I/We, _____________________________________________ (Business Name), hereafter-called “Member” of iTRADEXCHANGE, hereby apply for the privilege of trading goods and services with other Members. I/We agree to:
1. Pay an initial enrollment charge of $295 as dues for one year from today. Annual renewal fees of $200 Trade will be automatically deducted from Members' account on the anniversary date.
2. Pay a cash transaction fee of 10% based on the gross value of each purchase from other Members. This transaction fee is processed in the web-based accounting system, QuikTrade, through a Member controlled Cash Reserve Account (CRA).
3. Read and abide by iTRADEXCHANGE Rules and Regulations below:
A. All purchases are to be paid through iTRADEXCHANGE. Each Member shall furnish all products and/or services at regular, prevailing prices to other members of iTRADEXCHANGE in good standing for 100% Trade Dollars unless pre-approved by iTRADEXCHANGE.
B. Purchases by Members will be limited to the amount of Trade Dollars accrued to their account balance and/or a credit line established and approved by iTRADEXCHANGE.
C. Credit for sales shall register to Members' account immediately upon entry and approval of transaction via QuikTrade. QuikTrade will not allow transactions that surpass established credit thresholds or without adequate funds in the CRA to pay the associated transaction fee.
D. iTRADEXCHANGE or the Member, upon request, may invoke a "Standby" status, temporarily suspending selling capability, except when the account is in the deficit.
E. All equipment provided to the Member for the purpose of utilizing QuikTrade, is the property of TradeAuthority, LLC and leased through the iTRADEXCHANGE and must be returned to iTRADEXCHANGE if membership is ever terminated. The member is responsible for any loss, theft, or damage that may occur as a result of non-standard use.
F. Trade Dollars shall not be considered as legal tender, securities, or commodities by either iTRADEXCHANGE or its Members and may not be converted to cash except as provided for in iTRADEXCHANGE policies and procedures.
G. Memberships may not be transferred or sold without iTRADEXCHANGE approval.
H. Members will earn $100 Trade Dollars for each new Member sponsored.
I. Trade transactions are entered into on a voluntary basis. iTRADEXCHANGE is not responsible for quality, timely delivery, timely payment, warranties or other problems which arise with respect to goods and services traded by Members or iTRADEXCHANGE. Members with continuing problems in these areas are subject to review and possible termination of membership.
J. The declaration and reporting of all local, state and federal taxes resulting from trade transactions rests solely with the Member.
K. iTRADEXCHANGE is authorized to suspend all activity of Members who fail to adhere to established policies and procedures.
L. Member or iTRADEXCHANGE may cancel this agreement at any time after a 30-day written notice. Any outstanding balance due iTRADEXCHANGE must be paid in full within 30 days, either in goods and services acceptable to iTRADEXCHANGE or in cash. In the event this obligation is referred to an attorney, Member agrees to pay reasonable attorney's fees.
Applicant affirms that he/she is the owner/officer/agent of the member business entity and acknowledges that the setup of Applicant’s account is conditioned upon the personal guarantee by the Applicant for the payment of debt incurred hereunder and the Applicant hereby personally and unconditionally guarantees payment of any debt incurred by his/her said business entity.
