Policy enforcement as of July 1, 2009
We appreciate you being a part of the growing BarterFirst Membership. The current economic climate strengthens the premise that the value of using a professional trade association in a barter/trade based economy is stronger than ever. Indeed, we are bringing even more members on board each week to meet your needs.
Unfortunately, there are a percentage of members who do not meet their monthly cash financial obligations and like every responsible financial institution; we are immediately enforcing the following policy:
WITHOUT EXCEPTION, NO TRANACTIONS INVOLVING SPENDING WILL BE APPROVED – SCRIP OR OTHERWISE – UNTIL CASH FEES OWED BY THE PURCHASING MEMBER ARE BROUGHT UP TO DATE OR AN APPROVED PAYMENT ARRANGEMENT IS MADE.
ALL TRANSACTIONS MUST BE PRE-APPROVED, SINCE NO PAYMENT WILL BE FORTHCOMING (EVEN IF SERVICES HAVE BEEN RENDERED), IF OUTSTANDING FEES ARE OWED BY THE BUYER.
We regret that this strict policy MUST be enforced – but our ultimate obligation is to provide fiscal and fair responsibility for and to ALL our members.
This is going to be a burden on our Sellers but if you simply call in for an authorization or approval, you will be notified of the buying/spending status of the Member you are providing services to.
This information is being sent to you via email - mail and newsletter ...
IT IS YOUR RESPONSIBILY TO READ & BE AWARE OF ALL POLICIES
BarterFirst International office is open:
Monday - Friday from 9:00 am through 4:30 pm
Lunch varies but is typically 12:30 - 1:30
(can be adjusted if customer service is needed)
Authorizations can be processed 24/7 online or by calling 866-334-1265
When you accept a trade job it is your responsibility to call, fax or mail in the sales slip. All completed transactions will be credited to your account.
BFI recommends any trades over $100 be processed when agreed upon. It is the responsibility of the seller to turn in all transactions for authorization.
** DISCLAIMER: Barterfirst International is strictly a Marketing/Referral Agency. It is the sole responsibility of the Consumer to check and verify the accuracy and completeness of licenses, registrations, insurances and other professional credentials of any business listed or referred to before contracted or considering their services **
IF YOU DO NOT AGREE WITH THE TERMS OF THE TRADE THEN DO NOT ACCEPT THE JOB... IT IS UP TO YOU!
BarterFirst serves as the “bank” into which these trade credits are deposited and withdrawn. The IRS considers us to be a third-party record keeper as we keep track of all transactions and issue a 1099B at the year end.
All travel reservations must be placed through BarterFirst International. Any reservation placed directly with the hotel/resort by a client, is considered a cash reservation and cannot be converted to trade. FOR EVERY RESERVATION REQUEST, PLEASE FAX THE TRAVEL REQUEST FORM TO THE BARTERFIRST OFFICE. IT IS IMPORTANT TO USE OUR FORM TO ASSURE ACCURACY ON BOTH OUR PARTS. Once a reservation is confirmed, it is considered non-cancelable. Please be certain your travel information is correct before your reservation is placed/requested. NO "availability" checking.
Trade Rules and Regulations
Client agrees that, in return for the privilege of trading goods and services with other clients of BarterFirst International (herein referred to as the Company), he will abide by the Trading Rules and Regulations as outlined below or as may be amended or adopted by the Company in the future.
UPON APPROVAL BY BarterFirst International; THE CLIENT AGREES:
1. To make goods and/or services available to other clients of the Company in exchange for trade credit. Trade credit may be exchanged with other clients of the Company but shall not be considered as Legal Tender, Securities, or Commodities by either BarterFirst or by its clients and may not be redeemed for cash. For purposes of valuation only, one trade credit is equivalent to one dollar in United States Currency.
2. To trade goods and/or services at their current fair market prices. The Company has the right to investigate any complaint of over-pricing. Violations may result in the termination of the client’s trading privileges. The Company, however, reserves the right to give prior approval to permit special pricing of items with a very low profit margin which would preclude any profit on trade transactions.
3. That the Company has the authority to regulate the quantity of trade credit in circulation in order to facilitate trade among clients. The company has the authority to borrow and spend trade credit in accordance with guidelines established by the National Association of Trade Exchanges so long as such borrowing or spending is sufficiently collateralized by specifically pledged assets.
