Page 1

Bartercard

New Zealand Members Handbook

February 2017

Issue 01


BOARD MEMBERS Brian Hall (founder) Trevor Dietz Tony Wiese

CHIEF EXECUTIVE OFFICER John Scott

REGISTERED OFFICE

What you will find in this Handbook 3 Welcome

20 Travel

4

How Bartercard Works

21 Property

6

NZ & International Offices

22

What Listing Should I Choose?

7

Member Story

23

Restaurant Listings

0800 650 055

8

Introducing Marketplace

24 Sponsorship

Reference To Bartercard

9

Wine Online

25

Bartercard Foundation

All references to Bartercard or Bartercard New Zealand are a reference to Bartercard New Zealand LP.

10

Transaction Methods

26

Bookings and Quotes

11

Bartercard App / Bank Direct

27

Referral Program

12

Bartercard Cards

28

How to Get Your Statement

14

Bartercard Myths

30

Fair Trading Under NZ Law

16

Online Services

38

Member Story

18

Bartercard Search

39

Forms for Download

40

Rules of The Trading Program

Level 3, Building 3, 61 Constellation Drive, Mairangi Bay, Auckland, New Zealand. Telephone +64 9 414 6621 Facsimile +64 9 415 8388 Email info@bartercard.co.nz Website bartercard.co.nz

AUTHORISATION LINE

All rights reserved; All information is correct at the time of distribution and Bartercard reserves the right to change it at any time without prior notice. This Handbook makes use of licensed stock photography. All photography is for illustrative purposes only and all persons depicted are models.

“

We have found offering Bartercard an easy way to meet new clients and generate extra business. TIM FOSS | Thompson and Partners

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WHAT’S AROUND ME ON BARTERCARD? search.bartercard.co.nz


A letter from

John Scott CEO Bartercard New Zealand Welcome to our newest online Handbook, a one stop guide for everything you need to know about the Bartercard community here in New Zealand. We’re delighted that our continued focus on innovation has led to the recent launch of Bartercard Search and Marketplace. Technology and innovation play an important role in the future of Bartercard and the flexibility of Search really has created new trading opportunities for all our members, while Marketplace is providing a greater member experience by combining MYBC and the Directory into one. Our Fair Trading Policy, a guide to helping each member understand their obligations and responsibilities under New Zealand law, was introduced in March 2016 and supports our commitment to continually develop our offering to our community and to ensure our members are looked after through fair trading practices. If you are concerned or experience any member trading unfairly, please do get in touch immediately. Thank you for being a part of the Bartercard community and we look forward to working alongside your business during the coming year.

John Scott Everything on trade in ONE place, Marketplace is OPEN! marketplace.bartercard.co.nz

3


How Bartercard Works Bartercard provides a great opportunity to be part of an enormous community of businesses, introducing you to new customers to help fill your idle capacity whether that’s products or services, with the help of an electronic currency called a Trade Dollar. Simply put, the Bartercard concept allows you to pay for products and services between members instead of paying in cash, you can then use these Trade Dollars to offset cash expenses within your business. Trade Dollars are a well-recognised and accepted method of payment in New Zealand. One Trade Dollar is equivalent to one New Zealand dollar for all accounting and taxation purposes. Assuming your current cash business is already covering your fixed overheads (for example rent and wages), and you have the capacity to take on new customers, the only

The new customers generated by Bartercard will be incremental (on top of) your existing cash business, therefore not interfering with your existing business model. Bartercard aims to increase your business by 5-10% and increases your net cash profit, and we can prove this to you! https://vimeo.com/138003522/740803581a

Excess Capacity

Excess Capacity

Increased Sales

WHAT’S AROUND ME ON BARTERCARD? search.bartercard.co.nz

Expenses

Income

Expenses

MIKE GARDNER, ON-HOLD MARKETING

Expenses Paid By

Income

Bartercard has given us the opportunity to grow our business beyond our expectations! Every trade, a great trade.

4

cost to you in supplying a Bartercard member is your product replacement/variable cost. In effect, each time a purchase is made between Bartercard members, they receive a discount equal to Gross Profit Margin (GPM). Each time you spend with Trade Dollars it will come back to you in the form of new customers from another Bartercard member, who are motivated to utilise your goods and services because they’re paying with their GPM, saving them cash every time they spend.


Grow your sales by 10% in the first year*

Benefits of Bartercard When selling products or services: »»

»» »»

As a member, Bartercard offers an interest free line-of-credit based on:

»»

»»

»» Size of business, length of time in business,

capitalisation and debt levels »» Analysis to determine potential increased monthly sales »» P&L statement expense review to determine business

spending areas able to be met through Bartercard.

There are three types of membership, check them out here >> http://www.bartercard.co.nz/How+Bartercard+Works/pricing_new.html

Bartercard guarantees the network will increase business; sales increase by 10% over the first 12 months of being a Bartercard member *(Dot Loves Data, 2014) Manage cash flow by using Trade Dollars to offset cash expenses Members receive an interest-free line of credit ranging from $1,000 to $20,000* which allows members to continue to make purchases even during times when cash flow has slowed Put inventory, equipment and employees to good use by converting downtime and spare capacity into new revenue without the need to discount. Generate new customers through referrals and wordof-mouth marketing.

*The level of credit given is determined by assessment of the application and information provided.

When buying products or services for use in a business: »» »»

»» »»

You are assured of secure internet transactions and a rigorous pre-approval process An interest-free line of credit can be utilised, thereby conserving cash and improving the company’s balance sheet Bartercard Trade Brokers act as purchasing agents to the network sourcing products and services Purchases are funded in Trade Dollars directly from additional sales generated through Bartercard.

Everything on trade in ONE place, Marketplace is OPEN! marketplace.bartercard.co.nz

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Reach out National Offices - New Zealand Auckland North

Auckland South

Hawkes Bay

Wellington

Building 3, Level 2, 61 Constellation Drive, Mairangi Bay, Auckland 09 414 6854

5C Jack Conway Ave, Manukau 09 448 0580

PWC Building, Level 2, 36 Munroe St, Napier 06 842 0413

auckland.south@bartercard.co.nz

hawkes.bay@bartercard.co.nz

36a Seaview Rd, Seaview, Lower Hutt, Wellington 04 576 2280

Waikato

Taranaki

26a Liverpool Street, Hamilton 07 834 3443

3 Short Lane, New Plymouth 4310 06 769 5042

waikato@bartercard.co.nz

taranaki@bartercard.co.nz

auckland.central@bartercard.co.nz

Tauranga

Manawatu

International

305 Cameron Rd, Tauranga 07 571 0972

Level 1, 85-88 The Square, Palmerston North 06 354 8635

tauranga@bartercard.co.nz

manawatu@bartercard.co.nz

auckland.north@bartercard.co.nz

Auckland Central Building 3, Level 2, 61 Constellation Drive, Mairangi Bay, Auckland 09 300 7711

Building 3, Level 2, 61 Constellation Drive, Mairangi Bay, Auckland 09 414 6854 international@bartercard.co.nz

wellington@bartercard.co.nz

Nelson 03 539 0390 nelson@bartercard.co.nz

Christchurch 71 Peterborough Street, Christchurch 03 341 5150 canterbury@bartercard.co.nz

Otago/Southland

Rotorua

Level 4, Cargill House 333 Princes St, Dunedin 03 455 7960

1172 Haupapa Street, Rotorua 07 343 1450

otago@bartercard.co.nz

rotorua@bartercard.co.nz

International Head Offices Australia

Thailand

United Kingdom

Cyprus

Level 2, 121 Scarborough Street, SOUTHPORT QLD 4215 Australia

Room 3402-3, 34th Floor, Vanit Building II, 1126/2 New Petchburi Road, Makkasan, Rajthevee, BANGKOK 10400, Thailand

Churchill House, 1 London Road, Slough Berkshire, SL3 7FJ, United Kingdom

20 Ermoupoleos Street Strovolos Nicosia 2007

PO Box 582 SOUTHPORT QLD 4215 Australia

PH: 07 5561 9000 FAX: 07 5591 4004 info@au.bartercard.com

www.bartercard.com.au

United Arab Emirates Currently re-structuring – all enquiries please to: admin.support@bartercard.com bartercarddubai@gmail.com

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P.O. Box 11 Pratunam Bangkok 10409, Thailand PH: +66 2655 3111 # 1 FAX: +66 2655 3112 info@bartercard.co.th

Member Services: PH: +44 1753 422 962 (Within UK: 0800 840 6333) IT Helpdesk: PH: +44 1753 422 963 info@uk.bartercard.com travel@uk.bartercard.com

South Africa 3rd Floor Greyville Racecourse 150 Avondale Rd Durban 4001 PH: + 27 11 083 7177

WHAT’S AROUND ME ON BARTERCARD? search.bartercard.co.nz

P.O.Box 28626, 2081 Strovolos, Nocosia CYPRUS PH: +357 22446270 FAX: +357 22314562 info@cybartercard.com

United States of America 146 Fairchild St, Suite 170, Charleston, SC 29492, USA PH: +1 843 471 2000 FAX: +1 843 471 2003 info@bartercardusa.com


I’ve been with Bartercard for over 20 years and it just gets treated like any other bank account or credit card inside your accounting software. People will complicate it, they don’t need to, and it’s absolutely simple. Bartercard creates potential for a new list of clients that you might otherwise not get access to, meaning there’s a whole lot of marketing being done for you just by being inside of the trading community. As these people want to spend their trade dollars, it’s a real opportunity!

MARTZ WITTY, Founder of Martz Group

Bartercard creates potential for a new list of clients that you might otherwise, not get access to. This Handbook makes use of licensed stock photography. All photography is for illustrative purposes only and all persons depicted are models.

Everything on trade in ONE place, Marketplace is OPEN! marketplace.bartercard.co.nz

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Is now Open!

Browse products and services all in one place with more being added daily

Benefits

• Provides a platform designed to bring a better trading experience to our community through greater personalisation and targeting • Gives our members a single portal to access all Bartercard services including Search and MYBC in just one place • Delivers a streamlined process for receiving promotions across the network • Empowers members to load their own promotions and effectively market to the rest of the network • Provides analytics around member promotions to show the effectiveness of the Bartercard network.

marketplace.bartercard.co.nz 8

WHAT’S AROUND ME ON BARTERCARD? search.bartercard.co.nz


Find Wine Online

Check out Marketplace for the latest wine offers! View the vast selection of quality wines from around New Zealand. Forget about the hassle of venturing out and buy your Wine Online - with a few clicks the wine is delivered straight to your door. Wine is the ideal business or personal spend – whether it’s for functions, staff incentives, gifts or simply adding to your wine collection at home.

Check out Wine on Marketplace >> to view our available wines.

To find out more contact our Online Team today! 0508 BC ONLINE (226 654) wine.club@bartercard.co.nz

SAVE TIME, ORDER ONLINE! Everything on trade in ONE place, Marketplace is OPEN! marketplace.bartercard.co.nz

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Transaction Methods

ONLINE

MOBILE

Transactions online via MYBC allows you to pay another member or process a sale with the click of a button.

Transact using your smart phone or tablet with the Bartercard App or MYBC. You can pay another member or process a sale instantly.

For assistance contact us 0508 BC ONLINE (226 654)

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For assistance contact us 0508 BC ONLINE (226 654)

VOUCHER

EFTPOS

Transaction vouchers are available in the event that you cannot process these electronically or online.

Process a sale with a swipe of a card by integrating Bartercard into your existing EFTPOS machine.

ALL MANUAL TRANSACTIONS MUST BE AUTHORISED 0800 650 055

For assistance contact us 0800 650 055

WHAT’S AROUND ME ON BARTERCARD? search.bartercard.co.nz


Bartercard App

VIEW YOUR AVAILABLE BALANCE PAY ANOTHER MEMBER PROCESS A SALE

Along with MYBC, the Bartercard App allows you to process payments and sales from your mobile with ease.

1:

Download from your preferred app store, search for ‘Bartercard’

2:

Login to the app using your MYBC username and password* *If you are unsure of what this is, contact the ONLINE team 0508 BC ONLINE

Bank Transactions

Get bank account transactions from Bartercard sent into your accounting system every month.

You can now get bank account transactions from Bartercard sent into Xero every month. It’s easy to apply for direct feeds, simply add your accounts in Xero, download the application form, then sign and email it to us. Your feeds will start in 4 weeks. For more information on how you can get started, head across to the Bartercard Xero Business Help Centre >>.

Working alongside more than 100 banks and financial institutions throughout New Zealand and Australia, MYOB BankLink automates and streamlines the accounting process for small business clients’ transaction data through to accounting practices. Loading accounts onto the BankLink service is easy, to get started simply head to MYOB BankLink Bank Feeds >> to begin.

Check out more information on our website www.bartercard.co.nz/Members+Information/BartercardBankFeeds.html >>

Everything on trade in ONE place, Marketplace is OPEN! marketplace.bartercard.co.nz

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Bartercard Cards The Black Card The Black Card is our top tier card presented to Bartercard members to reward top level trading, loyalty and promotion of the Bartercard network.

213 9101 1 8 7 6 5 1234 ITIZE JOHN C

The Bartercard Black Card can be rewarded either for the level of lifetime trading or for the level of spend in the previous calendar year.

EXPIRES

»»

Traded in excess of T$5M (lifetime membership) and a Bartercard advocate Traded more than $500K for the previous financial year (annual membership) and a Bartercard advocate.

Premium features and benefits: »» »» »» »» »» »» »»

Minimum line of credit (group of accounts) T$50,000-T$100,000* Exclusive invitations to Bartercard events Exclusive offers Invites to our Bartercard Top Trader functions Managed by a specially selected Trade Broker Advanced notice of new members joining in your region Complimentary Trade Show stand every year. *subject to credit criteria

END OF:

01/20

rd.co.nz barterca

Criteria: »»

N

Platinum Card The Platinum card is presented to members who have traded a minimum of T$300K or more than 1500 transactions in the previous calendar year.

Criteria: »» »» »» • • • •

Fee payments for all Bartercard accounts to be paid on time (minimum of 10 out of the past 12 months) Have a current business offering goods or services into the network No unresolved conduct related fair trading complaints. Only Directors (and their partners) of the qualifying business will be eligible for a Platinum Card, all other cards held on the account will retain their current cards Platinum Cards are issued each January based on results up to, and including the previous December A business must qualify each year to retain their Platinum Card status Qualifying criteria is reviewed yearly by Bartercard New Zealand, and the card status assessed and adjusted accordingly.

