Loyalty Marketing Network on-line MEMBERSHIP AGREEMENT

 
A. CONTRACT AND MODIFICATION OF CONTRACT
    The following terms & conditions constitute the contract by and among Member and Loyalty Marketing Network. Any use of Loyalty Marketing Network to facilitate a transaction by a Network Member (hereinafter Member) constitutes acceptance of all terms, conditions, policies and procedures as most recently adopted by Loyalty Marketing Network. They apply to all Loyalty Marketing Network Members' and to all transactions facilitated by Loyalty Marketing Network. At its sole discretion, Loyalty Marketing Network may amend this Agreement by giving Member thirty (30) days written notice via e-mail. Loyalty Marketing Network may amend the Policies and Procedures with seven (7) days written notice via e-mail. Any purchase or sale by Member, which makes use of Loyalty Marketing Network after these time frames constitutes acceptance by Member of such change(s) and the agreement of Member to abide by the same.
 
B. PARTICIPATION IN THE EXCHANGE
  1. NATURE OF THE PARTIES
    • a. Loyalty Marketing Network operates an association of businesses and professionals who have joined together to do business among themselves through the organized system which is regulated by the record-keeping and administrative services of Loyalty Marketing Network or its designee and through the medium of Loyalty Marketing Network Trade Dollars. Loyalty Marketing Network functions as a clearinghouse for the transactions of the Network membership.
    • b. Loyalty Marketing Network regulates the Network. Loyalty Marketing Network acts as a third party record-keeper and administers the clearinghouse function of the Network for the Members'. Loyalty Marketing Network may contract with others to provide all or part of such services.
    • c. Member is a bona fide and legal business that desires to do business with other members of the Network and hereby subscribes to Loyalty Marketing Network's services. Member warrants that it is in compliance with all State, Federal, industry and professional laws and regulations.
    • d. Loyalty Marketing Network reserves the right of final approval of this agreement and may refuse to accept anyone as a Member for any reason it deems necessary.
    • e. The signer of this agreement hereby acknowledges that they are over 18 years old.
  2. DISCLAIMER OF WARRANTY AND LIABILITY
      3. Loyalty Marketing Network makes no representation or warranty, either express or implied, and disclaims all liability, as to the fitness, quality, delivery date, merchantability, prices or any term of any trade transaction. Member agrees to indemnify and hold Loyalty Marketing Network harmless with respect to any claim, debt, or liability whatsoever, arising out of any transaction wherein Member is a Buyer or Seller. Member acknowledges that any transaction facilitated by the Network, in Which Member participates is entered into by Member on a voluntary basis. Member agrees to waive any claim, debt, or liability whatsoever against Loyalty Marketing Network arising out of any computer or software malfunction or processing errors.
  3. TAXES
      4. Seller shall be solely responsible to collect and remit to the appropriate taxing Authorities the applicable taxes and shall collect and record these as required by law. Under no circumstances is Loyalty Marketing Network responsible to pay any taxes on behalf of any Member. Transactions involving Loyalty Marketing Network Trade Dollars are generally treated as taxable events for federal, state or provincial, and local tax purposes and Loyalty Marketing Network reports Loyalty Marketing Network Dollar sales to the appropriate government taxing authority. The declaration and reporting of applicable taxes resulting from trade transactions rests solely with the Member. Member agrees to indemnify and hold Loyalty Marketing Network harmless for any actions Loyalty Marketing Network takes to comply with federal, state or provincial, and local laws.
 
