreement is entered into on the behalf of a Corporation, the individual making this Agreement agrees to be personally liable for all terms of this Agreement. In the event any dispute is referred to an attorney with or without suit, the prevailing party shall be reimbursed for attorney fees and reasonable collection costs. Any court action shall take place in the County of record for Advantage Business Exchange.
20. BLTCD is a third-party record keeper reporting all sales to the Internal Revenue Service. BLTCD provides all participants with a 1099B within 30 days of the end of each calendar year.