Gold Card Our Gold Card membership is available for those members who have traded more than T$50K per year.

PLEASE NOTE:

All Manual transactions must be authorised. Always ensure that the signature matches the signature on the card. If your Bartercard card is lost, stolen or damaged please notify us on 0800 650 055 or email us at cards@bartercard.co.nz

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»» »»

Cardholders must have been an active member for over seven years and maintain a good standing within the network while trading fairly Fee payments for all Bartercard accounts must be paid on time.

Green Card The Green Card is given to all new Bartercard members.

WHAT’S AROUND ME ON BARTERCARD? search.bartercard.co.nz


Staff Accounts 1234 GIFT

9101 5678

1213

CARD

01/20

Gift Cards Ideal for one off staff incentives, gifts or bonuses for nonBartercard members. Gift Cards can be purchased for amounts between T$100 and T$500 and are valid for 18 months and can be spent the same way as any Bartercard Card. To order, download the form from our website HERE >> Gift Cards can be used within 24 hours of submitting the order to Bartercard.

Want to pay your employees Trade Dollars? Spending is simple with a Staff Account. A Staff Account allows your staff to spend with any Bartercard member nationwide and gives them full access to Bartercard Search and Bartercard Online services. Staff Accounts are perfect when you want to load funds on a card on more than one occasion. A Staff Account is an ideal opportunity for business owners who want to divide up personal and business spending, and are also great for staff incentives and bonus payments. To apply, download the form from our website HERE >>.

Gift cards can be used on Bartercard Search. PLEASE NOTE: Gift Cards can only receive funds once. Once the card has expired the funds on the card expire. Lost or expired cards cannot be transferred or re-issued. If you are looking to make regular payments please see staff accounts or expense accounts information (right).

Automatic Payments An automatic payment for the same amount can be setup and processed either weekly, fortnightly or monthly between two members. Download the form from our website HERE >>.

Expense Accounts

AML Bartercard is a registered Financial Services Provider under the Financial Service Providers (Registration and Dispute Resolution) Act 2008. Further details can be found in the legal section of our website. Bartercard is required to comply with the Anti-Money Laundering (AML) and Countering Financing of Terrorism Act 2009. Under this law, Bartercard has an obligation to verify a new member’s identity. From time to time we will also require our current members to confirm the information held about them is current and up to date. This helps to protect Bartercard and our community from financial crime, improve our financial reputation and meet our institutional expectations.

An Expense Account is linked to your main business account and allows you to set a monthly spending limit on a separate account. At the end of each month the balance on the Expense Account is automatically cleared by debiting your main account. This makes it ideal for the likes of sales reps and accounts teams. To apply, download the form from our website HERE >>. Please note: The credit limit issued on an Expense Account is subject to credit approval and may require the adjustment of the main account limit.  

Everything on trade in ONE place, Marketplace is OPEN! marketplace.bartercard.co.nz

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Myths As a member, you become part of an enormous community of businesses with a common goal – of taking unfilled capacity within your business and realising this with the help of the exchange. It’s a simple concept taking an old fashioned idea, so why is there a lack of understanding when it comes to Bartercard? There are many myths about what Bartercard is and what it isn’t so we want to set the record straight and dispel any confusion. In no particular order, here are the most common myths we hear about Bartercard and the truth behind them.

I won’t be able to spend my Trade Dollars This is considered probably one of the biggest objections to joining the network. We don’t claim to be able to provide all members with everything they need. We do find that when members are engaged and communicate with their Bartercard Branch, appropriate spends can be identified. Bartercard spending happens in four stages and your Bartercard Branch will work through these with you.

»» »»

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The first step is to look at your current spends and seeing if we can offset any of these with Bartercard alternatives The second step is to look at increasing your cash sales through using Bartercard as a marketing and advertising budget

»»

»»

The third step is personal spending, many of our members use their Bartercard as drawings helping offset some of their household costs, e.g. mechanic, dinners out, dentist The final thing we look at is wealth creation, this is when our members use their trade to buy assets such as property and share options

Bartercard is often seen as an excellent way to reward high performing staff in service firms. Some businesses even give staff their own Bartercard cards, which is credited each quarter based on performance so staff can draw upon it as they wish. It’s a great opportunity for individuals to make lifestyle purchases. “Bartercard is and has been of substantial benefit to our business over the years. Rather than having to spend cash, we were able to utilise our

Trade Dollars on a range of products and services which were usual cash spends, these included tradesmen for R&M, equipment, packaging and packaging supplies, gift baskets and contents for gifts baskets. Recently Bartercard was a huge benefit during our expansion in helping with the fit out, we utilised trade dollars to buy kitchen equipment, furniture, crockery, water cooler, as well as other services such as our website, advertising, printing and products for sale in our café like gelato and high end chocolates.” Linda Bryan, Rococo Café/Cottage Fare Ltd “It’s easy to use our Trade Dollars on advertising, security, cleaning and staff rewards meaning we’re freeing up our cash for other business expenses” Andy Lucas, Coffee Club, Constellation Drive, Auckland

WHAT’S AROUND ME ON BARTERCARD? search.bartercard.co.nz


I can’t get my core spends using Trade Dollars This one has some truth to it. At the end of the day, some expenses (such as utilities, rent, wages) require cash payment, so it’s not realistic for a business to run entirely on Bartercard without cash-paying transactions. This is why we always suggest Bartercard to be on top of existing cash transactions, and make up approximately 10-15% of your business. Your dedicated Trade Broker Team will work with you in identifying opportunities to spend, and help you source products on trade.

Everything is overpriced Bartercard members sign up to trading terms and the community is self-regulating, so it’s important that members are transparent and promote services fairly to the network. If a member decides to offer services as part cash-part Trade Dollars, the community will soon spread the word and that member will find they’ll struggle for business. There have been a number of changes to the NZ legislation recently around fair trading which impacts businesses and their obligations when promoting and selling goods. Bartercard NZ has provided a helpful guide that addresses these changes to help not only understand the changes but assist members in meeting your legal obligations when conducting business on the Bartercard Trade Exchange. The Bartercard Fair Trading Guide can be found HERE >>.

The fees are too high Bartercard charges a minimal monthly service fee which is tax deductible. A fee is also charged on all transactions. A guide to our fees can be found HERE >>. The average Bartercard transaction fee is 7.5% and we encourage members not to discount their prices. These fees cover provision of a dedicated Trade Broker Team, full e-commerce capabilities, proactive marketing of your business to over 6,000 businesses nationwide, online monthly statements and an interest-free line of credit. Compare this with Daily Deal websites such as GrabOne & Groupon, which charge a fee of approximately 15-20% of the sale price and stipulate that the offer presented must be at least 50% off the original sale price. Although this may initially bring in new customers, these customers tend to be bargain-hunters which are not loyal to your business, and sometimes discounting can have a detrimental impact on your reputation.

Bartercard is a way of dodging tax Bartercard income should be viewed as you would your cash income. There are no inherent tax advantages or disadvantages just because you are a member of Bartercard. Bartercard is a marketing tool, not a tax tool. From an accounting and tax perspective, there is no difference between cash and Trade Dollars with sales being recorded as income, and purchases being recorded as an expense or asset. GST is payable on sales and deductible on purchases. Data for income/expenses should be recorded off these account statements for calculating TAX/GST implications.

The fees payable to the exchange incur GST and most of the time are a fully deductible expense for the business. “It’s good to have an accountant on board who understands Bartercard, and better still be a member, but it’s not difficult - transactions occur the same way as cash purchases.” Russell Herd, Working Feedback NZ Ltd

I don’t have excess capacity all the time Bartercard works supplementary to cash business, and at no point is any member obligated to take on Bartercard business over cash paying business. All members have the flexibility to control which products and services they sell through the Bartercard network and they adjust offers to the Bartercard community (scaling up or back) as it suits their business at any point in time. For example, if Milly, a restauranteur owns a café that is busy from open til close on Saturday and Sundays, and has no need to try to pull in new business on these days, she can choose to engage with cash paying transactions on the weekend and encourage Bartercard exchanges on weekdays only. As long as you are clear and transparent as to when you offer Bartercard, you can stipulate which days you accept it. Are there any more myths out there that you think we need to set straight? Let us know! >>

Everything on trade in ONE place, Marketplace is OPEN! marketplace.bartercard.co.nz

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Bartercard Online Services

Why not trade online and join the thousands of other members who are benefitting from Bartercard’s one stop shop! It’s the simple way of promoting your services and products to the right members at the right time while searching for other members. While online, you also can check your account balance, view live statements, access the international online directory and the travel and property sites.

Sell & Promote

Your products and services online with Bartercard

List your product or service on MYBC and let Marketplace do all the work for you and ensure that your product/service gets to the right member at the right time. Selling on mybc gives you a great way to advertise your products or services to Bartercard members in four easy steps: 1. 2. 3. 4.

Click ‘Sell’ to add a listing Select the type of listing, choose your category and follow the prompts Type in a detailed description of the product or service you are listing online Upload up to four images for your listing. Review the listing details and select ‘publish listing’ Marketplace will put your product straight to market over email and online to the right customers.

Visit mybc.bartercard.com today and DO IT ONLINE! Click here >> to download the full MYBC guide. 16

WHAT’S AROUND ME ON BARTERCARD? search.bartercard.co.nz


Our friendly online team is always happy to help! If you have any questions or would like some advice on listing product, logins or updating your directory listing CALL US

0508 BC ONLINE

Find &Buy

(226 654)

The products and services you need online with Bartercard

Out and about? Why not jump on

Bartercard Search – an easy way for you to find other members and buy when you’re out and about. It’s quick, simple and easy to use and you can even rate other members!

search.bartercard.co.nz

You can browse and buy on MYBC and Bartercard Marketplace. Our daily Marketplace email delivers fresh new deals tailored to you and you can browse all available listings on our comprehensive Marketplace Online Directory.

marketplace.bartercard.co.nz

Everything on trade in ONE place, Marketplace is OPEN! marketplace.bartercard.co.nz

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An Introduction to:

search

Bartercard Search, the tool all members need. Check it out today and start searching! »»

Rate Members highlighting how great a service or product is, giving confidence and peace of mind to all our members

»»

Switch to “Tourist Guide” mode and receive up to date tourist information for anywhere in the country – places to visit, places to stay and local attractions in the region

»»

Create your own shortlist of businesses and places to visit, share and recommend them to other members

»»

Save your searches and create your favorites list so you can refer back to them regularly

»»

Update your listing online to ensure your business is up-to-date, compliant and meeting the fair trading obligations

»»

Direct access to your own listings so you can keep your information fresh and your customers well informed.

SEARCH… Making it easy... for you Search is a simple, quick and easy way of searching for members around you regardless of where you are in New Zealand or our island holiday destinations. Did you know you can use SEARCH in Rarotonga?

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WHAT’S AROUND ME ON BARTERCARD? search.bartercard.co.nz


LOGIN GUIDE Go to: search.bartercard.co.nz

When logging into Bartercard Search you will need to enter in the last eight digits on your Bartercard card followed by your personal name.

Bartercard Wine Online LOG ON TODAY TO CHECK OUT Please enter card number without spaces 1 2 3THE 4 5 678LATEST WINE OFFERS! View the vast selection of quality wine from around New Zealand. Forget about the hassle of having to venture out and buy your wine Online J o h nwine S m i t his delivered straight to your door. Enter in your name not your company name – with a few simple clicks the Wine is the ideal business or personal spend – weather it’s for functions, staff incentives, gifts or simply adding to your wine selection at home. FIND WINE ONLINE… Log on to - https://mybc.bartercard.com and click BUY NOW To find out more contact our Online Team today! 0508 BC ONLINE (226 654) Wine.club@bartercard.co.nz

If logging in with a Bartercard Gift Card, you will need to enter in the last eight digits on your Bartercard card, and use the name Gift Card for the Name on Card.

SAVE TIME, ORDER ONLINE! See page 25 in the current directory for design – pretty much same as above just some wording Everything changes on trade in ONE place, Marketplace is OPEN! marketplace.bartercard.co.nz

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www.bartercardtravel.co.nz FREEPHONE 0800 228 722

Let the Travel Team help you make the most from your next getaway.

Bartercard Travel

Our Travel Team offer all Bartercard New Zealand members FREE travel advice for both business and pleasure, specialising in New Zealand and the Pacific Islands.

The Travel Team can assist with: • • • • • • • • • • • •

Business & Leisure Travel Rental car bookings Conference & meeting assistance Group travel bookings Incentive packages New Zealand & Pacific Islands Accommodation – from budget to luxury Tours, sightseeing & adventure tours Pacific Island getaway packages Airport transfers Restaurant & cafes Tourist activities.

Are you a tourist on holiday or visiting out of town? Why not check out Bartercard Search. Simply switch to Tourist Guide, and view all members’ products and services within that area.

search.bartercard.co.nz

Contact the Travel Team on:

0800 228 722

or email travel@bartercard.co.nz

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WHAT’S AROUND ME ON BARTERCARD? search.bartercard.co.nz


Bartercard Property

Bartercard Property offers purchasers and vendors an ideal way to invest in long-term financial prosperity, and a marketing strategy to achieve a quick sale at the best price! info@bartercardproperty.co.nz

09 414 6837

bartercardproperty.co.nz PHONE: 09 414 6837

Buying a property on Bartercard is an amazing experience. When I share my story with friends they just can't believe it! Buying property is no longer a miracle or a dream, believe me - it is possible! ANIS VAHORA | KGN TRADERS LTD

»»

Contact us now to find out how we can help you

Everything on trade in ONE place, Marketplace is OPEN! marketplace.bartercard.co.nz

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Bartercard Directory – Listing Information

Which listing should I choose? Through using the online directory in Marketplace and Bartercard Search, your customers can shop with confidence, based on your directory listings. (All Bartercard members are eligible for three free listings as part of their membership). Bartercard members must provide all products and services in their listing fully payable with 100% Trade Dollars and at the same rate as a cash customer would pay. If you are unable to sell certain products and services at particular times, these should be specified in your listing. For example: Queenstown accommodation, limited bookings over Christmas and New Year. Members are able to update their own listing on Bartercard Search at anytime:

search.bartercard.co.nz/MyListings

OPEN LISTING »»

Full contact details i.e. address, phone number, email, website and contact person if applicable.

