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Trading Rules

  1. Currency Card Pty Ltd [ACN 119 394 213] trading as CurrencyCard, is the company that operates and manages a barter trading program. As such, it is the role of Currency Card to act as a third party record keeper of barter trade transactions that occur between members of CurrencyCard, and to facilitate and assist members in the purchase of goods and services.
  2. These rules are binding on all members of the CurrencyCard Trade Exchange and, together with the terms and conditions of the membership application form constitute all the rules governing the trade exchange and the conduct of members as well as the operation of accounts of members.
  3. All barter trade transactions facilitated between CurrencyCard members, where credits and/or debits are accounted for and recorded by CurrencyCard, shall be referred to and shown in trade dollars.
  4. When goods and/or services are sold by one member of CurrencyCard to another, and which involve the acceptance by the seller of payment, either in full or in part in trade dollars the seller is liable to the same extent as if the goods and/or services were sold for cash with respect to all warranties if applicable and all taxation implications.
  5. One CurrencyCard trade dollar has a value equal to one legal tender Australian dollar.
  6. The purpose of the trading rules is to provide all members with guidelines to promote and facilitate fair trading amongst members.
  7. The trading rules are binding upon all members, their heirs, successors in title, representatives, employees and administrators.
  8. All transactions involving the sale and purchase of goods and/or services, where payment is facilitated by utilizing CurrencyCard trade dollars are subject to a commission payable to Currency Card Pty Ltd. Currency Card Pty Ltd reserves the right to charge cash fees on all sales and/or purchases, including those transactions that include a part cash/part trade dollar payment or are wholly payable in trade dollars.
  9. In all instances where a commission is due to Currency Card Pty Ltd, the commission will be charged only on the trade dollar portion of the transaction.
  10. Members are not permitted to, and hereby warrant that they will not sell their goods and/or services through CurrencyCard at prices higher than the recommended retail price thereof or at a price higher than they would otherwise have sold those goods and/or services for cash.
  11. No member shall trade in any illegal, immoral or prohibited goods or services and any member so doing shall be liable to have its trading account suspended or terminated at the sole discretion of Currency Card Pty Ltd.
  12. All members must have a valid, current and signed CurrencyCard membership card.
  13. Currency Card Pty Ltd may trade with members in its own right, but shall not be liable to pay transaction or account keeping fees.
  14. To receive payment after completion of a transaction, the seller must have first obtained an authorization number from Currency Card Pty Ltd by calling the relevant authorization telephone number before supply of the goods and/or services, on the occasion where the trade dollar component of the proposed sale is equal to or exceeds the members card status, i.e. White coloured card – phone for authorization for every transaction; Blue/Green coloured card – phone for authorization for purchases over $100; Gold Card – phone for authorization for purchases over $500; Platinum card- phone for authorizations over $5000.
  15. After receiving the authorization number as provided in the preceding paragraph 11, the seller must obtain the buyer’s signature on a CurrencyCard transaction voucher, which must include the following:
    1. The buyer’s name and card number;
    2. The seller’s name and card number;
    3. The date, quantity, description of goods and/or services, and the cost of the trade dollar component of the sale.
    4. The transaction authorization number (where appropriate).
  16. It is the responsibility of the seller to ensure that all of the aforesaid information is entered on the transaction voucher, and that the person signing the voucher is the actual purchasing member or a person duly and properly authorized to sign the voucher on behalf of the purchaser.
  17. The seller must give the purchaser the triplicate copy of the transaction voucher immediately upon completion of the transaction, and must forward the original copy thereof to CurrencyCard within seven (7) days of the date of the transaction. In the event that Currency Card Pty Ltd does not receive the original copy of the voucher within fourteen (14) days of the date of the transaction, it reserves the right to charge the seller an additional late presentation fee.
  18. Upon receipt of the validly completed transaction voucher Currency Card Pty Ltd will within fourteen (14) days, credit the payment to the seller’s account.
  19. Upon receipt of the transaction voucher as provided in paragraph 14 above, and in those instances where Currency Card Pty Ltd has previously received an authority from the seller to directly debit associated transaction fees from the seller’s account, Currency Card Pty Ltd will calculate the transaction fees due and will cause that amount to be debited from the seller's nominated bank account.
  20. The standard transaction fees charged by Currency Card Pty Ltd, which are payable in cash by both buyer and seller, are 6.25% (inclusive of GST) of the trade component of the transaction.
  21. Currency Card Pty Ltd will charge each member a monthly account keeping fee of $29.95 (inclusive of GST), which sum shall be due and payable in cash.
  22. Currency Card Pty Ltd reserves the right, upon giving fourteen (14) days clear notice to members, to amend the standard transaction fee stipulated in paragraph 17 above.
  23. Where a member has not provided CurrencyCard with a direct debit authority, the selling member must forward to CurrencyCard a cheque, money order, Electronic Funds Transfer or cash in the full amount of the fees due on the transaction together with, or at the same time as, the sale transaction voucher forwarded to CurrencyCard.