4. That all trade transactions are entered into on a voluntary basis. The Company merely provides the mechanism for the exchange of trade credit between clients and makes no warranties expressed or implied with respect to the goods and/or services exchanged for trade credit. The company shall not be liable for any damages, which may result from trade transactions between clients. Upon the written request of a complaining client, the Company may stop payment on trade credit funds payable to another client for a period of up to 30 days after a particular transaction. The company will place such funds in an escrow account, with the buyer’s account remaining debited. The Company will escrow disputed funds for a period of not more than 90 days. If at the end of the ninety day period, the dispute is not resolved through mutual agreement or judicial resolution, the Company will do the following:
A. If the transaction involved goods and the goods have been delivered, and are on the buyer’s premises, or have been placed in use, or have been installed, the buyer’s account will remain debited, and the trade credit will be transferred to the seller’s account.
B. If the transaction involved services, and the services have been rendered or performed, the buyer’s account will remain debited, and the trade credit will be transferred to the seller’s account
5. That buyers must identify themselves to sellers as BarterFirst clients prior to making purchase arrangements.
6. That for tax purposes, bartering is the equivalent of a cash transaction. Declaration of all applicable local, state and federal taxes resulting from trade transactions rests solely with the client.
7. To abide by the recommendations set forth by the Client Advisory Board in the event that both clients who are party to a dispute agree to have their dispute referred to the board for resolution.
8. That BarterFirst will only be responsible for commitments made in writing by authorized BarterFirst officers.
9. That, unless otherwise specified in the Client’s trade agreement with the Company, purchases will be limited to the amount of trade credit in the client’s trade account. A monthly interest charge of 1½%, payable in trade credits, will be charged to clients who overdraw their trade credit account and repeated overdrafts may result in the termination of the client’s trading privileges. Trade credit overdrafts must be corrected within ten (10) days of the notification to the client thereof by furnishing additional goods and/or services at 100% trade to the Company, or, in the event of the unavailability of such goods and/or services, by paying cash in an equivalent amount. Clients with approved credit lines must also satisfy their deficit by furnishing goods and services at 100% trade.
10. That all transactions in excess of $100.00 are subject to prior authorization by the Company. Failure to obtain such authorization may result in the seller’s loss of the trade credit involved and, in such event, the rights between the seller and buyer shall be the same as those, which would apply in a cash transaction.
11. That all merchandise accepted into BarterFirst inventory is subject to return if it is damaged, defective, misrepresented, or over-priced.
12. That the seller must complete a two- (2) or three- (3) part transaction form for the full trade portion amount of each trade transaction. The buyer, if present at the seller’s place of business, shall sign the transaction form. The Company, however, will debit the buyer’s and credit the seller’s account on all signed or unsigned transactions received, if the seller has obtained an authorization from the company.
13. That the seller must forward the original copy of the transaction form or an invoice to the Company within five (5) days of each trade transaction. No credit will be made to the seller’s account until the Company receives the transaction form or an invoice. Failure to timely submit the transaction form to the Company may result in the seller’s loss of the trade credit involved.
14. To notify the Company in writing of any contested charges or discrepancies in monthly statements within ten (10) days of the receipt thereof. Failure to give such timely notification shall constitute a waiver by the client of any right to contest the accuracy of the statement.
15. That all cash charges are payable within ten (10) days of receipt of the statement and if not received by the 25th of the month will be assessed a monthly interest charge of 1.5% of the delinquent amount. In addition, a late fee of $15 will be imposed on any payment not received by the end of the month. Cash charges not paid within sixty (60) days of receipt of the statement will be cause to have all purchases refused until payment has been made to bring the account current. BarterFirst may, at its option, request advance payment of transaction fees on large purchases.
16. That BarterFirst reserves the right to change transaction and monthly fees as market conditions dictate.
17. That BarterFirst’s business is to promote trade among its clients. Should BarterFirst refer business to a seller which he then goes on to convert from a trade to a cash sale, BarterFirst will be entitled to its prevailing broker’s fee on the total cash sale and all subsequent cash sales generated by the seller from that referral.
18. In the event of a client’s withdrawal from the Company, clients with a positive trade credit balance shall have six (6) months from the date of withdrawal to spend their remaining trade credit, but only upon payment of transaction fees in advance. BarterFirst cannot offer cash in any amount to settle its account with the client and is committed to provide only those products and services actually available within the Company. Clients with a negative trade credit balance must satisfy their deficit with products or services at their regular prevailing prices for 100% trade within thirty (30) days after their withdrawal. If there are no products or services acceptable to the Company, the deficit must be paid in cash. Company will consider, and accept at it’s option, irrevocable certificates good for any and all products and services normally provided by Client. Certificates must have an expiration date of at least one year.
19. That all client/member lists are the proprietary property of the Company. They shall not be disclosed to third parties nor shall be used in any way that might be construed as competing with the Company or helping other companies compete with the Company.
< End of Page >