CONTACT BROKERAGE »» »» »»

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A Bartercard branch will be the contact for this listing Members are not obliged to take on any jobs from members who contact them directly. All enquires must go through their Bartercard branch This listing type can work well for businesses who have varying capacity and not always available to take sales.

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Bartercard Directory – Listing Information

RESTAURANT / CAFÉ LISTING To support our restaurants and cafes we have additional directory listing options for this industry. This will assist you as a customer with making a restaurant or café booking. The graphic displayed below indicates when a restaurant or café is available to take your Bartercard booking. This will help you to identify the best time to make a reservation at the restaurant or café of your choice. Regardless of the listing option - at the time of booking you must make it clear that you wish to pay using your Bartercard. The grey shading on the days of the week indicates when a restaurant or café may not have availability to accept a Bartercard booking.

L = Lunch D = Dinner

UNDERSTANDING THE LISTING GRAPHICS L

M T W T F S S

D M T W T F S S L

M T W T F S S

D M T W T F S S L

M T W T F S S

OPEN LISTING Bookings welcome at all times.

PEAK DAYS - MANAGED LISTING Limited availability on Friday and Saturdays.

PEAK DAYS - MANAGED LISTING

D M T W T F S S

Limited availability on Thursday, Friday and Saturdays.

L

DINNER - MANAGED LISTING

M T W T F S S

D M T W T F S S L

M T W T F S S

D M T W T F S S

Limited availability for all dinner bookings.

ALL BOOKINGS - MANAGED LISTING

Everything on trade in ONE place, Marketplace is OPEN! marketplace.bartercard.co.nz

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Making Bookings & Obtaining Quotes 1. BOOKING / QUOTE  nquire about booking availability or obtaining a quote from a Bartercard E member(s). At this point you do not have to specify the form of payment, however, you must not pressure the member for the best possible price/quote.

2. RECEIVING Upon receiving the booking availability or quote, you must identify yourself as a Bartercard member before proceeding.

3. ACCEPT If you accept the booking or quote, proceed with the purchase/job.

4. OR DECLINE If you decline the quote or booking, check out Marketplace or Bartercard Search for an up to date list of Bartercard members. Alternatively, please contact your Trade Broker for further options.

GET A FAIR QUOTE BEFORE YOU GET THE JOB DONE

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B R P

Bartercard Referral Program MEMBERS GROWING THE EXCHANGE

At Bartercard we want to make sure we are providing as many opportunities as possible for our members to gain new customers and offset cash expenses, by using Trade Dollars. The best way for us to do this, is by bringing new members onto Bartercard, which you feel will benefit the Bartercard community. To help do this we have the Bartercard referral program, which pays you T$300 for every Quality lead that joins Bartercard, $150 for each Warm Lead and $50 for each Cold Lead that joins Bartercard.

QUALITY

T$300 I have discussed Bartercard with the business owner and they are interested in joining.

What is a Quality Lead The more information we have about a potential member the better chance we have of signing them up to Bartercard. So for any quality referral we will need the following information:

»» »» »» »» »» »»

Business Name Owners Name Phone Number Mobile Number Address Why would Bartercard work for them? (eg. “This business is a cafe that never seems to be busy at lunchtime - they could really benefit from being on the Bartercard network”)

WARM T$150 I have mentioned Bartercard in conversation and they would welcome a call.

COLD T$50

We will also mention you as the referrer when we contact the potential member.

There are two ways you can pass on referrals to us: 1. Go to www.bartercard.co.nz/Members+Information/referral.html 2. Talk with your Trade Broker and give them all the details

The business owner is not aware that I am referring them.

Terms & Conditions: * The first member to submit a lead that is converted will qualify for the incentive, and leads will remain live for 90 days from the date of the confirmation email. If the lead is subsequently submitted by another member after the 90 day period has expired and it is converted, the subsequent lead will qualify for the incentive * Bartercard New Zealand accepts no liability for failure to convert a lead that results in a loss of payment to a member * To qualify for the incentive, leads must be submitted via the online referral webpage prior to contact by a Bartercard New Zealand Appointment Maker or Business Developer * All incentive payments will be paid on the 20th of the month following the completion of the new members pack * Bartercard New Zealand will generate a buyer-created invoice to facilitate payment of the incentive * Participants must be current active members of the Bartercard New Zealand trading program to participate in the Bartercard Referral Program * Additional businesses of the current member are not eligible for payment under the Bartercard Referral Program.

Bartercard New Zealand reserves the right to withdraw this policy at anytime and without notice.

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Proud Alliances Here at Bartercard NZ we are proud to affiliate ourselves with organisations who provide our members, staff and local community with significant and rewarding engagement opportunities. Sponsorship is an avenue where we can achieve this at both a local and international level. We are involved in a range of organisations across a variety of industries that highlights our purpose, brand and values in a positive way. Here are a few of the organisations Bartercard NZ supports:

Chosen charity for the Bartercard foundation

Bartercard NZ are always looking to support communities around the country, if you would like more information please contact the Sponsorship Team: sponsorship@bartercard.co.nz 26

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Bartercard has long supported charities by allowing members to donate Trade Dollars to charitable causes. In 2010 The Bartercard Foundation was set up to provide support to charities that are struggling to get national prominence yet have a great cause. Bartercard assists by helping the chosen charity raise Bartercard Trade Dollars which they can spend on national promotions to raise cash from the mass market. We are pleased to announce that Heart Kids New Zealand are the recipient of the Bartercard Foundation funds in 2017.

HEART KIDS NZ SUPPORT KIDS, TEENS, ADULTS AND FAMILIES Heart Kids provide practical and emotional support, fund equipment, educate, inform, fund research, listen, learn, act and Make A Difference! They know what life is like living with a childhood heart condition, and have been providing support services to children with heart conditions and their families since 1984. The needs of those with a childhood heart condition are different from the needs of those who acquire heart disease later in life. Whilst there are other organisations that focus on promoting healthy living and the prevention of heart disease acquired through lifestyle choice, Heart Kids’ focus is on those who are living with a childhood heart condition that has existed from conception or as a result of rheumatic fever, cardiomyopathy, or Kawasaki disease. Heart Kids are the only organisation in New Zealand dedicated to supporting all those affected by a childhood heart condition. HeartKids’ primary goal is to reach and improve the lives of everyone living with childhood heart conditions. Their mission is to provide life long support for all affected by the world’s most common birth defect or heart disease acquired during childhood.

Please give generously to ensure Heart Kids NZ can continue to help brave children throughout NZ.

Go to bartercard.co.nz to find out how you can donate

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How To Get Your Statement You can view and access your account information at any time on MYBC. You will receive an email when your monthly statement is ready for you to download.

Call our friendly Trade Accounts team on: 0800 650 055 OR 09 414 6833 if you need help to read your statement

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STEP 1

https://mybc.bartercard.com

Login to MYBC

STEP 2 Click on Statements under My Account tab

STEP 3 Select a year and month

STEP 4 Either download or print your statement by clicking on the icons right

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Fair Trading under NZ law These pages have been designed to help you understand NZ law for the sale of goods and services. This includes examples and how the law applies to trading within the Bartercard Exchange.

To comply with the Fair Trading Act (FTA), members must not engage in ‘unfair practices’. To assist in defining what is fair, Bartercard New Zealand has issued this guide which takes into account the FTA and the rules of the Bartercard Exchange that members agree to when they join Bartercard. Transactions are to be 100% in Bartercard Trade Dollars (100% Trade) and charged at the same rate as a cash customer would be charged for the same service on the same day. This applies to sales that would be typical in the ordinary course of your business.

Example: A mechanic will service a range of vehicles in their workshop however they may contract out (outsource) work for European cars or major engine rebuilds and services that are outside of the standard service offering. In terms of fair trading, the mechanic would therefore be required to provide all their standard services on 100% Trade. Bartercard members must provide all services in their directory listing fully payable with 100% Trade. If members fail to honour their directory listings they could be prosecuted for bait advertising under section 19 of the FTA. A directory listing that is vague or unclear as to what services are available on Bartercard could also be considered as a form of bait advertising. Refer to the FTA section of this handbook. The work that is outsourced (that falls outside of their standard service offering) may therefore not be available on Bartercard.

We accept that in certain industries it is not obvious as to what the normal cash price is.

The following are examples to assist members in avoiding unfair practices.

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Mechanical »» As with all industries this should be set out in the member’s directory listing

Professional services

»» 100% Trade on servicing, brakes, cambelts and transmission servicing

»» Full Trade for all services

»» 100% Trade for sundry items like oil, filter, wiper blades, fuses, bulbs and lubricants.

Accommodation The price on your own website on the day of the booking is the price that will be charged, or if it is a telephone booking, the same price that would be offered to a cash paying customer. This means that a typical ‘rack rate’ cannot be used as a basis for Bartercard pricing.

»» Disbursements are acceptable in cash e.g. Land title office fees. DIRECTORY LISTING EXAMPLE:

DIRECTORY LISTING EXAMPLE: WOF, full service on 4 cylinder cars excluding European, brakes & clutch kits supplied and installed, transmission servicing on all 4-6 cylinder vehicles. Larger jobs or full overhauls to be discussed with Bartercard.

Quality accounting and taxation services at a reasonable price from a small practice. Specialising in Xero, making your accounts easy. Free initial consultation.

Fair practice for accommodation providers: »» Reduced pricing on a third party or discounter site is not applicable on Bartercard »» 100% Trade pricing. (e.g. No cash for parking unless this is clearly a third party e.g. Wilson’s Parking Building) »» Clear directory listing of when accommodation is available i.e. if a member has a known unavailability during peak times.

DIRECTORY LISTING EXAMPLE: Stylishly furnished studio, 1 & 2 bedroom apartments situated in the heart of the city. All bookings are subject to availability. No bookings accepted during special events & festivals.

Advertising »» All advertising and marketing should be 100% Trade »» Advertising should be sold at your normal selling price. A rack rate that is never charged, cannot be used. It must be aligned with what a cash client would pay »» An advertising promotion cannot be a form of bait advertising to win cash contract through other channels »» Websites and website hosting are to be payable 100% Trade »» SEO services are to be 100% Trade.

Hospitality & Restaurants »» 100% Trade for meals and drinks »» Group / large bookings by arrangement »» Bookings as per the directory listing availability. DIRECTORY LISTING EXAMPLE: A warm welcoming atmosphere and interesting menu awaits you.. Open breakfast, lunch & dinner. Families welcome. Bookings are essential, please call first. Winter hours: Tuesday to Saturday.

Everything on trade in ONE place, Marketplace is OPEN! marketplace.bartercard.co.nz

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Fair Trading under NZ law

Retail

Open and sales days

»» Goods / Services should be sold at your normal selling price. A rack rate that is never charged, cannot be used. It must be aligned with what a cash client would pay

Sales days - Sale implies that products are ‘on sale’ and the consumer will be getting a discount that otherwise would not be available.

»» Any ‘special’ price that continues for longer than a short duration of the sale will become the regular or usual selling price »» A business cannot set an artificially high price knowing this would lead to little or no sales. They can’t then offer the product at a ‘discounted’ price. This may mislead the customers into thinking it’s a fair price »» You cannot mislead a client with an advertised price, and then charge a different price upon completion of sales e.g. Checkout and payment, quoting and payment. DIRECTORY LISTING EXAMPLE: Knee high socks. Made in NZ with Merino wool, help cold feet and legs stay warm. For babies, kids and adults alike. Not for wholesale sales.

>>

If you cannot supply a product or service, do not advertise it.

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Open day - Product is available but doesn’t imply that stock is discounted. The majority of the store/stock must be available on Bartercard - Products not available must be clearly stated - e.g. ‘GoPro’s not available’ or ‘excludes items already reduced’. Refer to page 34 for more tips.

Pricing »» There can’t be two different prices »» Prices must be consistent with what someone else would actually pay on the day. e.g. if you advertise a price on your website and it is not a genuine mistake then you are legally obligated to provide the product/service at this price »» Members who are running specials or promotions should clearly state any exclusions that may apply e.g. GoPro or Apple products not available »» Don’t compare your product and price to that at another company unless they are identical. Comparing similar but not identical products may mislead customers.

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Trades

Vehicle sales

»» Labour – 100% payable on Trade

For vehicle sales, the first T$10K is payable on Trade or 50% whichever is greater. Refer to the large value transactions section below.

»» You must give the customer the opportunity to source products that you do not stock on Bartercard »» Sundry items & small value items – glues, washers, lightbulbs, cables, what is carried in the vehicle at all times 100% payable on Trade »» Merchants must have the ability to do 100% Bartercard jobs – e.g. a carpet supplier that will only lay his carpet but won’t do the supply on Bartercard is not acceptable »» Jobs with a value of more than $10K refer to the large value transactions section.

DIRECTORY LISTING EXAMPLES: Contact us for all your residential interior & exterior painting & decorating requirements, including wallpapering, spray-painting & plastering within Auckland & Hamilton. Contact Bartercard for larger jobs & commercial work. Master electricians, industrial, communities, domestic installation + repairs. Testing + tagging, appliance repairs. Security lighting, heatpumps, ventilations, heat transfer systems. Underfloor heating, 24hr service.

If a car yard wishes to sell a vehicle that fits within the rules these will be all listed via the property website and promotions can be sent directing potential buyers to the website to view, 100% Trade vehicles can still be sold via MYBC. All cars from licensed dealers must be ‘yard ready’ and of same selling price in cash economy.

Large value transactions We accept that in certain industries large value transactions which are in the ordinary course of business, may not always be possible at 100% Trade. For these situations Bartercard will approve in writing which members can sell at less than 100% Trade. An example of this would be selling cars. The fair practice for this will be a minimum of T$10K Trade or 50% in Trade whichever is higher in Trade Dollars.

EXAMPLE ONE: A car selling for $14K, would be at a minimum of T$10K Trade.

EXAMPLE TWO: A car selling for $25K would be at a minimum of T$12,500 Trade.

These are the minimum levels and for sales to occur often the minimum amount will need to be increased to achieve a sale.

