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The
Rules
1. FrogLETS is a non profit organisation which provides an information
exchange and recording service through which users can maintain a system
of accounts for trading in local units called FrogLETS.
2. A FrogLET shall be considered to be equal in value to a united kingdom
pound. The FrogLET exists only as an account entry. It never leaves the
network and no bills or notes are issued. A FrogLET is created by a member
in the act of obtaining goods and services from another member.
3. All new accounts are credited with 10 Froglets to help members start
trading.
4. No interest is charged or paid on balances.
5. Account
holders shall be willing to consider trading in FrogLETS. There is no
obligation to trade. FrogLETS does not set trading terms. All amounts (in
FrogLETS) are set by members involved in trading
6. FrogLETS will be transferred from one account to another only on the
authority of the member providing the goods or service. Any transaction
considered in appropriate or illegal will not be recorded.
7. An account holder may know the balance and trading activity of any
other member
8. Accountability for taxes incurred by account holders is the obligation
of those involved in the exchange. FrogLETS has no obligation or liability
to report to taxation authorities or to collect takes on their behalf.
9. FrogLETS makes no warranty or undertaking as to the value, condition or
quality of the items or services exchanged.
10. While all efforts are made to maintain confidentiality, FrogLETS
cannot guarantee confidentiality of information in members accounts, nor
necessarily be held liable for any breach of confidentiality.
11. Each member can trade down to a debit of 100 (one hundred) FrogLETS.
When a member approaches this limit, their future trading activity will be
reviewed.
12. FrogLETS may act on behalf of the membership to seek explanation,
account credit or satisfaction from any member whose conduct is considered
to be contrary to the interest of other members. As a last resort, members
may be removed from the network
13. Any member whose account is in debit and intending to close an account
agrees to inform FrogLETS and makes every effort possible to settle their
account by bringing it to zero |