C. ADMINISTRATION OF THE EXCHANGE AND Loyalty Marketing Network TRADE DOLLARS
  1. NATURE OF Loyalty Marketing Network TRADE DOLLARS
    • Members' conduct transactions (purchases or sales of goods or services) using the Loyalty Marketing Network accounting system. Payments are made by posting debits and credits to the buying and selling Members' respective accounts, pursuant to these Rules and in the form of Loyalty Marketing Network Trade Dollars.
    • A "Loyalty Marketing Network trade dollar" is a private currency which operates as contractually accepted tender for specified private debts only, between exchange members, backed only by the goods and services available within the Network, and regulated by Loyalty Marketing Network. Loyalty Marketing Network Trade Trade Dollars denote value received for goods or services sold, and may be exchanged for other goods or services made available by Loyalty Marketing Network Member's. Trade Dollars may be used only in the manner and for the purposes set forth in this agreement & the Policies & Procedures. Neither Loyalty Marketing Network nor Member shall consider Loyalty Marketing Network Trade Trade Dollars as legal tender, securities, or commodities. Loyalty Marketing Network disclaims any and all responsibility for the acceptance or negotiability of Loyalty Marketing Network Trade Dollars or for the availability of goods or services from any source.
  2. LIABILITY FOR Loyalty Marketing Network TRADE DOLLARS
    • Member acknowledges that Loyalty Marketing Network Trade Dollars in the Network (positive balances) are the liabilities of persons who have spent more than their earnings (negative balances); that there is a creditor/debtor relationship between such persons, and that Loyalty Marketing Network transactions incur the normal business risks associated with any credit transaction. Any positive trade balances are solely the liability of Members' who owe Loyalty Marketing Network Trade Dollars to the Exchange and are not the liability of Loyalty Marketing Network.
      • a. Member acknowledges and grants to Loyalty Marketing Network the right and power to regulate and control the number of Loyalty Marketing Network Dollars within the Network.
      • b. Member grants to Loyalty Marketing Network the right and power to borrow from the Network.
      • c. Member is NOT authorized to sell Loyalty Marketing Network Trade Dollars for cash.
 
D. SUSPENSION OR TERMINATION
  1. If Member violates this Agreement or the currently effective Policies and Procedures, Loyalty Marketing Network may immediately terminate Members' account or may freeze all activity in the account without notice and/or make immediate adjustment to the transactions involved. At its sole discretion, Loyalty Marketing Network may reinstate Member or unfreeze Members' account.
  2. Either party may terminate this Agreement upon seven (7) days written notice to the other party. Upon termination:
    • a. All cash and Loyalty Marketing Network Trade Dollar service fees outstanding become due and payable immediately. No service fees will be refunded.
    • b. Any Member with a negative account balance (where purchases exceed sales) must balance their account with Loyalty Marketing Network Trade Dollars within thirty days of termination date. After said thirty day period, Member must immediately pay Loyalty Marketing Network any remaining negative balance in cash.
    • c. Any Member with a positive balance (where sales exceed purchases) must spend out their account within ninety days of termination. Any trade dollars remaining after ninety days will become the property of Loyalty Marketing Network.
 
E. FEES
  1. Dues Start Delay:  30 days from signup
    Buy Trade Fees:  Cash Fees:  Trade Fees: 
    Percent Fee:  3.00% 0.00%
    Sell Trade Fees:  Cash Fees:  Trade Fees: 
    Percent Fee:  3.00% 0.00%
    Fee Option:  Standard Fees
  2. Funds for the cash fees must be available at the time of the transaction or it will not be processed. You may do this by having a debit or credit card on file. If You prefer to pay by check You can Pre-pay Your account and we will deduct the fees from Your available balance.
  3. Fees paid to Loyalty Marketing Network are non-refundable. If buyers or sellers do not complete a transaction, or if performance of Members' obligations to each other is disputed, Loyalty Marketing Network will not be obligated to refund any fees it has received. In certain circumstances an approved cash credit may be applied to Members' accounts.
  4. Transaction fees payable are due at time of purchase and fees due for more than 45 days will be assessed a late fee of $10.00 per month, or 1.50% of the unpaid balance, whichever is more.
  5. By acceptance of this agreement the Member agrees personally and corporately to guarantee payment of all cash fees and is responsible for all negative Trade dollars, if any.
 
