Terms & Conditions
The purpose of the following Terms and Conditions is to facilitate trading among customers by promoting a system of good business practice and understanding of all guidelines set forth for all trade exchanges by the International Reciprocal Trade Association (IRTA).
Customers are advised that transactions involving Trade Dollars, Trade Credits or other such barter currencies are treated as taxable income for federal, provincial / state, and local tax purposes. Clients should seek professional tax advice. Fines imposed by any tax agency upon Ecol Trade Exchange for invalid documentation or non-performance by a customer will be transferred to the customer.
Customers' monthly statement will be considered accurate as printed unless Ecol Trade is notified in writing of any discrepancy by the 14th of the month in which the statement is received. Customer agrees to pay all fees on time. Statements are due upon receipt & considered late by the close of the following month. Any account that continues to be delinquent for three (3) consecutive months may be closed without notice by Ecol Trade.
Customer authorizes all cash fees incurred to be charged to the credit card or other payment mechanism on file on the 12th of the month following the close of the statement. In the event the 12th falls on a weekend or scheduled Holiday, the cash fees will be charged on the closest business day prior.
If the customer's cash fees are 30 days past due all trading will be suspended until the account balance is paid and or a new payment arrangement is supplied to Ecol Trade. For each month your account remains past due, a $15.00 cash late fee could be imposed.
A $25.00 cash charge could be applied to your account in the event of a returned check or a credit card that proves to be invalid, expired, or declined.
Ecol Trade is not responsible for lost or misdirected mail.
All Trade transactions are entered into on a voluntary basis between buyer and seller, although Ecol Trade may give referrals as a service provided to its customers. Ecol Trade assumes no responsibility for the quality, timely delivery, warranty or dispute of any nature between customers with regard to any product or service being traded. Customers should exercise the same due diligence entering into trade transactions as everyday cash transactions. As classified by Canada Revenue Agency and, by extension, the IRS, where applicable, Ecol Trade is functioning in a Third Party brokerage capacity, consequently its files and transaction data can be available upon request to federal and provincial / state agencies, subject to requirements determined by law.
Customer does hereby indemnify and hold Ecol Trade harmless with respect to any claim, debt or liability whatsoever arising out of any trade exchange transaction wherein client is a buyer or seller.
Ecol Trade will only be responsible for commitments made in writing and signed by authorized Ecol Trade officers.
Ecol Trade may from time to time modify these Terms and Conditions with or without notification, which are deemed in the best interest of the customer base. Retention and use of the Ecol Trade Card constitutes acceptance of this agreement with all the terms and conditions as a customer of Ecol Trade Exchange.
Customers may place their account on "Standby"(not selling) by notifying the Ecol Trade office under the following conditions: A) Customer's trade account must not be in the deficit position. B) Customers must give notice in writing to their Ecol Trade Broker. C) Customer and Ecol Trade official must agree on the duration of the 'Standby' status.
All faxed materials or emailed notices regarding any and all transactions, signed by or distributed by a customer, are legally binding.
To receive credit (payment) for all transactions the seller must: A) Obtain the Buyer's account number & company name. This is obtained from the Ecol Trade Card or online. B) Obtain an authorization number from Ecol Trade on each and every transaction. C) To prevent any discrepancies in your transactions, obtain either a signed company's invoice or a signed Ecol Trade authorization form. Seller must obtain an acceptance signature on their own paperwork or invoice (same as used for cash sale) for verification should any dispute arise. Ecol Trade reserves the right to refuse any transaction.
The primary cardholder on each account is responsible for all transactions that occur with any other cards issued on the same account. It is also understood that all cardholders will have access to the primary's account information. Customer has read these Policies and Procedures, which are binding upon the customer fully as the conditions and provisions of Client Agreement. In the event this Agreement is signed on behalf of the Corporation, the individual signing the Agreement on behalf of the Corporation does hereby agree to be individually liable for full performance by said Corporation on this Agreement.
Customer certifies that the information that is provided to Ecol Trade in this application is true and correct. Customer hereby authorizes banks and suppliers listed in this application to release information necessary to assist Ecol Trade should the customer request an extended / increased Line of Credit for Customer's account.
It is at the sole discretion of Ecol Trade to refund any fees.
Purchases made by customers must be limited to the amount of Ecol trade dollars in the buyer's account. Customers will be required to compensate Ecol Trade in cash on demand for any deficit amount in their trade dollar account resulting from:
- Purchases made resulting in a balance deficit without alternative loan arrangements.
- Previous sales being reversed.
Ecol Trade may terminate a customer's account, and or suspend all trading activity in the event of:
- Ecol Trade has received 2 or more complaints on a given customer for either poor performance or attempting to charge in excess of customers' normal prices.
- Customer has committed fraud, either toward other customers or Ecol Trade.
- Customer is charging cash and/or not following the contractual agreement with Ecol Trade.
- Customer is 90 days past due with their outstanding cash fees.
- Customers' trade account is a deficit and refuses to post either products and/or services for repayment.