Directory listings must be specific to what you can do – e.g. do not include full house builds if you cannot do these on 100% Trade. Everything on trade in ONE place, Marketplace is OPEN! marketplace.bartercard.co.nz

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Fair Trading under NZ law

Additional tips to help with fair trading and meeting your legal obligations There may be times when you may come across another member who does not wish to obey the rules of the exchange. With recent changes in legislation such as the FTA it is important that you are aware of your rights and obligations.

Tips that can help with any potential unfair traders By you, the member being aware of how to deal with unfair traders, it will lead to a fairer and more beneficial trade exchange for both you and your fellow members.

Challenge unfair trading issues As a new customer the best person to challenge any unfair trading issue in the first instance is you. As the purchaser you have the right to challenge the pricing or quote. So if you are uncomfortable with the deal, raise the point and if still unhappy withdraw.

Do your homework Before you look at buying an item do a bit of due diligence and have a quick search of other products to see what the current market price is. If the item you are looking at is grossly overpriced, do not buy it. Advise the selling member that you feel it is overpriced and give a few examples. Notify your Trade Broker if you cannot obtain a fair price, but remember do not buy the item as then you have accepted the price.

Get a written quote If you are undertaking a sizeable job then ensure you get a quote for this. If the seller is wanting to use a cash portion that falls within the rules make sure this is clearly stated on the quote. If you accept this quote with a quoted cash/trade split then you have accepted this and therefore this cannot be objected at a later date.

Treat all your deals as you would a cash deal All members are bound by the FTA and governed by the Commerce Commission. Disputes can be escalated

to the Disputes Tribunal if required. See: www.consumerprotection.govt. nz/report-or-resolve-a-problem/ going-to-the-disputes-tribunal/

Disputes Should you have a dispute with another member, Bartercard is not able to directly assist in resolving the dispute as Bartercard is not a party to the contract. It would also be possible for a court or tribunal to overturn a decision made by Bartercard in such a dispute. We therefore encourage members to have clear expectations prior to entering into agreements and to seek legal advice as required.

Communicate with your Trade Broker Bartercard is interested in being made aware of any dealings that you have had that you believe are unfair or unlawful. Bartercard can then decide if the circumstances mean that a member should be removed from the exchange, particularly if it’s a regular occurrence. By holding members accountable, this will assist in maintaining a healthy trade exchange.

NOTE: If you are unsatisfied after you have paid or entered an agreement,

then standard commercial practices will prevail. We would recommend you seek legal advice and consider options such as the Disputes Tribunal.

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Fair Trading under NZ law

Contract for services

Agreement for the provision of services with Bartercard payments.

This information is addressing concerns raised by Bartercard members. This involves instances where parties enter agreements for services or goods in which payment will be paid in full or in part with Bartercard Trade Dollars. Soon after the relationship has begun some members have been told that Bartercard Trade Dollars would no longer be accepted under the agreement. We have sought legal advice from our solicitors who have suggested the following steps are taken when contracting between Bartercard members.

1

Parties wishing to use Bartercard should state in the agreement the amount and the fixed term that Trade will be accepted under the contract. This can be done by inserting the following: >> Terms payment (clause 1): 100% Trade and fixed for a term of x months/years >> The above should be noted on the front of any agreement between members of Bartercard.

2

To supplement the suggested Terms of Payment (1) we also suggest that the following term is inserted into the Terms of Trade or the Terms and Conditions of the agreement: >> BARTERCARD TRADE DOLLARS Where payments for services or goods provided under this agreement are to be paid with Trade, payments are to be accepted according to the Terms of Payment >> Payment according to Clause 1 shall be fixed as stated in the Terms of Payment. Neither party shall unilaterally amend the Terms of Payment without agreement in writing by both parties. Should you wish to enter into an agreement with other members for long term contract we suggest the above are included to ensure that the Terms of the Agreement are clarified as much as possible and seek legal advice.

Other items to consider Paying a deposit Paying a deposit will often make an agreement legally binding. The amount can be negotiated and depends on what service is involved. Ensure you get a receipt with the amount paid, the date and the recipient, and be wary if a seller asks for a 100% deposit in advance.

Paying in instalments This generally occurs where ongoing purchases of supplies are needed to finish the job, or it could be the most convenient payment method.

The final payment This is typically paid once the service has been completed. If you’re asked to pay the full price prior to this, you should seek legal advice.

Everything on trade in ONE place, Marketplace is OPEN! marketplace.bartercard.co.nz

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Fair Trading under NZ law

Information on the Acts in NZ

Your rights under the FTA

Fair Trading Act

Unfair practices & bait advertising

The FTA applies to what people say and do when promoting and selling goods and services. The Act applies to all sales by professional traders, but not to one-off private trades.

Unfair practices are selling methods which mislead you. Unfair practices which are illegal under the FTA include bait advertising.

The FTA prohibits misleading and deceptive conduct, false representations and unfair practices by people in trade. Visit: www.consumeraffairs.govt.nz for example. Using someone else’s trade mark in relation to goods not authorised by the trade mark owner can also be in breach of the FTA as well as the Trade Marks Act. If you believe someone you have traded with is in breach of the FTA, and you are unable to resolve the issue with them directly, then you may wish to make a claim in the Disputes Tribunal or courts. The Commerce Commission also enforces some breaches of the FTA. The FTA applies to everyone in trade. As well as traders and shops, the Act covers government agencies and state-owned enterprises. Most of the Act does not cover private sales. The difference between the FTA and the Consumer Guarantees Act (CGA) is that, in general, the FTA covers claims about products and services prior to sale and the CGA covers the quality of those products and services after they have been bought.

This is when a seller advertises particular goods or services at a particular price, and doesn’t intend supplying or selling reasonable quantities at that price or advertises as goods being payable in Bartercard but then you find when you come to collect the goods that cash is involved or the pricing is different when paying with Bartercard. See pages 32-37 in this handbook to see how this applies with Bartercard transactions.

Section 19 of the FTA is as follows: (1) No person shall, in trade, advertise for supply at a specified price goods or services which that person — (a) does not intend to offer for supply; or does not have reasonable grounds for believing can be supplied by that person — at that price for a period that is, and in quantities that are reasonable, having regard to the nature of the market in which the person carries on business and the nature of the advertisement. (b) Any person who has advertised goods or services for supply at a specified price shall offer such goods or services for supply at that price for a period that is, and in quantities that are, reasonable having regard to the nature of the market in which the person carries on business and the nature of the advertisement. If you’re unhappy with a product or service, first try to sort it out with the merchant concerned, if you can’t make headway, you or anyone else can take criminal action under the FTA. You can also apply to the High Court for an injunction to stop the Act being breached. The best option especially for small claims is civil action, most often through a Disputes Tribunal. Disputes Tribunals can hear cases for claims up to $15K or $20K if both parties agree. Although you can take claims for specific misrepresentations under the Act such as about the price or quality of goods. www.consumerprotection.govt.nz/report-or-resolve-aproblem/going-to-the-disputes-tribunal/ A tribunal can award civil damages, which could include getting compensation or your money back. But only the courts can impose fines.

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Fair Trading under NZ law

The Consumer Guarantees Act

Sale of Goods Act (SOGA)

The CGA applies to sales by sellers ‘in trade’. It does not normally cover private or one-off sales. All professional sellers (people in trade) should therefore comply with the following guidelines:

In situations where the CGA does not apply, such as for private one-off sales, then the Sale of Goods Act 1908 (SOGA) will generally apply instead.

»» Disclose they are selling in trade (in particular this applies to sales online). Note: selling online includes website sales such as MYBC and Trade Me, smartphone apps, emails, text messaging, social media etc »» Ensure items they are selling are safe, durable and of acceptable quality

The SOGA includes warranties that are comparable to the CGA guarantees, including implied conditions that the seller is entitled to sell the goods and that the item meets the description. If it’s clear that the buyer has relied on the seller’s expertise, then there may be warranties as to the item’s quality or fitness for purpose.

»» Ensure items they are selling are fit for their intended purpose and any other particular purposes indicated

Helpful resources

»» Ensure items they are selling match the description given

www.consumeraffairs.govt.nz

»» Act responsibly and promptly to fix any product faults within a reasonable time after the sale (other than those caused by unreasonable use) or offer a replacement or refund »» Offer a full refund upon the return of goods with any serious problems »» Ensure delivery terms are clear and can be met, e.g. include shipping costs, taxes, fees and estimated delivery times.

FAIR TRADING ACT www.consumerprotection.govt.nz/ consumer-law-and-your-rights/fair-trading-act/ CONSUMER GUARANTEES ACT www.consumerprotection.govt.nz/consumerlaw-and-your-rights/consumer-guarantees-act/

DISCLAIMER: The contents of this section should not be substituted for legal advice. No liability is assumed by the author or the publisher for losses suffered by any person or organisation relying directly on the information above. At all times you should seek legal advice before taking any action.

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We’ve been a member of Bartercard for the past two years, and I can categorically say, it’s been the best thing we could have done. Being a part of the network has really opened up opportunities for the restaurant, and allowed us to realise a dream sooner than expected. Having an interest free line of credit meant we could use trade dollars to facilitate the building of the restaurant and pay for things such as plumbing services, furnishings, Eftpos terminals. Now we’re open, we use trade for purchasing wine which is a big expense for us (as well as other consumables, products and services). Being a part of Bartercard has expanded our customer reach into Palmerston North and also further afield to Whanganui – people are prepared to travel because we’re on Bartercard, but in turn they recommend us to cash paying customers which has helped our cash flow. Purchasing the wine in bulk on trade has significantly increased our cash profit return. One of our goals was to further expand by creating a purpose built function room, and this has been made possible in a relatively short space of time, and earlier than planned by using the cash we’ve preserved thanks to trade dollars. Thank you Bartercard, the power of your network is incredible!

JENNI MAY, Amayjen Restaurant, Feilding

Thank you Bartercard, the power of your network is incredible! This Handbook makes use of licensed stock photography. All photography is for illustrative purposes only and all persons depicted are models.

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Bartercard Forms CLICK TO DOWNLOAD

»» »» »» »» »» »»

Staff Account Application Automatic Payments Expense Account Application Additional Cardholder Direct Debit Authority Referral Program

Everything on trade in ONE place, Marketplace is OPEN! marketplace.bartercard.co.nz

39


RULES OF THE TRADING PROGRAMME

PART I – PRELIMINARY

words denoting individuals or persons include businesses, partnerships corporations, authorities, governments and governmental agencies and vice versa;

1.

THE TRADING PROGRAM AND THE PARTIES INVOLVED

1.1.

Trading Program The “Trading Program” is a system to facilitate reciprocal trade amongst its Members.

(d)

words denoting any gender include all genders;

(e)

headings are for convenience only and do not affect interpretation;

Bartercard New Zealand LP Bartercard New Zealand LP (“Manager”) operates the Trading Program (“the Licence”) and acts as a third-party record keeper of trade transactions amongst Members, and direct Members to each other for the purpose of facilitating trade transactions.

(f)

references to recitals, clauses, schedules and annexures are recitals, clauses, schedules and annexures to these Rules;

(g)

references to any agreement or document or instrument are to that agreement or document or instrument (and, where applicable, any provisions of that agreement or document or instrument) as amended, novated, supplemented or replaced from time to time;

(h)

references to any party under these Rules, or any other document or arrangement, include that party’s executors, administrators, substitutes, successors and permitted assigns;

(i)

references to payment of an amount in Trade Dollars means causing the crediting of that Trade Dollar amount to the Trade Account of the person to whom payment is expressed to be made;

(j)

where the context requires reference to Bartercard will be deemed to include reference to the Manager and vice versa.

2.2

Definitions In these Rules, unless the context so requires:

(a)

“Agreement” means the agreement between Bartercard and the Member by which Bartercard grants to the Member the right to participate in the Trading Program.

(b)

“Authorisation” means confirmation given by Bartercard to a Selling Member that a Buying Member has sufficient credit in its Trade Account to complete the Trade and that the relevant amount will be frozen in the Buying Member’s account until the Trade is complete. Any such Authorisation will be recorded in books of Bartercard with a number which will be called “the Authorisation Number” and the amount of the Trade will be recorded in the Buying Member’s account as a debit.

1.2.

1.3.

1.4.

1.5.

40

(c)

Bartercard Exchange Limited Bartercard Exchange Limited (“Bartercard”) issues memberships in the Trading Program and is a party to the Deed of Management. Member A “Member” is a person or entity that is entitled to participate in the Trading Program and whose membership has been approved under the Rules of the Trading Program and unless otherwise stated includes an Extraordinary Member. Extraordinary Member An “Extraordinary Member” of the Trading Program is the classification given to the Manager and its subsidiary companies, Barter Futures NZ Limited, Barter Futures Pty Ltd, Bartercard Exchange Limited and Bartercard International Limited (other than in their capacity as Members) when participating in the Bartercard Trading Program by buying and/or selling products and/or services with other Members.

2. 2.1

THESE RULES Interpretation In these Rules, unless the context otherwise requires:

(a)

references to any legislation or legislative provisions include any statutory modification or re-enactment of, or any legislative provision substituted for, and any statutory instrument issued under that legislation or legislative provision;

(b)

words denoting the singular number include the plural number and vice versa;

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(c)

“Card” includes a Members Card, An Additional Card or a Gift Card unless otherwise specifically stated.

(d)

“Confidential Information and Intellectual Property” means trade marks, logos, commercial names and designations, technical information, methods, processes, trade secrets, formulae, compositions, systems, techniques, computer programs, research projects, business information, customer lists, pricing data, sources of supply, financial data, marketing, training, production or merchandising systems and plans and other information relating to the Trading Program confidential to Bartercard.

(e)

“Continual Supply Agreement” means an exclusive agreement that has been entered into between two Members with the prior written consent of Bartercard for the regular calendar monthly supply of goods and/or services where the consideration for any such supply is made by way of a combination of cash and Trade Dollars.

which, by force of the Membership Agreement signed by each Member, forms a contract between Bartercard and all of the Members jointly, between Bartercard and each of the Members severally, and between each Member and each other Member (“the Agreement”). If there is a conflict between the terms of the Agreement and these Rules, the provisions of these Rules will prevail. 2.5

Survival of Obligations These Rules are binding on the Members and obligations imposed upon Members under these Rules will survive suspension or termination of the right of a Member to participate in the Trading Program.

