My Private Currency on-line MEMBERSHIP AGREEMENT

  1. CONTRACT AND MODIFICATION OF CONTRACT
      The following terms & conditions constitute the contract by and among Member and My Private Currency. Any use of My Private Currency to facilitate a transaction by a Network Member (hereinafter Member) constitutes acceptance of all terms, conditions, policies and procedures as most recently adopted by My Private Currency. They apply to all My Private Currency Members' and to all transactions facilitated by My Private Currency. At its sole discretion, My Private Currency may amend this Agreement by giving Member thirty (30) days written notice via e-mail. My Private Currency 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 My Private Currency after these time frames constitutes acceptance by Member of such change(s) and the agreement of Member to abide by the same.
     
  2. PARTICIPATION IN THE EXCHANGE
    1. NATURE OF THE PARTIES
      • a. My Private Currency 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 My Private Currency or its designee and through the medium of My Private Currency Trade Dollars. My Private Currency functions as a clearinghouse for the transactions of the Network membership.
      • b. My Private Currency regulates the Network. My Private Currency acts as a third party record-keeper and administers the clearinghouse function of the Network for the Members'. My Private Currency 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 My Private Currency's services. Member warrants that it is in compliance with all State, Federal, industry and professional laws and regulations.
      • d. My Private Currency 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. My Private Currency 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 My Private Currency 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 My Private Currency 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 My Private Currency responsible to pay any taxes on behalf of any Member. Transactions involving My Private Currency Trade Dollars are generally treated as taxable events for federal, state or provincial, and local tax purposes and My Private Currency reports My Private Currency 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 My Private Currency harmless for any actions My Private Currency takes to comply with federal, state or provincial, and local laws.
     
  3. ADMINISTRATION OF THE EXCHANGE AND My Private Currency TRADE DOLLARS
    1. NATURE OF My Private Currency TRADE DOLLARS
      • Members' conduct transactions (purchases or sales of goods or services) using the My Private Currency 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 My Private Currency Trade Dollars.
      • A "My Private Currency 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 My Private Currency. My Private Currency Trade Trade Dollars denote value received for goods or services sold, and may be exchanged for other goods or services made available by My Private Currency Member's. Trade Dollars may be used only in the manner and for the purposes set forth in this agreement & the Policies & Procedures. Neither My Private Currency nor Member shall consider My Private Currency Trade Trade Dollars as legal tender, securities, or commodities. My Private Currency disclaims any and all responsibility for the acceptance or negotiability of My Private Currency Trade Dollars or for the availability of goods or services from any source.
    2. LIABILITY FOR My Private Currency TRADE DOLLARS
      • Member acknowledges that My Private Currency 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 My Private Currency transactions incur the normal business risks associated with any credit transaction. Any positive trade balances are solely the liability of Members' who owe My Private Currency Trade Dollars to the Exchange and are not the liability of My Private Currency.
        • a. Member acknowledges and grants to My Private Currency the right and power to regulate and control the number of My Private Currency Dollars within the Network.
        • b. Member grants to My Private Currency the right and power to borrow from the Network.
        • c. Member is NOT authorized to sell My Private Currency Trade Dollars for cash.
     
  4. SUSPENSION OR TERMINATION
    1. If Member violates this Agreement or the currently effective Policies and Procedures, My Private Currency 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, My Private Currency 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 My Private Currency 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 My Private Currency Trade Dollars within thirty days of termination date. After said thirty day period, Member must immediately pay My Private Currency 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 My Private Currency.
     
  5. FEES
    1. Sign Up Fee:  $495.00
      Monthly Fees:  Cash Fees:  Trade Fees: 
      Monthly Dues: $24.95 $10.00
      Negative Balance Interest 1.50% 1.50%
      Buy Trade Fees:  Cash Fees:  Trade Fees: 
      Percent Fee:  5.00% 0.00%
      Sell Trade Fees:  Cash Fees:  Trade Fees: 
      Percent Fee:  5.00% 0.00%
      Fee Option: Preferred Member Fees NOTE: ALL Cash Fees are in USD  

      Preferred member fees are available to active members.
    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 My Private Currency are non-refundable. If buyers or sellers do not complete a transaction, or if performance of Members' obligations to each other is disputed, My Private Currency 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.
     
  6. Part Cash Transactions

      Part cash transactions must be approved by the office.  They will only be approved if they meet membership guidelines a) must be at least 2000 in trade, b) amount above 2000 cannot be more than 40% cash, c) must be at fair market price.  Approved transactions will be charged a transaction fee of 2% on the total invoice or 5% of the trade portion, whichever is more, d) must be signed in writing by buyer, seller, and Private Currency Network Representative.

     
  7. MISCELLANEOUS
    1. LEGAL REQUIREMENTS
        2. Member shall abide by applicable international, federal, state or provincial, and local laws or regulations pertaining to Exchange transactions. My Private Currency shall not be responsible for any failures on the part of Member to comply with such laws and regulations. Member agrees not to hold My Private Currency liable for any action My Private Currency takes to comply with applicable laws or regulations.
    2. NO WAIVER OF RIGHTS
        3. My Private Currency 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. My Private Currency 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 My Private Currency, Member shall pay My Private Currency 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 My Private Currency terminates or otherwise ceases to do business, all Members' in a negative My Private Currency Trade Dollar position will pay amounts they owe in cash (one My Private Currency 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 My Private Currency Trade Dollar position. My Private Currency is not liable to any Members' for cash or My Private Currency Trade Dollars beyond the distribution of such funds.
    5. SECURITY INTEREST
        6. Member hereby grants My Private Currency 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. My Private Currency 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 My Private Currency does receive all of its cash fees in full, My Private Currency shall reinstate the Trade Dollars to the Members' account.
    6. WARRANTY OF INFORMATION
        7. Member warrants that it provides all information to My Private Currency in good faith and that such information is accurate to the best of Members' knowledge.
    7. FAX & E-MAIL SIGNATURES
        8. My Private Currency will, and Member agrees that My Private Currency 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. My Private Currency'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. My Private Currency's remedies are cumulative and are not exclusive of any remedies provided by law.
    10. INDEMNIFICATION
        11. MEMBER AGREES TO HOLD HARMLESS AND INDEMNIFY My Private Currency, IT'S OFFICERS, AGENTS, REPRESENTATIVES, ASSOCIATES AND ASSIGNS FROM ANY LOSSES, LIABILITY OR DAMAGES WHICH MAY RESULT FROM MEMBERS' PARTICIPATION IN ANY OF My Private Currency'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 My Private Currency and Member resulting in a judgment entered on behalf of the Member against My Private Currency, Member agrees that My Private Currency  shall have the right to satisfy said judgment in My Private Currency trade dollars.
     
  8. APPLICABLE LAW
    1. This agreement shall in all respects be construed under the laws of the State of HI.
    2. Venue shall be Kailua, HI 96734 United States.