- Customer cannot be contacted for a period of 30 days or more via all methods made available to Ecol Trade, unless the customers' Trade Broker has been previously notified in writing.
Ecol Trade reserves the right to close a customer's account and take ownership of a positive trade balance if the customer's cash fees reach 90 days past due, unless alternative arrangements have been agreed upon with an officer of Ecol Trade.
If, after one year, an account has not had any activity (buy or sell), and the account remains with a zero balance, Ecol Trade shall have the right to close that account. Customer acknowledges that, from time to time, customer firms will cease doing business, abandon or otherwise exit the Ecol Trade network leaving a debit or credit balance in their barter account. Further, Ecol Trade maintains an account termed "Reserve" wherein the debit or credit balances are charged or credited. If Ecol Trade loses contact with an account due to a disconnected telephone and/or continued returned mail, and the customer has not attempted to notify Ecol Trade of this change of status, Ecol Trade will close the account after 60 days and credit any barter dollars to Ecol Trade's Reserve account.
Memberships may not be transferred or sold without Ecol Trade approval.
In the event an Ecol Trade customer wants to close their account, the following actions must occur:
- All previous commitments to other Ecol Trade customers must be fulfilled.
- Ecol Trade has been notified in writing.
- Customers with a positive trade balance have 90 days from the receipt of the closing letter to prepay all commissions and spend their remainder of their trade balance. In the event that the above is not completed, the customers trade balance will be forfeited. Further collection efforts if necessary will be enforced.
- Customers with a negative trade balance have 90 days to prepay all commissions and pay back the negative trade balance. In the event the negative trade balance is not paid in the required time, the customer will be invoiced in cash.
In the event this obligation is referred to an attorney or outside collection agency, with or without suit, customer agrees to pay all attorney fees and costs. Any court action for this or any other item in the Terms and Conditions agreement shall take place in the County of record for the Exchange, in this case the Province of Saskatchewan, Canada.
Ecol Trade shall continue to solicit new businesses offering products and services to satisfy the needs of all customers. Because of high demand and short supply, certain items may be available on a limited basis only. Ecol Trade is committed to provide only those products or services actually available in the exchange network.
Customers recognize and grant to Ecol Trade, and to those having ownership interest in Ecol Trade, the right and power to borrow from the Exchange and spend within the exchange network. Such borrowing will be sufficiently collateralized by specifically pledged assets to the system pursuant to the guidelines established by the International Reciprocal Trade Association or, based on another yardstick, an amount that shall not exceed one (1) year's gross receipts by the Exchange.
Ecol Trade Exchange trade dollars shall not be considered a legal tender, securities, or commodities by either Ecol Trade or our customers, and may not be redeemed for cash from Ecol Trade.
Gratuities and taxes, which are standard to the customer, shall be collected by the customer and shall be paid in cash or other acceptable means at the time of the transaction. Ecol shall not be responsible for the failure to collect tax or gratuities.
Customers will sell their products and/or services for their prevailing prices for 100% Ecol Trade tradedollars to other customers in good standing. If a selling customer receives part cash for any transaction, Ecol Trade is entitled to 12% in cash on that portion of the transaction from the seller. (This excludes sales tax, gratuities and shipping costs) Ecol Trade may, at its discretion, suspend or terminate a customer's account for soliciting cash from a buyer.
As a general rule, Ecol tradedollars must be accepted for the total value (100%) of a transaction unless prior arrangements have been made with Exchange. Real estate and individual transactions of substantial value may be negotiated for a partial cash payment by prior agreement between the Customers and Ecol Trade. Purchases of equipment for a specific service (such as plumbers, electricians or auto mechanics) may be reimbursed for such purchases in cash. Any mark-up must be accepted in barter dollars.
Direct Trades: Direct trades between clients to avoid commission fees are prohibited. If consummated, these trades are subject to commission fees, and at the discretion of Ecol Trade, termination and/or suspension may occur with all parties involved.
If the Customer's trade account is subject to Broker Fee discounts based on volume of sales within a calendar year, it is beholding upon the Customer to notify Ecol Trade once the Customer's monthly statement shows that the 'volume of sales' designation has been surpassed. Ecol Trade is under no obligation to adjust the Customer's Broker Fee or related fees status until such notification has been delivered in writing or by other acceptable means to an Ecol Trade officer. The Customer's fees will revert back to their original status on January 1 of each subsequent calendar year.
The sole and exclusive warranty made by the seller says that it has title to such products, free and clear from any lien or encumbrance. Other than set forth above, products are sold "As is, where is". With respect to any products or services purchased by Buyer through Ecol Trade, Buyer recognizes that such items are produced and provided by others and not by Ecol Trade or its affiliates. Ecol Trade makes no warranty either expressed or implied, by operation of law or otherwise, as to the merchantability or fitness for a particular purpose of such products or services, and the Buyer shall look solely to the manufacturer, distributor or retailer of such merchandise for any warranty.