2.6

Binding on Personal Representatives and others The Rules are binding upon the Members, their executors, administrators, successors, permitted assigns and substitutes.

3.

NATURE OF TRADE DOLLARS

3.1

Nature A “Trade Dollar” is an accounting unit (equivalent to one New Zealand Dollar) used to record the value of goods and services traded. Trade Dollars are not legal tender, securities, debentures, or commodities. Bartercard has the right and power to regulate and control the number of Trade Dollars within the Trading Program.

(f)

“Deed of Management” means the Deed entered into between the Manager and Bartercard under which the Manager has agreed to manage the Trading Program.

(g)

“Delinquent Member” means a Member in respect of which, by reason of its lack of trade activity or for any other reason, Bartercard considers that the likelihood that the Member will bring its Trade Account to a nil or credit balance within a reasonable time or at all, justifies the debit balance being written off, whether or not the debit balance has actually been written off.

3.2

“Fees” means Membership Fees, Transaction/Service Fees, Marketing support fee, Administrative/Services Fees, Directory Fees and Display Advertising Fees unless otherwise specifically stated and includes both cash Fees and Fees payable in Trade Dollars.

Credit Balance an Asset of Member The Trade Dollars recorded in the trading account of a Member (“Trade Account”) which has a credit balance represent an asset of that Member. Such a Member is entitled to obtain goods or services from another Member to a value equivalent to that credit balance.

3.3

“Limited Supply Member” means a Member which, with the prior approval of Bartercard, has either suspended or restricted its participation in the Trading Program and will be designated as such in the Bartercard Directory/Maps.

Not a Liability of Bartercard The Trade Dollars recorded in a Trade Account of a Member which has a credit balance do not constitute a liability or a debt payable by Bartercard or the Manager to any Member.

3.4

Debit Balance a Liability of Member A Member whose Trade Account has a debit balance is liable to either:

(a)

supply goods or services to an equivalent value to another Member; or

(b)

if the Member has not discharged the Member’s liability by supplying goods or services to another Member, to pay to Bartercard an amount in cash in New Zealand Dollars equivalent to the amount in Trade Dollars of the debit balance.

3.5

No Obligation to Redeem or Convert Under no circumstances will Bartercard or the Manager be under any obligation to any Member to redeem or convert to cash or pay any amount for or in respect of Trade Dollars nor do Bartercard or the Manager warrant the negotiability of Trade Dollars.

3.6 (a)

Restriction on Use Trade Dollars may only be used in the manner and for the purpose set forth in these Rules.

(b)

For the avoidance of doubt, Trade Dollars must not be exchanged between Members for any cash consideration.

(h)

(i)

(j)

“Membership Register” means the record kept by Bartercard of Members currently participating in the Trading Program.

(k)

“Month” means a calendar month.

(l)

“Normal Selling Price” means the price at which a Selling Member, sells or supplies it goods and/or services to non-members on the same day.

(m)

“Rules and Regulations of the Trading Program” means the rules and regulations adopted by Bartercard from time to time to regulate the operation of the Trading Program and includes any subsidiary rules issued from time to time relating to any of the procedures of the Trading Program and includes any amendments or alterations made to such rules or subsidiary rules.

2.3

2.4

Purpose The purpose of these Rules is to regulate the Trading Program by setting out the terms upon which Members may trade. These Rules govern the operation of the Trading Program. Legally Binding Bartercard and each Member agree to be bound by these Rules

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PART II – TRADING IN THE PROGRAM 4.

ENTITLEMENT TO PARTICIPATE

4.1

Member Only a Member current in the payment of any Fees and charges owing to Bartercard, trading within its Credit Line limit and otherwise conducting itself in accordance with these Rules, is entitled to participate in the Trading Program.

4.2

4.3

4.4

Additional Cardholders Bartercard may at a Member’s request issue additional Cards to any person nominated by the Member (“Additional Cardholder”) to be used subject to these Rules. The Member agrees to be liable for the use of the Additional Cardholder’s Card including any breaches of the Rules until the Additional Cardholder’s right to use the Card is withdrawn in accordance with Rule 4.4. If the Additional Cardholder breaches any of these Rules, Bartercard may without notice suspend and/or withdraw the Additional Cardholder’s right to participate in the Trading Program.

TRADE TRANSACTIONS

5.1

Trade A “Trade” is a transaction conducted in the manner set out in these Rules between Members involving the sale and purchase of goods (which expression includes real and personal property and any right or title to or interest in any thing) or services. The party selling the goods or services is the “Selling Member”, and the party purchasing is the “Buying Member”. Unless otherwise specifically stated a “Trade” in these Rules will mean an “Ordinary Trade” pursuant to Rule 6.1.

5.3

5.4

(a)

Acting as a Selling Member; or

(b)

Transferring funds from any associated Bartercard Trade Account(s) held in a foreign jurisdiction(s); or

(c)

Utilising an associated Bartercard Trade Account(s) held in a foreign jurisdiction(s) to act as a Buying Member with any New Zealand Bartercard accounts.

6.

TRADE PROCEDURE

6.1

Ordinary Trades The procedure for conducting payment for an Ordinary Trade is:

(a)

Produce Card: After the Trade has been completed the Buying Member will produce its Card to the Selling Member.

(b)

Complete Voucher: Either the Buying Member or the Selling Member will complete the following particulars of the Trade upon a form prescribed from time to time by Bartercard as the form to be completed for the purposes of a Trade (“Transaction Voucher”):

Additional Cardholders Right Withdrawn The Member will give to Bartercard written notification of the Member’s intention to withdraw an Additional Cardholder’s right to use the Member’s Trade Account and will return the Additional Cardholder’s Card to Bartercard forthwith. Bartercard will withdraw the right of use effective from receipt by Bartercard of both written notification and the Additional Cardholder’s Card. A Member remains liable for all use of an Additional Cardholders Card until the additional Card is returned to Bartercard.

5.

5.2

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Limited Supply Member A “Limited Supply” Member is a Member which, with the prior approval of Bartercard, has either suspended or restricted its participation in the Trading Program and will be designated as such in the Bartercard Directory/Maps.

during any 12 month period. Approval of such applications will be determined by Bartercard NZ in its sole discretion and any attempt to transfer funds in excess of any approved level will be declined. This clause applies to funds transacting by means of:

(i) the name of the Buying Member and its account number; (ii) the name of the Selling Member and its account number; (iii) a brief description of the goods or services; (iv) the date upon which the Trade is entered into; (v) the Trade Dollar amount of the Trade; and

Trade Accounts Bartercard will establish for each Member a Trade Account for recording Trades entered into by them and other transactions in Trade Dollars which relate to them. No Agency In conducting any Trade, Members do so as principals and not as agents of or through the Manager or Bartercard. Bartercard is not a party to any Trade, and Trades will be entered into voluntarily by the Buying Member and Selling Member. Neither the Manager nor Bartercard is not the guarantor of any Trade or Trade Dollar or otherwise liable therefore. Foreign Trade Dollars Notwithstanding anything to the contrary in these Rules, a member may apply to Bartercard NZ to bring a maximum of NZ T$10,000 (assessed in total across all accounts associated to the account held by the member) into the New Zealand Bartercard Trade Exchange

(vi) the Selling Member will confirm that the Card has not expired. (c)

Sign Voucher: The Buying Member will sign the Transaction Voucher and the Selling Member will check that the signature on the Transaction Voucher conforms with the signature on the Card.

(d)

Endorse Authorisation: The Selling Member will obtain and endorse the Transaction Voucher with the Authorisation Number issued by Bartercard pursuant to Rule 7.

(e)

Return of Voucher: The Selling Member will send the original completed Transaction Voucher to Bartercard within seven (7) days, give the duplicate to the Buying Member, and retain the triplicate copy.

6.2 (a)

Trade by Product Voucher Product Vouchers: Product Vouchers are prepaid Vouchers obtained through Bartercard which enable the bearer to receive goods and services from a named merchant to the value of the Product Vouchers without an Authorisation Number.

(b)

Product Vouchers obtained from Selling Member: From time to time, Bartercard may obtain from a Selling Member Product Vouchers in which case it will:

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(i) credit the Trade Account of that Member with the relevant Trade

(i)

debit the Trade Account of that Member with the relevant Trade Dollar amount;

(ii)

credit the Gift Card being issued with that Trade Dollar amount.

(c)

The issue and value of Gift Cards will be at the sole discretion of Bartercard.

(d)

When a Gift Card is presented to a Selling Member for the purchase of goods or services, the Selling Member must follow the trade procedure as set out in Rule 6.1.

(e)

In respect of goods or services provided pursuant to the production of a Gift Card, Bartercard or the Manager makes no express or implied warranty as to the merchantability or fitness for purpose of any such goods and services and for the purposes of such Trade the Member to whom the Gift Card is produced will be deemed to be the Selling Member.

(f)

Bartercard may, from time to time, issue supplementary or amended rules (which will be supplied with the Gift card) for the use of Gift Cards, and Members using or accepting Gift Cards will be bound by the amended rules.

6.4

Trade By Use of EFTPOS Terminal The procedure for conducting Trades through the use of an EFTPOS Terminal is as follows:

(a)

Produce Card: Prior to receiving the goods or services the Buying Member will produce its Member Card to the Selling Member.

Product Vouchers not Issued: At any stage, should Product Vouchers remain unissued, Bartercard may return the Product Vouchers, whether expired or not, to the named merchant and will:

(b)

Complete EFTPOS transaction: The Selling Member will swipe or enter the Buying Member’s Card details through the Selling Member’s EFTPOS terminal.

(i) credit the Trade Account of the Member to whom the Product

(c)

Sign Voucher: The Buying Member will sign the EFTPOS Transaction Voucher and the Selling Member will check that the signature on the EFTPOS Transaction Voucher conforms with the signature on the Card.

(d)

The Selling Member will give the Buying Member a copy of the EFTPOS Transaction Voucher immediately after completing the Trade.

(e)

The Selling Member will retain the original EFTPOS Transaction Voucher for at least twelve (12) months after the Trade.

(f)

The Selling Member will provide Bartercard with a copy of the EFTPOS Transaction Voucher within forty-eight (48) hours after demand. Failure to do so may result in the Trade being reversed.

(g)

If an EFTPOS terminal is not operational, then the trade procedure will be followed as set out in Rule 6.1.

6.5

Trade By Use of Electronic Commerce The procedure for conducting e-commerce Trades through the Internet is contained in the Rules governing e-commerce applications located at Bartercard’s Internet trading website which rules form part of these Rules.

6.6

Trade by way of mail, facsimile, telephone or internet order

Dollar amount;

(ii) debit Bartercard’s Trade Account with that Trade Dollar amount. (c)

Issue of Product Vouchers: At the request of any Member, Bartercard may issue to that Member a Product Voucher entitling the bearer to receive goods and services to thevalue of the Product Voucher in which case it will: (i) debit the Trade Account of that Member with the relevant Trade

Dollar amount;

(ii) credit Bartercard’s Trade Account with that Trade Dollar amount. (d)

Selling Member’s Obligation: A Selling Member must trade with the bearer of a Product Voucher by supplying goods and services to the value of the Product Voucher. There is no need for the Selling Member to forward the redeemed Product Voucher to Bartercard after the Trade has been completed.

(e)

Payment of balance in cash: The bearer of a Product Voucher may, if the Trade Dollar amount of the Product Voucher is insufficient to meet the purchase price of the goods or services to be sold or provided by the Selling Member, pay the balance of the purchase price to the Selling Member in cash rather than in Trade Dollars.

(f)

(g)

No change payable: Where the Trade Dollar amount of the Product Voucher exceeds the purchase price of the goods or services to be sold or provided, the Selling Member is not obliged to pay any change or give any credit in favour of the bearer of the Product Voucher.

Voucher(s) are being returned with the Trade Dollar amount of the Product Voucher(s), refunding any Transaction/Service Fees originally incurred; (ii) debit Bartercard’s Trade Account with that Trade Dollar amount. (h)

Supplementary or Amended Rules: Bartercard may, from time to time, issue supplementary or amended rules for the use of Product Vouchers, which will be endorsed thereon, and Members using Product Vouchers will be bound thereby.

(i)

In respect of goods or services provided pursuant to the production of a Product Voucher, Bartercard or the Manager makes no express or implied warranty as to the merchantability or fitness for purpose of any such goods or services and for the purposes of such Trade the Member receiving the Product Voucher will be deemed to be the Selling Member.

6.3 (a)

Trade by Gift Card Gift Cards are Cards preloaded with a Trade Dollar amount which entitles the authorised bearer to participate in the Trading Program.

(b)

At the request of any Member, Bartercard may issue to a non-Member a Gift Card in which case it will:

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The procedure for conducting Trades by way of mail, facsimile, telephone or internet order is:

(c)

that the Selling Member failed to obtain Authorisation before the Trade.

(a)

Information Provided: Where the Selling Member has been granted phone/mail order status prior to receiving the goods or services, the Buying Member will provide the Member Card or Additional Cardholders Card details (including name, number and expiry date) by way of mail, facsimile, telephone or internet order to the Selling Member.

7.4

Expiry of Authorisation An Authorisation is valid only for a period of seven (7) days after the date upon which it was granted, after which it expires whereupon Bartercard may treat the Trade as if no Authorisation had been granted.

8.

PROCESSING OF TRADES

(b)

Trade Procedure Followed: The appropriate procedure set out in Rule 6.1 (except Rule 6.1(c)) will be then followed.

8.1

(c)

EFTPOS Procedure Followed: With EFTPOS Trades the appropriate procedure set out in Rule 6.4 will be followed.

Posting of Authorised Trade Where Authorisation has been granted and the Authorisation Number so issued has been endorsed on the Transaction Voucher, Bartercard will post the Trade to the Trade Accounts of the Selling Member and the Buying Member.

6.7

Acknowledgment of Liability The signing by the Buying Member of the Transaction Voucher or the provision of the Buying Member’s Card details by or on behalf of the Buying Member constitutes:

8.2

Obligation to Process

Bartercard is not obliged to process a Transaction Voucher where it reasonably suspects of any party to the Trade, or reasonably suspects of any party in any other circumstances, a breach of the Rules, fraud, or misleading or deceptive conduct.

