Terms & Conditions
Upon ACCEPTANCE in HUDSON BARTER EXCHANGE (HBX). MEMBER AGREES:
1. To make available goods and/or services to other HBX Members in exchange for barter dollars. Although barter dollars shall not be considered as a security or legal tender by either HBX or its Members, and may not be converted to cash (except as stated in Paragraph 9) IT IS EXPRESSLY UNDERSTOOD THAT FOR ALL PURPOSES OF VALUATION, ONE BARTER DOLLAR IS EQUIVALENT TO ONE DOLLAR IN UNITED STATES CURRENCY.
2. To Barter/sell goods and/or services at prevailing prices. Member acknowledges that over-pricing is a violation of HBX policy. Any Member found to be over-pricing MAY BE FINED in the amount of $500 for the first offense. Any subsequent offense will subject Member to additional fines and/or cancellation of Membership, and/or any other sanctions as are described in the HBX Rules and Regulations, presently existing, and/or adopted in the future.
*HBX may, at its discretion, grant a parity to any business, or category of businesses, deemed to have an unusually low/short gross profit margin.
3. To submit with this application, non-refundable, one-time only Membership dues of $295, as well as $50 for each additional location requiring a separate statement. Member agrees to pay HBX an administration fee of $19 CASH and $19 BARTER per billing cycle(four weeks) along with a cash transaction fee of 7% on all sales and purchases. (A minimum fee of $5) Hudson Barter Exchange will reduce cash transaction fee to 6% if member agrees to bill fees per period(4 weeks) on an existing, valid, unexpired credit card. This fee shall be charged on each transaction and shall be based on the full amount of the transaction. ON ANY SALE OVER $500 BARTER, BARTER DOLLARS WILL NOT BE TRANSFERRED TO THE SELLER’S ACCOUNT UNTIL THE CASH FEE ON THE SALE IS RECEIVED BY HBX and THE TRANSACTION IS AUTOMATICALLY CONFIRMED (the month following the date of the authorization) or SIGNED PAPERWORK IS SUBMITTED TO HBX FOR CONFIRMATION AND TRANSFER OF FUNDS.
All cash fees shall be payable by the 15th of each month and shall be billed on the Member's monthly statement. Member agrees to pay a $10 or 5% (whichever is greater) compounded cash late fee and to suspend trade purchasing, on any amount not received by HBX on or before the 15th of the month. Credit card payments shall be processed on the 16th of the month.
All transactions between Members are commissionable to HBX, as described above, unless members receive prior written approval from HBX.
4. HBX will automatically renew CURRENT HBX accounts annually at no charge, unless member notifies HBX in writing of its intention not to renew at least thirty (30) days in advance of their anniversary date; if however, an account becomes sixty (60) days past due on its cash fees or has been inactive (no sales or purchases) over a period of six (6) months, an annual maintenance fee of $500 payable in barter dollars, will be charged to Member's account. HBX may at its discretion, close any account that has been inactive (no sales, purchases or payments) for a period of 6 months or longer.
5. Member agrees and understands that all transactions between members are on a full barter basis, unless approved by HBX in advance. In any transaction involving a cash component, the seller shall pay to HBX cash commission of 10% on the cash amount. The buyer shall not pay any commission on the cash portion.
Any member found to be charging or requesting part cash and part barter on any transaction under $5,000 WILL BE FINED in the amount of $500 for the first offense. Any subsequent offense will subject the Member to additional fines and/or cancellation of membership, and/or other sanctions as are described in the HBX Rules and Regulations, presently existing, and/or adopted in the future.
*HBX suggests that any company not in the position to accept at least $5,000 worth of barter business, not join HBX. Upon acceptance in HBX, Member agrees to sell a minimum of $5,000 on barter. In the event that a member stops trading prior to reaching $5,000 in sales, HBX shall be due 15% in cash, on the difference between $5,000 and the amount actually sold on barter.
