1. Pricing shall be determined by the selling member or their client and may be negotiated by the buying member, if they so desire. The BANC shall not be involved in determining the price or quality of the products and services exchanged. No product or service may be advertised through The BANC system with a “cash” component. Members will sell goods and services to other members in good standing. All transactions shall be subject to The BANC rules and regulations presently existing and/or adopted in the future.
   
   
2. Members enter into BANC transactions on a voluntary basis. The BANC is not responsible for the quality of goods or services, timely delivery, prices, warranties, or commitments not kept by other members. Members should exercise the same discretion in entering into a trade transaction as in ordinary cash business transactions. The BANC does not make any representations or guarantees with respect to the quality or volume of business that the member will derive from membership in The BANC.
   
   
3. A BANC authorization number must be secured for each and every sale through The BANC. The BANC accepts no responsibility for any transaction without an authorization.
   
   
4. Trade (BANC) dollars shall not be considered legal tender, securities or commodities by either The BANC or its members and may not be converted to cash, except by The BANC, under the terms of the personal guarantee.
   
   
5. The declaration and reporting of all applicable local, state and federal taxes resulting from trade transactions through The BANC, rests solely with the member. Barter sales are taxable events and should be treated as such.
   
   
6. BANC members who fail to pay their fees when due, or who violate other BANC rules and policies, may be put on a suspended trading list. BANC members remaining on the suspended trading list for a period exceeding ninety (90) days may forfeit any trade dollars in their account. However, any cash fees due The BANC remain the responsibility of the member.
   
   
7. Any complaints registered against a BANC member must be submitted in writing within ninety (90) days of the date of occurrence. Complaints must be specific in nature and include the contact, the date and the amount involved. Complaints will be handled by the NATE ethics committee.
   
   
8. Any member whose NATE membership is not renewed or is terminated from NATE for any reason, agrees to spend any earned trade dollars in their account for goods and services offered by other BANC members within ninety (90). After 90 days the monthly cash fee will be $100 cash per month until the balance is spent. Regular BANC transaction fees and monthly fees will continue to apply – until such time as the account is brought to a zero balance. Failure to do so will constitute a forfeiture of said trade dollars. All credit Lines on account will be removed. A member indebted to The BANC at the time of termination (negative trade balance) will have 90 days to bring account to a zero Balance. After 90 days monthly cash fee will be $100 cash per month will be charged until the account is brought zero balance. 12 months after termination, the remaining balance will be due in cash at the rate fifty cents on the dollar payable within 30 days of notice. If payment is not made within 30 days the entire amount of the original balance will be due in cash.
   
   
9. In the event the association (NATE) is required to obtain the services of an attorney to enforce the obligations and agreements between The BANC and a member, the member agrees to pay all legal and collection costs involved.
   
   
10. A BANC member may terminate their membership at any time and for any reason provided their account with The BANC is in a positive or zero (0) position and all cash fees due The BANC are paid in full.
    
    
11. The BANC reserves the right to terminate the membership of any member for “just cause” as determined by The NATE Board.
    
    
12. The personal guarantee: That in the event of bankruptcy or insolvency or failure of the member’s business or corporation to clear any debts due the association, after due notice, that such debts are due and payable to the association in cash and are guaranteed individually by the owner, officer or individual signing The BANC contract.
    
    
13. The BANC member agrees to examine their statement immediately upon receipt and to notify The BANC administrator of any discrepancies in writing, within ten days.
    
    
14. The member understands and agrees that each and every term and provision contained in The BANC Member Agreement/Contract and the Rules and Regulations of The BANC, is severable from every other term or provision. If any such terms or provisions shall be invalid, illegal or unenforceable, the balance of the agreement/contract shall remain in effect.
    
    
15. In all cases this agreement shall be interpreted in accordance with the laws of the state in which the current NATE offices are located.
    
    
16. Members will receive Thirty days notice for changes to the Barter Association National Currency Rules & Trading Procedures.

The Mission of The Barter Association National Currency (The BANC) shall be to serve the members of the National Association of Trade Exchanges (NATE) and the barter industry, by providing a credible medium of exchange and an efficient accounting system that will enhance intercity bartering activity between reciprocal trading partners. The BANC shall strive to create a stable barter currency that will promote trading and goodwill among its members.

The Fiscal Philosophy

The BANC shall operate as a zero (0) balance accounting system. The sum total of all positive and negative accounts shall equal zero (0) at all times.

The BANC, itself, shall work from the NATE general operating account within the system. However, neither NATE nor The BANC shall have a credit line and must operate from a positive trade balance status at all times.

The Management

The NATE Board of Directors manage the BANC.

The Administration

The NATE board of directors may contract with individuals or businesses to administrate and broker trade among BANC members. The duties of these positions will be approved by the NATE board of directors.

The administrator or broker may or may not be a participant in The BANC. If they do become a participant, they shall not have a credit line and their accounts shall be regularly monitored by the NATE board.

Membership in The BANC

BANC membership is open only to businesses and individuals, which are members of the National Association of Trade Exchanges (NATE).

Independent trade exchanges, corporate barter companies, media brokers and other businesses, which are members of NATE, are eligible to join The BANC. However, corporate barter companies, media brokers and other business entities who are fee-paying clients of an existing BANC member may not join The BANC. In addition, all other businesses which are not members of NATE are excluded from BANC membership.

To be accepted for membership in The BANC, applicants must sign and agree to the terms of The BANC membership agreement.

In addition they must provide all requested credit information.

All BANC members shall supply The BANC with a valid credit card.

Upon approval, The BANC administrator will input the new member’s information into The BANC computer system.

The Fee Structure

The BANC offers the following fee option for independent trade exchanges:

* $50 cash and $25 trade monthly, one-quarter of one percent (¼%) in cash on purchases, one-quarter of one percent (¼%) in trade on sales.

Corporate barter companies, media brokers and all other members of The BANC shall pay $50 cash and $25 trade monthly, one percent (1%) in cash on purchases and one percent (1%) in trade on sales.

Interest Charges:

All members who borrow from The BANC (use their credit lines) will be charged interest at a rate of one-half of one percent (½%), in trade per month, on the outstanding negative balance in the account.

The NATE board of directors, may change the interest rate from time to time in order to maintain the fiscal integrity of The BANC.

Payment of BANC fees:

All members shall be billed electronically and/or US MAIL at the beginning of the month. Members may submit payment by check until the 15th of the month. On the 16th of the month (or the next business day thereafter)

The BANC administrator shall charge the member’s credit card for all fees due.

Late fees:

All members whose fees are not paid in the month due shall be charged a late payment fee of $10 cash. These penalties shall reoccur each month that the fees are not paid on time.

The BANC Credit Policy

Credit, when and if extended by The BANC to the member, is at the discretion of The NATE board of directors.

The NATE board of directors may withdraw any member’s credit line at any time, with or without cause.

The BANC shall maintain a “bad debt” reserve account.

All BANC members with, or requesting a credit line, agree to allow NATE to run a personal credit report on them. This information shall be relayed to the board in the following manner. Members may receive additional credit by placing approved collateral with the association. The board of directors shall determine acceptable collateral and the value of such collateral.

Credit line shall be set by the NATE Board. Credit Lines may be adjusted periodically by the NATE Board at anytime.

In the event the bad debt reserve is sufficiently funded as determined by the NATE Board the proceeds from interest charges shall go into the NATE general operating fund.