8.3

Lost or Stolen Card A Member is liable for:

(a)

All Trades conducted on a lost or stolen Card prior to Bartercard receiving written notification of the loss or theft.

(b)

All Trades conducted on an Additional Cardholder’s Card prior to Bartercard receiving written notification of withdrawal under Rule 4.4 PROVIDED THAT if Bartercard is satisfied that the Member has made all reasonable efforts to obtain the Additional Cardholder’s Card but has been unable to do so, then Bartercard may in its sole discretion treat the Additional Card as being lost or stolen.

8.4

Where No Authorisation Number If an Authorisation Number is not endorsed on a Transaction Voucher, Bartercard may post the Trade to the Member’s Trade Account but will have no obligation to do so.

8.5

Late Receipt of Voucher Bartercard may decline to process any Transaction Voucher which is received later than seven (7) days after the date of the Trade, even if Authorisation was granted.

8.6

Audit and Verification All Trades are subject to final audit and verification by Bartercard and, in the case of errors or inaccuracies, a Member’s Trade Account may be debited or credited so as to correct any error without giving notice to the relevant Member.

8.7

Copy of Transaction Voucher A Member who requests a copy of a Transaction Voucher will be provided with a copy subject to payment of an administrative fee which may be prescribed from time to time.

8.8

Re-presentation of Cheques Members will be charged an administrative fee which may be prescribed from time to time for cheques that are required to be represented or are referred to the drawer or for returning more than one copy of a Voucher.

(a)

(b)

agreement on the part of the Buying Member that the Buying Member’s Trade Account is to be debited in accordance with Rule 5.3(b) with the amount referred to in the Transaction Voucher; and

(c)

if the effect of debiting the Trade Account of the Buying Member with the Trade Dollar amount of the Trade, after offsetting that amount against any credit balance in that Trade Account, is to produce a debit balance in that Trade Account, an acknowledgment and evidence of the Buying Member’s liability as provided in Rule 3.4.

6.8

Non Compliance with Procedure Where the Buying Member or the Selling Member do not comply with any part of the trade procedure set out in these Rules, Bartercard will have the right to refuse to process the Trade or, if it has been processed, to reverse, cancel, or alter the entries in the Trade Accounts of the Members involved pursuant to Rule 18.

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acknowledgment by the Buying Member that the Trade to which the Transaction Voucher relates has been conducted in accordance with these Rules;

7.

AUTHORISATION PROCEDURE

7.1

Authorisation to be Sought Where the Trade Dollar value of a proposed Trade exceeds such amount as Bartercard may specify from time to time as endorsed on the Member’s Card (“Minimum Authorised Amount”), the Selling Member will seek Authorisation for the Trade.

7.2

Authorisation Granted If Authorisation is granted to a proposed Trade then Bartercard will issue an Authorisation Number.

7.3

Refusal of Authorisation Bartercard will be entitled to refuse Authorisation for any reason including, without limitation:

(a)

that the Buying Member does not have sufficient Trade Dollars in its Trade Account or available credit in its Credit Line; or

(b)

that either party is in breach of the Rules; or

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9.

TRADE CONDUCT

9.1 (a)

Identification A Buying Member will not be required to disclose to a Selling Member the Buying Member’s intention to pay with Trade Dollars until after the terms of the Trade have been agreed upon.

(b)

When establishing the terms of trade, a Buying Member will not seek or pressure a Selling Member for their best possible price.

(c)

Once the terms of the Trade have been agreed upon, the Buying Member must clearly disclose to the Selling Member its intention to pay with Trade Dollars. Any such disclosure must be made at the time of making the booking, placing the order or accepting a quote and before the Trade becomes binding.

9.6

to enter into a Trade with a Buying Member in circumstances where the Selling Member would have entered into the Trade if the Buying Member was willing to pay cash, unless an Authorisation Number has been sought and refused, or if the Buying Member is an existing cash economy customer of the Selling Member. 9.5

9.2 (a)

Ethical Pricing A Selling Member will charge the Normal Selling Price for all goods and services sold through Bartercard. The “Normal Selling Price” means the price at which a Selling Member, sells or supplies its goods and/or services to non-members on the same day.

(b)

A Buying Member may seek a discount from a Selling Member’s Normal Selling Price after it has disclosed its intention to pay with Trade Dollars.

9.3 (a)

100% Trade and exceptions All Trades will be conducted on a one hundred percent (100%) Trade Dollar basis except in the following circumstances:

(i)

the Selling Member has, before entering into the Trade, obtained the prior consent of Bartercard to trade in cash, or partly in cash and partly in Trade Dollars;

(ii)

when dealing with property and specific large value items which meet the ‘listing criteria’ set out in the Bartercard Property Website;

(iii)

where there exists a Continual Supply Agreement (see Rule 2.2(d)) between the Members;

(iv)

where Bartercard has in its sole discretion negotiated an agreement with a Member, which will result in goods and/or services being made available to other Members for a combination of cash and Trade Dollars. For the purposes of this Subrule any such agreement will be referred to as a National Continual Supply Agreement.

Consent for any Trade entered into pursuant to Rule 9.3(a) may be given conditionally, withheld and/or later withdrawn at the sole discretion of Bartercard.

(c)

Any Member breaching the requirement for 100% trade dollar transactions will pay the standard Transaction/Service Fee on the non-Bartercard Trade Dollar component of the Trade, together with an additional cash Transaction /Service Fee equal to 15% of the said value within seven (7) days of demand by Bartercard.

9.4 (a)

Refusal to Trade Members are accountable for their listings in the Bartercard Directory/ Maps and are bound by their listing for the life of the Directory as set out in Rule 13.4.

(b)

No Selling Member which is not a Limited Supply Member will decline

Direct Trade A “Direct Trade” is a Trade entered into by two or more Members outside of the Trading Program for the purpose of avoiding the payment of Transaction/Service Fees.

(a)

No Member will enter into a Direct Trade with another Member.

(b)

No Member will execute a Transaction Voucher leaving the Selling Member’s name blank, receive a third party Transaction Voucher, or negotiate a Gift Card or Product Voucher to a third party.

(c)

Each Member involved in a Direct Trade will pay a Transaction/Service Fee equal to the Transaction/Service Fee of the value of the Direct Trade, together with an additional cash Transaction/Service Fee equal to 15% of the said value, with all Fees due and payable within seven (7) days of completion of the Direct Trade.

(d)

Bartercard may request from any of the Members it believes to have engaged in the Direct Trade a copy of any relevant documentation relating to the Trade which must be supplied within 48 hours of request being made.

(e)

Notwithstanding the other provisions of Rule 9.6, Bartercard may suspend or terminate the right of a Member to participate in the Trading Program if the Member has entered into a Direct Trade.

9.7

Poor Service Where in Bartercard’s opinion a Member fails to respond to another Member’s enquiry or fails to respond to another Member in the same manner as the Member would have if the other Member was a cash customer, the Member will be deemed to have engaged in “Poor Service” for which the Member’s right to participate in the Trading Program may be suspended or terminated.

9.8

(b)

Tips and Taxes All tips, gratuities and any tax or duty applicable on any Trade will be paid in Trade Dollars by the Buying Member at the point of purchase.

Fair Dealings Bartercard may investigate or enquire into complaints in relation to or breaches of these Trade Conduct Rules by a Member and may take such actions as it deems appropriate in order to promote or ensure fair dealings between Members.

10.

EXTRAORDINARY MEMBER TRADES

10.1

Warranty as to Title Where an Extraordinary Member participates in the Trading Program as a Selling Member, the Extraordinary Member warrants to the Buying Member that it has title to the goods free from any charge, lien, or encumbrance.

10.2

“As is where is” Such goods are sold by the Extraordinary Member on an “as is where is” basis and the Buying Member acknowledges that the goods are manufactured or produced by a third party.

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10.3

10.4

No Warranty as to Fitness for Purpose The Extraordinary Member makes no warranty whether express or implied, by operation of law or otherwise as to the merchantability, fitness for purpose or otherwise of those goods and a Buying Member will look solely to the manufacturer, distributor or retailer of such goods to obtain the benefit of any warranty.

10.5

Reservation of Title Where the Extraordinary Member participates in the Trading Program as a Selling Member, the following provisions apply:

(a)

Title to goods traded between the Extraordinary Member and the Buying Member will remain with and vest in the Extraordinary Member at all times until:

(i)

the full purchase price has been discharged by a debit entry in the Trade Account of the Buying Member; and

(ii)

if such a debit entry results in the Trade Account of the Buying Member having a debit balance, that debit balance has been discharged either by payment from the Buying Member to the Extraordinary Member, or by credits subsequently made to the Buying Member’s Trade Account as a result of Trades.

(b)

While title to goods traded between the Extraordinary Member and the Buying Member remains with and is vested in the Extraordinary Member, the Extraordinary Member may re-take possession of such goods (or any part of them) unless, within thirty (30) days after the completion of the Trade (for which purpose the date on which the Trade is entered in the Buying Member’s Trade Account will be conclusive evidence of the date of the Trade), title to the goods has transferred to and become vested in the Buying Member in accordance with the provisions of Rule 10.5(a).

of the same or a similar character or description, to appropriate out of the goods so intermingled such quantity or amount as in the opinion of the Extraordinary Member fairly represents the quantity or amount and the value of the goods sold to the Buying Member;

PROVIDED THAT the Buying Member will indemnify the Extraordinary Member against any loss or damage suffered by the Extraordinary Member resulting from any action taken by the Extraordinary Member pursuant to Rule 10.5(c).

(d)

While title to any goods sold by the Extraordinary Member to the Buying Member remains vested in the Extraordinary Member: (i) the Buying Member must not sell, lease, encumber, or otherwise

deal with or part with possession of the goods or any part of them until title has transferred to and become vested in the Buying Member; and (ii) if the Buying Member breaches the provisions of Rule 10.5(d)(i),

all proceeds of any such sale, leasing, encumbering, dealing, or parting with possession of the goods will be immediately due and payable to the Extraordinary Member. 10.6

Legislation The provisions of Rule 10 are subject to any trade or commerce legislation which is inconsistent with these provisions, to the extent that the same cannot lawfully be contracted out of and to that extent only, the provisions of these Rules will be of no force or effect.

10.7

Charge Despite anything else contained in these Rules, the Buying Member agrees to grant a charge in favour of the Extraordinary Member over any goods supplied pursuant to Rule 10.

PART III – ADMINISTRATION OF THE PROGRAM 11.

BARTERCARD’S ROLE

11.1

Provision of Services Bartercard will:

(a)

Monitor and Recover Debit Balances:

(i)

monitor all Trade Accounts which have a debit balance and ensure that the Members holding those accounts maintain them in accordance with these Rules;

(ii)

pursue recovery of debit balances where the Rules provide that they are recoverable and where Bartercard is satisfied that the debit balance is commercially viable to pursue.

(b)

Regulate and control the number of Trade Dollars within the Trading Program.

to sever, remove and disconnect the goods (or any part of them) from any land, building or other property to which the same have been attached or affixed, without liability for any damage or injury thereby caused to such land, buildings or other property;

(c)

Issue to Members within 30 days of them becoming Members, Transaction Vouchers that may be prescribed from time to time for use in connection with any Trade.

(iv)

to appoint a Receiver to take possession of the goods or any part of them; and

(d)

In its discretion issue Gift Cards to any non-members and Product Vouchers to any Members which can be used to participate in a Trade in accordance with Rules 6.2 and 6.3.

(v)

if the goods (or any part of them) have been intermingled with goods

(c)

For the purposes of Rule 10.5(b), the Extraordinary Member is hereby irrevocably authorised by the Buying Member to do all or any of the following things in re-taking or attempting to re-take possession of the goods (or any part of them), and may exercise any of the following powers through any of the Extraordinary Member’s directors, officers, servants, agents, or sub-contractors;

(i)

to enter upon any land, buildings or property owned, leased or occupied by the Buying Member;

(ii)

to use force in order to obtain entry to any such land, buildings or property;

(iii)

46

Assignment of Warranty Upon the completion of any Trade in which the Extraordinary Member participates as a Selling Member, the Extraordinary Member will assign to the Buying Member the benefit of any warranty attaching to the goods to the extent that the benefit of any such warranty is lawfully capable of assignment.

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(e)

Issue Member’s Card:

(i)

issue from time to time to Members a Member’s Card (“Member’s Card”) which will, upon its production to another Member be valid in respect of purchases up to the amount specified on the reverse side of the Card;

Numbers to Members. (p)

At its discretion terminate any Membership pursuant to Rule 19.2.

(q)

At its discretion institute, maintain, defend or otherwise participate in or compromise any proceedings in any court or tribunal in its name or in the name of the Manager, in respect of any moneys payable by or to Bartercard or any other claim or demand by or against it or the Manager.

(ii)

the Member’s Card will remain at all times the property of Bartercard and may not in any way be defaced or altered;

(iii)

the Member’s Card will promptly be cut in half and returned to Bartercard by the Member:

(r)

Exchange Trade Dollars for cash received by it from a Member as payment of a Trade Dollar debt.

a. b. c. d.

upon cancellation of the right to use the Card; where the Member requests cancellation; upon its expiry (although the Card need not be returned); where a Card has been previously reported lost or stolen, upon its subsequently being found; and in these circumstances an agent of Bartercard may call on the Member to obtain possession of the Member’s Card and the Member will return the Card to that agent upon sight and proof of authority to collect the Card.

(s)

Use its best endeavours to ensure that the levels of the Debt Reserve Fund are adequate to protect the interests of the Members.

(t)

Maintain a current list of all Members in its Membership Register.

(u)

Provide to Members access to non-confidential authorised details of current information on Members and goods or services available under the Trading Program.

Provide Monthly Statements electronically or in paper form to Members reflecting activity in their Trade Accounts and amounts that are due and owing to Bartercard (“Monthly Statement”). Monthly Statements issued by Bartercard are deemed to be accurate unless a Member notifies Bartercard in writing of any discrepancy within fourteen (14) days of the Monthly Statement date. If the discrepancy is accepted a further Monthly Statement will be issued to correct the discrepancy. Copies of Monthly Statements will be provided upon payment of a fee which will be prescribed from time to time.

(v)

Issue from time to time publications and make available advertising space in such publications to Members for goods or services on offer through the Trading Program.