6. That barter transactions between Members are entered into on a voluntary basis. HBX is not responsible for the quality, timely delivery, warranties, or any other problems that may arise with goods and services bartered by Members of HBX. Members should exercise the same diligence in entering into barter transactions as ordinary business transactions for cash. HBX assumes no liability for any damages of any kind including, but not limited to, compensatory and consequential damages that may result from a Barter transaction and/or the use or the quality of products and services there under. HBX does not make any representations or guarantees with respect to the quality or volume of business that the Member will derive from membership in HBX. Member will indemnify and hold HBX harmless from any and all claims, suits, and damages arising out of barter transactions or the quality or use of products and services there under.
7. That HBX is obligated to honor only those transactions for goods and/or services that are available through other Members of HBX.
8. Member understands that HBX, its owners and employees participate in the HBX barter system. Member grants to HBX and to those having ownership interest in HBX, the right and power to borrow from the system an amount equal to $2500 per member or two year’s gross receipts (whichever greater.) Such borrowing shall be sufficiently collateralized by the assets of the system, pursuant to the guidelines established and imposed by the National Association of Trade Exchanges.
9. Member agrees to clear all overdrafts within TEN (10) days of receipt of the HBX monthly statement. Over-drafts may be cleared by submitting:1) Transaction forms not previously submitted, or 2) A check IN CASH of the over-drafted total. FAILURE TO CLEAR OVERDRAFTS WITHIN TEN (10) DAYS SHALL PUT MEMBER IN DELINQUENT STATUS. A DELINQUENT OVERDRAFT IS IMMEDIATELY DUE AND PAYABLE IN FULL IN CASH, and is subject to a 1½% per month compounded interest charge, until paid. HBX may at its discretion, clear such overdrafts through member's credit card account. Delinquent status may result in the termination of HBX Membership. Member agrees to bear all collection and legal costs, should collection procedures become necessary.
10. Credit, when and if extended by HBX to Member, is at the sole discretion of HBX, and is due and PAYABLE ON DEMAND as provided for in Paragraph 10 of this agreement.
11. That any and all disputes under and/or related to this contract shall be resolved by binding arbitration in the State of New York, Westchester County. In the event of a dispute respecting this contract, the prevailing party is entitled to reasonable attorneys’ fees and costs.
12. That all transactions must be authorized by HBX and are the responsibility of the seller. The seller shall retain a signed receipt (either an HBX Transaction Form or other delivery receipt) for all transactions for a period of 24 months. All sales shall be considered pending until the end of the month following the authorization date or until the buyer has approved the transfer of funds to the seller’s account.
13. To examine the monthly HBX statement immediately upon receipt, and to advise HBX of any discrepancies, in writing, within ten (10) days. Member agrees to the accuracy of the statement and agrees bound thereby, if Member fails to notify HBX within ten (10) days.
14. In order to cancel this agreement or cease trading for any period of time, Member MUST provide HBX with a thirty-day written notice. Due to the nature of an open trade exchange, if an HBX Member stops trading for any reason without the required thirty (30) day written notice, there will be a $500 CASH penalty charged.
15. That Member may cancel this Agreement at any time, upon thirty (30) days written notice. Upon cancellation, Member must prepay all cash fees and all Barter dollars due member must be spent for the goods and services available through HBX within ninety (90) days of cancellation date. If the account is over-drafted, Member may not cancel until account is paid in full.
The provisions of this contract are severable, and if any provision is found to be unenforceable, the other provisions shall remain fully valid and enforceable. This contract shall survive the termination of any arrangement contained herein.
16. That each and every term and provision contained in the Member Agreement, Rules and Regulations, and General Trading Policies and Procedures is severable from every other term or provision therein. If any such provision or term shall be invalid, illegal or unenforceable, it shall not affect the enforceability, validity, or legality of the remainder of the terms and/or provisions of the Member Agreement, Rules and Regulations, or General Trading Policies and Procedures. In all cases, this agreement shall be interpreted in accordance with the laws of the state of New York.
17. That Hudson Trade Network, Inc. shall not be liable for any consequential, indirect, special, incidental or punitive damages of any nature for any reason whatsoever.
18. This Contract constitutes the entire understanding and agreement between the parties. No changes, alterations, modifications or qualifications to the terms hereto shall be made or be binding unless in writing and signed by both parties involved.