  24. CurrencyCard will not credit the seller’s trading account with the trade dollar component of the transaction until fees due on the transaction have been collected, banked and cleared in the Currency Card Pty Ltd bank account.
  25. Until the due fees have been deposited and cleared in the Currency Card Pty Ltd bank account as provided in paragraph 20 above, Currency Card Pty Ltd reserves the right to withhold debiting the buyer’s trading account with the trade dollar component of the transaction and crediting those trade dollars to the seller’s account.
  26. After the end of each month, Currency Card Pty Ltd will forward a statement to each member, which will include details of all sales and purchases made by that member, and will record all associated transaction fees on sales and purchases during the preceding month based upon the duly completed transaction vouchers received and fully processed by Currency Card Pty Ltd, as well as the monthly account keeping fee.
  27. Where a member has provided Currency Card Pty Ltd with a direct debit authority, all associated fees for account keeping and transactions will be automatically debited from the member’s nominated bank account at the end of each month.
  28. In each instance where a member has not provided a direct debit authority, that member will remit payment in full of all cash fees due to Currency Card Pty Ltd within seven (7) days of the date of the monthly statement.
  29. In instances where members wish to complete a transaction, but the purchaser is unable to sign the transaction voucher, (for example where the purchaser resides interstate), a telephone sale may be completed.
  30. Where a telephone sale takes place as provided in paragraph 26 above, a transaction voucher must be completed in all other respects by the seller, however in place of the buyer’s signature, the seller shall print the words “telephone sale”. Where applicable, authorization must be obtained.
  31. In the event of a dispute over a telephone sale, Currency Card Pty Ltd reserves the right to adjudicate on the authenticity of the transaction and, if it is of the opinion that a fraud or similar event has occurred, it will refer the matter to the appropriate authorities.
  32. Where a sale and purchase of goods and/or services has been transacted between two or more members, and such transaction has been conducted outside the terms of CurrencyCard trading rules, Currency Card Pty Ltd will not accept any responsibility for any loss, whether real, perceived or otherwise, that may be experienced by any party to the transaction.
  33. Upon application for membership and approval and acceptance of the application by Currency Card Pty Ltd, such member may at the sole discretion of Currency Card Pty Ltd be given access to a pre-approved credit limit of trade dollars in their trade account, which may be used by that member for the purchase of goods and/or services from other members.
  34. Existing members may upon written application request an increase in their pre-approved credit limit. Currency Card Pty Ltd reserves the right to either refuse or grant such application, and in making its determination may take into account that member’s trading history, credit worthiness, suitability and any guarantee or security offered by that member.
  35. A member may by written notification to Currency Card Pty Ltd, apply for their trading account to be put on standby, thereby resulting in the temporary stoppage of the member selling its goods and/or services with trade dollar component to other members, subject always to the following:
    1. The member’s trading account must not be in debit at the time of such request;
    2. There must be no outstanding account keeping or transaction fees against the member’s trading account at the time of such request;
    3. In the event that the member’s trading account is in debit at the time of such request to be put on standby, it shall be at the sole discretion of Currency Card Pty Ltd whether to place that account on standby, and in making its decision Currency Card Pty Ltd may take into consideration the reasons advanced in support of its request by that member
  36. CurrencyCard trade dollars cannot be redeemed for cash (except as otherwise hereinafter provided), and may not under any circumstance be sold or exchanged to any person whatsoever, whether a member or otherwise. Currency Card Pty Ltd will not recognize or honour any of its trade dollars which are shown to its satisfaction to have been sold or exchanged, and any such sold or exchanged trade dollars shall be liable for cancellation at the sole discretion of Currency Card Pty Ltd.
  37. The trading account of any member who sells, buys or exchanges CurrencyCard trade dollars outside the terms of these trading rules shall be liable to immediate suspension and/or termination at the sole discretion of Currency Card Pty Ltd. In the event of cancellation of a member’s trading account on the grounds of breach of rule 36, all fees then due and owing by the member shall become immediately payable in cash.
  38. 38. In the event that a member whose trading account is in credit wishes to transfer trade dollars to another member for any reason, that member shall first apply to Currency Card Pty Ltd for approval of such transaction. Any such transfer of trade dollars from the account of one member to the account of another member whether by way of sale or loan, shall be subject to the prior approval of Currency Card Pty Ltd and in the event of it approving such transfer the following conditions shall apply:
    1. Both members trading accounts must be in good standing with no overdue fees;
    2. A transaction voucher must be completed in respect of the transfer;
    3. Normal transaction fees will apply to the trade dollars transferred.
  39. A member whose account is on standby as provided by these rules shall still be liable to pay the monthly account keeping fee as provided by these rules.
  40. All invoices, monthly statements and correspondence produced by Currency card Pty Ltd shall be deemed to be accurate and correct at the time of their production. It shall be the responsibility of the member to notify Currency Card Pty Ltd in writing within fourteen (14) days of receipt of any alleged discrepancies or errors relating to such documents.