(w)

Do all things necessary or incidental to the proper and efficient management and administration of Bartercard and the Trading Program and the operation and enforcement of the Rules of the Trading Program.

11.2

No Liability Neither Bartercard nor the Manager will be liable to any Member for failure to provide, or the manner of providing, the above services.

12.

MANAGER’S ROLE

12.1

Manager to Act on Behalf of Bartercard Pursuant to the Deed of Management the Manager has the full and unfettered management and control of the affairs of Bartercard relating to the conduct and operation of the Trading Program. Where these Rules provide that any act, matter or thing is to be done or caused to be done or may be done by Bartercard the Manager may do or cause to be done that act, matter or thing which will be sufficient compliance with these Rules.

13.

DIRECTORY, ADVERTISING, AND PROMOTIONS

13.1 (a)

Authorisation Members authorise Bartercard to notify and advertise to other Members the availability in the Trading Program of that Member’s goods or services for the purposes of:

(f)

(g)

Provide interim statements to Members particularising activity in their Trade Accounts subject to payment of a fee which may be prescribed from time to time.

(h)

At its discretion invite applications for Membership of the Trading Program and if it considers the applicant to be a person or entity who carries on business of a kind likely to be suitable for trading in the Trading Program may upon payment of the Membership Fee and the approval of the Manager enter the applicant in the Membership Register.

(i)

At its discretion amend the Rules pursuant to Rule 31.

(j)

Establish and maintain all books and records (including books of account) necessary and proper for the conduct of the Trading Program.

(k)

Establish a Trade Account for each Member.

(l)

At its discretion post or refuse to post Trade Dollars to a Member’s Trade Account.

(m)

At its discretion grant, establish, maintain, review, vary or cancel a Credit Line in accordance with Rule 20.

(n)

At its discretion set and from time to time review the amount of the Fees payable by each Member under the Rules, and the proportion of those Fees which is payable in cash.

(i) the provision of the goods or services; (ii) the enhancement of customer service; (iii) the answering of Members’ queries;

(o)

Operate and maintain a procedure for providing Authorisation

(iv) Member research; and (v) the facilitation of Trades.

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(b)

Members authorise Bartercard and its agents, contractors, authorised employees and any related party: (i) to send to it commercial electronic messages for the purpose set

Members request amendments prior to the notified Directory deadline. (c)

Members will not refuse to accept Trade Dollars whilst they have a current unqualified Directory listing.

13.7

No Warranty as to Accuracy of Directory Neither Bartercard nor the Manager give any warranty as to and will not be responsible for the accuracy of the information in relation to any Member contained in the Directory, or any promotional or other material provided by Bartercard or servant or agent of them or any of them to Members, and will not be liable for any error or omission therein and will be indemnified by any Member in respect of any loss or damage suffered by Bartercard or the Manager as a result of any Member placing inaccurate information in the Directory.

out in Rule 13.1; and (ii) not to include in the commercial electronic message a functional

unsubscribe facility. (c)

For the purposes of these Rules, an “electronic message” is a message sent using an Internet carriage service or any other listed carriage service to an electronic address in connection with: (i) an email account; or 14.

TRANSACTION, SERVICE, ADMINISTRATION AND DIRECTORY FEES

(iii) a telephone account.

14.1

Transaction/Service Fees Each Member will pay a fee in respect of each Trade in which it participates (the “Transaction/Service Fee”) which will be equal in amount to such percentage of the value of the Trade (inclusive of any tax) as Bartercard from time to time determines, payable, at the election of Bartercard, either in cash or in Trade Dollars. The Trade Dollar amount of any Transaction/Service Fee may, at the election of Bartercard, be debited to the Trade Account of either or both of the Members participating in the Trade.

Note: Email addresses and telephone numbers are examples of electronic addresses.

(d)

For the purposes of Rule 13, it is immaterial whether the electronic address exists or whether or not the message reaches its intended destination.

(e)

If a message is sent by way of a voice call made using a standard telephone service, the message is not an electronic message for the purposes of these Rules.

13.2

13.3

13.4

13.5

13.6 (a)

(b)

48

(ii) an instant messaging account; or

Directory – Publication and Distribution Bartercard will from time to time publish and distribute a directory, including a directory in electronic form on the Internet, that contains the names and such other information concerning Members that Bartercard from time to time determines. In these Rules a reference to “Directory” will mean both Published and Electronic Directories unless otherwise specified. Expiry of Published Directory All new Published Directories will take effect immediately upon receipt by the Member which will be deemed to be three (3) working days after dispatch by Bartercard to the Member. All old Published Directories will cease to have effect as soon as the new Published Directories take effect. Expiry of Electronic Directory All new Electronic Directory listings will take effect immediately upon their placing on Bartercard’s website and all old Electronic Directory listings will expire at the same time except that any amendments or alterations to existing listings will not take effect until the new Published Directory takes effect.

14.2

14.3

14.4

Listings will be rerun in each new Published Directory unless

Directory Fees and Display Advertising Fees Members may be charged a Directory Fee and/or a Display Advertising Fee in order to secure a listing in the Published and/ or the Electronic Directory under Rule 13 which at the discretion of Bartercard will be payable in any proportion of cash or Trade Dollars. Payment Each Member will pay the full amount of all Fees, charges and other moneys owing by it within seven (7) days of the date of the Monthly Statement or within such other period as may be notified in that Statement or in any other way unless the Member has agreed with Bartercard in writing that payment is to be sent and received together with the Transaction Voucher to which the Fee relates, in which case the Member (“Fees with Voucher Member”) must forward such Fee together with that Transaction Voucher.

14.5

Notwithstanding anything in these Rules to the contrary, except for contributions towards the Debt Reserve Fund and any moneys paid to Bartercard by a Member with a debit balance in its Trade Account upon termination of that Member’s right to participate in the Trading Program (being moneys sufficient only to offset the debit balance), all Fees, charges and other moneys or financial obligations owed by any Member pursuant to these Rules will be paid to or satisfied with Bartercard or its nominee.

15.

OVERDUE FEES OR OTHER MONEYS

15.1

Late Payment Interest If a Member fails to pay any Fees, charges or other moneys within the period referred to in Rule 14.4 or, in the case of a Fees with Voucher Member, from the date of the Transaction Voucher to which the Fee

Member’s Listing A Member’s listing in the Directory may be classified by Bartercard from time to time. Member’s Obligations Members will fulfill their listing obligations until the expiry of the old Published Directory. Requests to go on to Limited Supply will not take effect until the commencement date of any new Published Directory pursuant to Rule 13.2.

Marketing Support Fees Each Member will pay a monthly fee for the marketing and promotion and/or service of its Trade Account (“the Marketing Support Fee”) which at the discretion of Bartercard will be payable in any proportion of cash and/or Trade Dollars.

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relates, then the Member must pay a monthly amount in cash on all outstanding Fees, charges and other moneys as notified under Rule 14.4 at the rate of ten percent (10%) per month (or such other rate as may be prescribed from time to time) from the date of the Monthly Statement or in respect of Fees with Voucher Member from the date of the Transaction Voucher until the Member has paid all Fees, charges or other moneys owing in full.

Member accordingly. Any suspension will have immediate effect and will be for such period as Bartercard determines. Any damages will be for such amount as Bartercard in its sole discretion will determine but not exceeding $10,000.00 and will at Bartercard’s sole discretion be payable within fourteen (14) days of demand in any proportion of cash and/or Trade Dollars. 16.5

15.2

15.3 (a)

(b)

Arrears If a Member is in breach of Rule 14.4 then Bartercard may in addition to any other remedies under these Rules cancel any Trade Dollar Credit Line granted to the Member and/or freeze its Trade Dollar balance and prevent that Member from participating as a Buying Member in any Trade until satisfactory arrangements are made for payment of any Fees, charges or other moneys in arrears. Election to take Trade Dollars Where any Fees payable by a Member in cash (including interest charges payable under Rule 15.1) remain outstanding for longer than sixty (60) days after they fall due, Bartercard may, in its sole discretion and upon giving notice in writing to the Member, elect to convert the Member’s cash indebtedness into a Trade Dollar obligation in such sum as Bartercard in its sole discretion will determine, and thereupon debit the Member’s Trade Account with that Trade Dollar amount and credit Bartercard’s Trade Account with that amount. A Member whose liability in cash for outstanding Fees has been converted to Trade Dollars in accordance with Rule 15.3(a) may, at any time within thirty (30) days after receiving a notice under Rule 15.3(a), satisfy its newly converted obligation in Trade Dollars by paying the amount of the cash Fees that was payable immediately before the conversion, whereupon Bartercard will reverse the Trade Dollar debit referred to in Rule 15.3(a).

16.

BREACH OF RULES, SUSPENSION AND DAMAGES

16.1

Investigate Bartercard may in its sole discretion investigate breaches of these Rules by Members.

16.2

16.3

16.4

Fair Dealings Bartercard may suspend and/or restrict a Member’s right to participate in the Trading Program, and take such other action as it is empowered to pursuant to these Rules including the imposition of damages, in order to promote or ensure fair dealings between Members and may from time to time issue Fair Trading Guidelines with which Members must comply. Suspension and Show Cause If Bartercard suspects that a Member has breached these Rules, it may give notice of the breach in writing to the Member and request the Member to show cause in writing within seven (7) days as to why its Membership should not be suspended and/or why it should not pay damages. Suspension If, at any time after the expiry of seven (7) days from the date upon which a notice under Rule 16.3 was sent to a Member, Bartercard considers in its absolute discretion that the right of any Member to participate in the Trading Program should be suspended and/or why it should not pay damages, Bartercard, after considering submissions made by any Member pursuant to Rule 16.3, may suspend the Member’s right to participate in the Trading Program immediately and/or call upon the Member to pay damages and will notify the

16.6

16.7

16.8

Effects of Suspension If Bartercard suspends a Member’s right to participate in the Trading Program pursuant to Rule 16.4, all activity in the Member’s Trade Account must cease. Without Notice Despite any other provisions in Rule 16, Bartercard will have the right in its sole discretion to suspend a Member or impose damages without notice. Termination Any decision by Bartercard to suspend a Member under Rule 16 will not affect Bartercard’s right to also terminate the Member’s Membership under Rule 19. Decision Final A decision by Bartercard to suspend or terminate a Member’s Membership or to impose damages pursuant to Rule 16 or Rule 19.4 will be final.

Additional Powers Bartercard’s powers under Rule 16 will be in addition to any of its other powers referred to in these Rules.

17. 17.1

TRADE OUT AND CESSATION OF PARTICIPATION Pre-Payment

16.9

If: (a)

Bartercard reasonably believes that a Member is spending the credit balance in the Member’s Trade Account or reducing the debit balance in the Member’s Trade Account in anticipation of ceasing future participation in the Trading Program; or

(b)

a Member has given notice to Bartercard or has, by its actions, in the opinion of Bartercard indicated that it intends to cease participation in the Trading Program; or

(c)

a Member’s right to participate in the Trading Program has been terminated but Bartercard allows the Member to finalise its Trade Account by entering into Trades as a Selling Member only –

Bartercard will be entitled to require immediate pre-payment in cash of the Transaction/Service Fees which will become payable on the debit or credit balance of the Member’s Trade Account.

17.2

No Trading Unless Fees Pre-Paid Where Bartercard requires a Member to pre-pay Fees under Rule 17.1 that Member will not be permitted to enter any Trade until those Fees are paid.

18.

REVERSAL OF TRANSACTIONS

18.1

Reverse Certain Transactions Bartercard may reverse, alter or cancel an entry in any Member’s Trade Account in relation to a Trade if:

(a)

both the Buying Member and the Selling Member so request;

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(b)

the Transaction Voucher in respect of the Trade was not or does not appear to have been signed by an authorised signatory or was not signed at all;

(c)

the Trade was by way of Mail, Facsimile, Telephone or Internet Order and was, in Bartercard’s opinion, unauthorised or not valid;

(d)

there was, in Bartercard’s opinion, some breach of these Rules or a fraudulent act in connection with the conduct of the Trade;

(e)

the Card used in the Trade was expired or invalid.

18.2

Member May Show Cause Before taking any steps under Rule 18.1 Bartercard may give the relevant Members notice requiring them to show cause within seven (7) days as to why the entries in their Trade Accounts reflecting that Trade should not be reversed, altered, or cancelled.

18.3

18.4

18.5

Trade Frozen Until Good Cause Shown At any time until Bartercard has made a determination under Rule 18.3 it may freeze the entry in question in the Trade Accounts of the Buying Member or the Selling Member or both, until such determination is made. Consequence of Reversal of Trade If such reversal, alteration, or cancellation of any entry in the Selling Member’s Trade Account results in a failure of the consideration in whole or in part for the Trade then the Selling Member will have no rights against Bartercard or the Manager and the Buying Member and the Selling Member will indemnify Bartercard or the Manager against any loss or damage they may suffer in respect of any exercise or purported exercise of any powers under Rule 18.

19.2

Termination By Bartercard Despite anything else in these Rules, Bartercard may in its absolute discretion terminate a Member’s right to participate in the Trading Program without notice on the happening of any one or more of the following events:

(a)

the Member breaching any of these Rules or the terms of the Agreement;

(b)

the Member receiving on two (2) or more occasions in any twelve (12) month period a notice under Rule 16.3;

(c)

the Member committing an act of bankruptcy or being a company becoming insolvent and/or having a receiver, liquidator, administrator, or manager appointed, or making any arrangement or composition with its creditors;

(d)

the Member being in arrears with payment of Transaction/Service Fees or any other Fees, charges or other moneys for the period set out in Rule 14.4;

(e)

the Member engaging in Unfair Trading, Poor Service, Voucher Splitting, Direct Trading or Unethical Pricing as defined in Rule 9;

(f)

in its sole opinion Bartercard considers that it is not in the interests of the Trading Program that the Member should continue to participate in it.

19.3

Member’s Breach Causes Loss Members acknowledge and agree that a breach of these Rules by a Member will cause loss and damage to Bartercard in a number of ways which may include, but are not limited to:

(a)

administrative costs in dealing with the breach;

(b)

financial loss due to loss of Fees, charges and other moneys payable whether in cash or in Trade Dollars;

(c)

expenditure of funds in obtaining legal advice, and in instituting and prosecuting recovery action;

No Obligation to Reverse Notwithstanding Rules 18.1 to 18.4 (inclusive), Bartercard will have no obligation, in any case, to:

(d)

loss of the goodwill of Members towards the Trading Program and Bartercard ;

(a)

reverse, alter, or cancel any entry;

(e)

loss of trading volume; and

(b)

call upon any Member to show cause why any entry should not be reversed , altered or cancelled;

(f)

loss of Members.

freeze or unfreeze any entry; or

19.4

(c) (d)

make any determination under Rule 18.