F. MISCELLANEOUS
  1. LEGAL REQUIREMENTS
      2. Member shall abide by applicable international, federal, state or provincial, and local laws or regulations pertaining to Exchange transactions. Loyalty Marketing Network shall not be responsible for any failures on the part of Member to comply with such laws and regulations. Member agrees not to hold Loyalty Marketing Network liable for any action Loyalty Marketing Network takes to comply with applicable laws or regulations.
  2. NO WAIVER OF RIGHTS
      3. Loyalty Marketing Network failure or delay in exercising any right, will not operate as a waiver of that right, nor shall the partial exercise of a right preclude any other or further exercise of any right. Loyalty Marketing Network remedies are cumulative and are not exclusive of any remedies provided by law.
  3. SEVERABILITY; ATTORNEY'S FEES
      4. Every item contained in this agreement is severable from every other term herein. If any term should be judged unenforceable, it shall not affect the enforceability of other terms outlined in this Agreement or the Policies and Procedures. If legal action must be taken by Loyalty Marketing Network, Member shall pay Loyalty Marketing Network reasonable attorney's fees, costs, plus interest from the date of default until payment in addition to any other judgment as granted by a court of law or an acceptable arbitration.
  4. DISSOLUTION
      5. If Loyalty Marketing Network terminates or otherwise ceases to do business, all Members' in a negative Loyalty Marketing Network Trade Dollar position will pay amounts they owe in cash (one Loyalty Marketing Network Dollar being equal to one United States dollar in cash) into a fund. The fund, less expenses, will be distributed pro rata to all Members' who are in a positive Loyalty Marketing Network Trade Dollar position. Loyalty Marketing Network is not liable to any Members' for cash or Loyalty Marketing Network Trade Dollars beyond the distribution of such funds.
  5. SECURITY INTEREST
      6. Member hereby grants Loyalty Marketing Network a security interest in all Trade Dollars in Members' account for the amount of all unpaid cash fees. If Member becomes insolvent or bankrupt all cash fees shall be due and payable in full. Loyalty Marketing Network shall have the option in lieu of filing as a creditor of treating the Trade Dollar balance as equal in value to the amount of cash fees owed, and terminating the account; provided however, that if Loyalty Marketing Network does receive all of its cash fees in full, Loyalty Marketing Network shall reinstate the Trade Dollars to the Members' account.
  6. WARRANTY OF INFORMATION
      7. Member warrants that it provides all information to Loyalty Marketing Network in good faith and that such information is accurate to the best of Members' knowledge.
  7. FAX & E-MAIL SIGNATURES
      8. Loyalty Marketing Network will, and Member agrees that Loyalty Marketing Network may, accept a faxed or e-mailed signature as an original, legal signature.
  8. ENTIRE AGREEMENT
      9. Member acknowledges that it is not relying on any oral representations concerning this Agreement and that the complete agreement between the parties is contained in the Member Application, this Agreement and the Policies & Procedures.
  9. NO WAIVER OF RIGHT
      10. Loyalty Marketing Network's failure or delay in exercising any right, will not operate as a waiver of that right, nor shall the partial exercise of a right preclude any other or further exercise of any right. Loyalty Marketing Network's remedies are cumulative and are not exclusive of any remedies provided by law.
  10. INDEMNIFICATION
      11. MEMBER AGREES TO HOLD HARMLESS AND INDEMNIFY Loyalty Marketing Network, IT'S OFFICERS, AGENTS, REPRESENTATIVES, ASSOCIATES AND ASSIGNS FROM ANY LOSSES, LIABILITY OR DAMAGES WHICH MAY RESULT FROM MEMBERS' PARTICIPATION IN ANY OF Loyalty Marketing Network's TRANSACTIONS, ACTIVITIES, PROGRAMS, PROMOTIONS, OR ADVERTISING, INCLUDING THE COSTS OF LITIGATION AND ATTORNEYS FEES.
  11. JUDGMENT SETTLEMENT
      12. In the event of a dispute between Loyalty Marketing Network and Member resulting in a judgment entered on behalf of the Member against Loyalty Marketing Network, Member agrees that Loyalty Marketing Network  shall have the right to satisfy said judgment in Loyalty Marketing Network trade dollars.
 
G. APPLICABLE LAW
  1. This agreement shall in all respects be construed under the laws of the State of FL.
  2. Venue shall be Tampa, FL 33610 United States.