  41. Currency Card Pty Ltd reserves the right at any time to amend the monthly account keeping fee charged to members upon giving written notice not less than fourteen (14) days prior to implementing such amendment.
  42. All fees, charges or other financial loss incurred by Currency Card Pty Ltd in relation to cheques received from members that are dishonoured upon presentation shall become a debt due by that member and recoverable in cash.
  43. I all other instances where the action of a member has resulted in a financial loss to Currency Card Pty Ltd, the member shall be liable to reimburse or pay Currency Card Pty Ltd in full in cash in respect of such financial loss which, when quantified by Currency Card Pty Ltd shall be deemed to be a liquidated debt owing by that member.
  44. Both the member and Currency Card Pty Ltd may terminate membership of CurrencyCard by giving not less than seven (7) days written notice to the other party.
  45. Currency Card Pty Ltd reserves the right to suspend or cancel a member’s trading account without notice for any suspected or confirmed breach of the trading rules or any breach of any law or for any reasonable cause.
  46. For the period during which a member’s trading account is suspended that member will not be permitted to conduct business or makes sales and/or purchases through CurrencyCard Trade Exchange. Any suspended account shall remain liable for account keeping fees incurred during that period of suspension.
  47. Upon termination of membership, that member’s credit limit will be immediately cancelled without recourse by that member, save as provided in rule 48.
  48. Where a member’s trading account is in credit at the time of termination, that member shall have thirty (30) days from the date of termination within which to spend down that credit. Any remaining credit at the expiration of the said thirty days will be forfeited and cancelled without recourse.
  49. Where a member’s trading account is in debit at the time of termination, Currency Card Pty Ltd may, at its sole discretion allow that member thirty (30) days to either provide goods and/or services to other members or to Currency Card Pty Ltd to the same value as the outstanding debit shown in that member’s account, or to repay in cash to Currency Card Pty Ltd the value of the outstanding debit in that member’s account.
  50. Upon termination of a member’s trading account, the member must immediately return to Currency Card Pty Ltd, all membership cards issued to that member including all subsidiary cards issued in respect of that account together with all unused transaction vouchers.
  51. Membership of CurrencyCard is personal to the member and under no circumstance shall a member sell, transfer or assign their CurrencyCard membership to any other person at any time.
  52. In the event that a member is a company or other incorporated entity and there is a change in the ownership or direction of that entity, such new owner/s or directors must complete and application form and guarantee of the trade account, and it shall be the responsibility of the signatory/ies of the original membership application to ensure that such formalities are completed. Where any default or breach of trading rules is committed by that member entity subsequent to such change of ownership and/or direction and, there has not been a further or new application form signed by the new owner/s or directors as herein provided, the original applicant and guarantor shall remain liable in respect of such breach and for any fees, charges, claims or damages due to Currency Card Pty Ltd arising therefrom.
  53. Upon the opening of a trading account, that member and all persons signing the application form for or on behalf of the member assume joint and several responsibility for any and all purchases, sales and fees as provided in these rules, and any person signing on behalf of a corporation, company, partnership, business or similar entity whether incorporated or not agree to guarantee and be personally liable for the full performance by the said entity and its conformity with each and every trading rule.
  54. The member agrees and acknowledges that any facsimile or email received by the member from Currency Card Pty Ltd, including but not limited to trading rules, invoices, statements, notices or demands, shall be deemed to be of like effect as if they were in original form.
  55. Currency Card Pty Ltd reserves the right to adjudicate on all matters relating to issues and/or disputes arising from, with or between members. The members hereby agree and acknowledge that the decision of Currency Card Pty Ltd on such matters will be final.
  56. Currency Card Pty Ltd hereby reserves the right and the member hereby acknowledges its right to amend the trading rules from time to time and at any time and to notify the member in writing of all such amendments. If a member completes a transaction after receiving notice of amendment, or if that member does not within seven (7) days of the days of such notice of amendment give notice of its intention to terminate its trading account, the member shall be deemed to have agreed to the amended trading rules.
  57. In the event that Currency Card Pty Ltd exercises it right to amend the standard transaction fee as provided by rule 22 or to amend the accounting keeping fee as provided by rule 41 it shall notify the member in writing of such amendment. If a member completes a transaction after receiving notice of amendment, or if that member does not within seven (7) days of the days of the date of such notice of amendment give notice of its intention to terminate its trading account, the member shall be deemed to have agreed to the amended fees.
  58. Each and every term, obligation, provision and rule contained in these trading rules is severable and in the event that any term, obligation, provision or rule shall be judged invalid, illegal or unenforceable, such provision shall be severed herefrom and shall not affect the validity, legality or enforceability of the remainder of the trading rules.
  59. These trading rules shall be subject to the laws of the State of Queensland, and the member and Currency Card Pty Ltd hereby submit to the exclusive jurisdiction of the Courts thereof.
  60. Upon application to join the CurrencyCard Trade Exchange, the applicant acknowledges that he/she/it has read and understood both the membership application and the trading rules and agrees to abide by all the terms, obligations, provisions and rules as herein set forth.