19.

TERMINATION

19.1

Termination By Member A Member will be entitled to withdraw from participation in the Trading Program by giving written notice of its intention to do so provided that that Member’s goods and services are not advertised in the current Published or Electronic Directory in which case the notice of termination will only take effect at the expiry date of the current Published Directory or thirty (30) days after the receipt by Bartercard

Damage for Breach Payable on Termination In addition to any moneys payable from the consequences set out in Rule 19.5, if a Member’s right to participate in the Trading Program is terminated pursuant to Rule 19.2, that Member may be required to pay as a genuine pre-estimate of damages and not as a penalty the sum of $10,000.00 or such lesser sum and in such proportion of cash and Trade Dollars as Bartercard in its sole discretion will determine, within fourteen (14) days of the date of termination.

18.6

50

Where Cause Not Shown If the relevant Members do not show cause to Bartercard’s satisfaction, Bartercard in its absolute discretion will be entitled to reverse, alter, or cancel the entry or entries in the Trade Account of the Buying Member and/or the Selling Member in respect of which there has been non-compliance with these Rules, in which event it will be the responsibility of the Selling Member to seek payment from the Buying Member for any goods and/or services provided.

of any such notice whichever is the later. It will be a breach of these Rules for any Member to so withdraw without giving the requisite notice.

19.5

(a)

Consequences of Termination Upon the termination of a Member’s right to participate in the Trading Program: except when Rule 19.5(d)(ii) applies when the date for return will be at the end of the trade out period set out in that Rule, the Member must

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immediately return to Bartercard all Cards and unused or outstanding Transaction Vouchers, and all other documents and property of Bartercard; (b)

(c)

all Fees, charges and other moneys payable in Trade Dollars will be immediately debited against the Member’s Trade Account; if, after debiting the amounts referred to in Rule 19.5(b), the balance in the Member’s Trade Account is a credit balance:

(d)

of any other fact, matter or circumstance whatsoever relevant to the dealings between the Member and Bartercard, or between the Member and Bartercard, or between the Member and another Member, in relation to these Rules.

19.7

Enforcement Expenses Despite anything else contained in these Rules, if a Member is in default or in breach under these Rules, any enforcement expenses reasonably incurred or expended by Bartercard and/or the Manager in exercising any right under these Rules, or arising from any such default or breach, are immediately payable by the Member with effect from the date on which the enforcement expenses are incurred or expended and until paid will bear interest at the rate of 15% per annum from the date they are incurred or expended until the date of payment.

(i) that Member must immediately pay the amount of cash and

Trade Dollar Transaction/Service Fees that would have become payable by it in the ordinary course of the Trading Program if that Member had entered into a Trade as a Buying Member in an amount sufficient to spend the amount of Trade Dollars standing to its credit; 19.8 (ii) if the Member fails to pay any outstanding cash, Fees, charges

or other moneys, Bartercard may debit the Member’s Trade Account with an amount of Trade Dollars in such sum as Bartercard in is sole discretion will determine; (iii) if after receipt of all cash Fees (or if the Fees are not paid in cash,

the debiting of the Member’s Trade Account) the Member’s Trade Account is still in credit, Bartercard will issue to the Member a replacement Member’s Card expiring one hundred and twenty (120) days from the date of issue, or some other period of time determined at Bartercard’s sole discretion, for the specific purpose of spending out the Member’s remaining Trade Account credit balance; (d)

PART IV – CREDIT LINES AND DEBT RESERVE FUND 20.

TRADE DOLLAR CREDIT LINES

20.1 (a)

Credit Line Bartercard may grant or withdraw from any Member a line of credit in Trade Dollars (“Credit Line”) in an amount and on terms consistent with that Member’s creditworthiness and ability to repay and may take the following matters into consideration:

If after debiting the amounts referred to in Rule 19.5(b) the Member’s Trade Account has a debit balance: (i)

Moneys due for Payment Termination for whatever reason will not affect the right of Bartercard under these Rules to enforce any provision relating to the payment of any Fees, charges and any other moneys due.

(i) the financial position of the Member; (ii) any credit references supplied by the Member;

the Member must immediately pay the amount of cash and Trade Dollar Transaction/ Service Fees that would have become payable by it in the ordinary course of the Trading Program if that Member had entered into a Trade as a Selling Member in an amount sufficient to bring its Trade Account to a nil balance;

(iii) the Member’s trading history; (iv) the nature of the Member’s business; (v) the period of time during which the Member has operated its

(ii)

the Member will have thirty (30) days within which to trade as a Selling Member and to reduce, so far as it can, the debit balance;

(iii)

at the expiration of the thirty (30) day period, the Member must immediately pay to Bartercard the cash equivalent of the remaining debit balance;

(e)

No Fees or charges paid pursuant to these Rules will under any circumstances be refunded.

19.6

Certificate as Evidence A certificate signed by a director or other person authorised by Bartercard is prima facie evidence and, in the absence of evidence to the contrary, is conclusive evidence:

(a)

that an amount stated in that certificate is due and payable by the Member in accordance with Rule 19.5;

(b)

of the amount of any interest payable by the Member in accordance with these Rules;

(c)

that any other sum stated in the certificate is due and payable by the Member in accordance with these Rules;

business. (b)

Bartercard may require security and/or a guarantee to support a Credit Line and also may require the Member to contribute a further non-refundable amount to the Debt Reserve Fund as an initial lump sum payment or as a monthly payment or both.

(c)

The grant of a Credit Line will be subject to the approval of the General Partner of the Manager , which may withhold or grant its approval conditionally or unconditionally.

20.2

Trade Balance Beyond Credit Line Where Bartercard has not granted a Credit Line to a Member and that Member’s Trade Account is in debit by any amount or where Bartercard has granted a Credit Line to a Member and that Credit Line is exceeded by any amount, there will immediately be payable by that Member: the cash equivalent of the Trade Dollar deficit; and

(a) (b)

interest at the rate of 2% per month on any such deficit payable in cash from the date the deficit arose until the deficit is repaid.

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21. 21.1

21.2

Adjustment to Monthly Contribution Bartercard may from time to time consider the adequacy of the Debt Reserve Fund;

(b)

If Bartercard is of the opinion that the level of the Debt Reserve Fund is inadequate, then Bartercard in its sole discretion may determine the amount of the inadequacy and may increase the monthly levy specified in Rule 21.2 so as to bring the Debt Reserve Fund to an adequate level.

(c)

If Bartercard is of the opinion that the level of the Debt Reserve Fund is adequate then Bartercard may decrease the monthly levy specified in Rule 21.2 to maintain the Debt Reserve Fund at an adequate level.

21.4

Application of Debt Reserve Fund

(a)

If at any time it appears to Bartercard that a Member is a Delinquent Member, Bartercard may apply Trade Dollars from the Debt Reserve Fund to the debit balance in that Member’s Trade Account so as to reduce in part or in full the debit balance in that account.

(b)

Bartercard will then record the application of the Trade Dollars from the Debt Reserve Fund against the debit balance of the Delinquent Member in the books of Bartercard.

(c)

The Debt Reserve Fund is not available to an individual Member who after entering into a Trade remains unpaid or is in dispute with another Member.

21.5

Delinquent Member not relieved The reduction of a Delinquent Member’s Trade Account under Rule 21 will not relieve the Delinquent Member of its obligations under the Rules of the Trading Program, and in particular, the Delinquent Member’s obligations will continue as if any such reduction had not taken place.

22.

DISPUTES BETWEEN MEMBERS

22.1

If a dispute arises between members, a member shall not commence any court proceedings relating to the dispute unless the member has first complied with this rule except where a party seeks urgent interlocutory relief.

22.2

A member claiming a dispute has arisen (the Dispute”) shall give written notice to the member with whom they have a dispute specifying the nature of the Dispute. On receipt of that notice the members must in good faith endeavour to resolve the Dispute expeditiously.

22.3

22.4

members shall within a further period of 20 working days, refer the Disputes Tribunal for determination. 22.5

If the members do not resolve the Dispute within 10 working days and the Dispute falls outside the jurisdiction of the Disputes Tribunal, the members shall mediate the Dispute in accordance with the procedures of LEADR New Zealand and the chair of the New Zealand Chapter of LEADR (or the chair’s nominee) will select a mediator and determine the mediator’s remuneration provided that, for the avoidance of doubt, it is recorded that conduct of the mediation process in accordance with this rule shall be without prejudice to each party’s ability to commence court proceedings upon completion of such a mediation process, if a binding agreement has not been reached as a result of that mediation process.

22.6

For the avoidance of doubt, it is acknowledged that neither Bartercard nor the manager is obliged to resolve, arbitrate or mediate any disputes between members.

23.

CONFIDENTIAL INFORMATION AND RESTRAINT AGAINST COMPETITION Confidential Information and Intellectual Property Rights A Member must not, whilst remaining a Member or at any time after ceasing to be a Member, make use of the Confidential Information or Intellectual Property Rights either:

Levy of Contribution Bartercard may levy Members for monthly contributions to the Debt Reserve Fund of not less than T$5.00 Trade Dollars and not more than T$20.00 Trade Dollars;

21.3 (a)

52

DEBT RESERVE FUND Purpose A fund of Trade Dollars (“Debt Reserve Fund”) will be maintained and applied in accordance with these Rules for the purpose of injecting Trade Dollars into the Trading Program under Rule 21.4.

23.1

(a)

for the financial advantage or benefit of the Member or any other person; or

(b)

to the detriment or disadvantage of Bartercard or the Manager –

and Members acknowledge that all Confidential Information and Intellectual Property Rights belong to Bartercard and Members rights to use any such Information and/or Rights is at the sole discretion of Bartercard and in any event will only subsist so long as they are Members. Any Member using Confidential Information and/ or Intellectual Property Rights in breach of this provision will pay as a genuine pre-estimate of damages and not as a penalty the cash sum of $250,000.00 or such lesser amount as Bartercard in its sole discretion will decide.

23.2

Restraint A Member may be or become a member of another trade exchange in New Zealand but otherwise must not, without the prior written consent of Bartercard in respect of any business competitive with Bartercard business:

(a)

remain a Member whilst participating either directly or indirectly in any such other business as an employee or in any management function or as a director, shareholder, partner or proprietor in any way;

(b)

for a period of one year after ceasing to be a Member whether directly or indirectly or as director, shareholder, partner, or proprietor in any way: (i) carry on or engage in or be interested in or participate in any

such other business at any place within a 25km radius from a then current Member’s business; (ii) solicit business from any person who was a Member immediately

prior to the said one year period.

If the members do not resolve the Dispute with 10 working days and the Dispute falls within the jurisdiction of the Disputes Tribunal, the

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24.

TAXES

24.1

Selling Members will charge any appropriate taxes applicable to a Trade and collect, record and pay these as required by law.

24.2

Under no circumstances will the Manager and/or Bartercard be responsible for or liable to pay any taxes on behalf of any Member.

24.3

A Trade may be treated as taxable event for tax purposes and the obligation to declare, report, and account for all taxes resulting from Trades rests with the Members participating in the Trade. Each Member hereby indemnifies the Manager and/or Bartercard in respect of any loss or damage suffered by the Manager and/or Bartercard in respect of any failure by the Member to comply with tax laws in respect of any Trade in which that Member participates.

24.4

Reporting of Trades. Members acknowledge and agree that the Manager and/or Bartercard may be required from time to time to make disclosure to the regulator of taxation and to other government authorities in relation to Trades. The Manager and/or Bartercard in their absolute discretion are authorised to provide any information to and to co-operate in any way with such authorities whether or not the Manager and/or Bartercard is obliged by law to furnish such information or to provide such co-operation. Neither the Manager nor Bartercard are liable to any Member in respect of information furnished to such authorities, in any circumstances whatsoever.

(a)

the use of Members’ Cards, Additional Cards, Transaction Vouchers, Gift Cards, Product Vouchers or other authorised forms, by unauthorised persons; or

(b)

Trades that are not conducted in accordance with the Rules.

25.6

Member’s Indemnity for Failure to Perform Each Member agrees to indemnify and keep indemnified the Manager and Bartercard and each of its directors, officers, employees, agents, independent contractors and subcontractors against any loss or damage suffered by them or any of them in respect of any failure by that Member to perform its obligations under these Rules.

25.7

25.8

WAIVER

26.1

No Waiver Any failure or delay by the Manager or Bartercard in exercising any right will not operate as a waiver of that right, and any single or partial exercise of a right will not preclude any other further exercise of any right.

LEGAL LIABILITY OF THE MANAGER AND BARTERCARD

25.1

No Liability to Procure New Members While the Manager and Bartercard will use their best endeavours to procure new Members to the Trading Program, the Manager and Bartercard will, under no circumstances, be liable for failure to procure new Members or retain existing Members.

No Warranty as to Availability of Particular Goods or Services The Manager and Bartercard does not warrant the availability of any particular goods or services under the Trading Program and will not be responsible or in any way liable if a Member cannot obtain particular goods or services from other Members or if other Members do not buy goods or services from a Member.

Compliance With Laws All Members will observe and comply with applicable laws and regulations when engaging in Trades. Bartercard will not be responsible or in any way liable for or in respect of any failure of the part of any Member or Members to comply with such laws.

25.2

25.3

25.4

25.5

Disclaimer of Liability. Neither the Manager nor Bartercard make any representation or warranty either express or implied and to the fullest extent permitted by law disclaim all liability arising out of or in connection with any Trade, including, without limitation, any liability for the fitness, quality, delivery date, merchantability, prices, or any term of the Trade. In no event will The Manager and/or Bartercard be liable to the Member for any indirect, incidental, special or consequential loss or damage, loss of use, revenues, profits, goodwill, bargain or loss of opportunities, anticipated savings, loss of or corruption of data from any cause, whether arising from breach of contract, negligence or any other tort, in equity or otherwise and whether or not the Manager and/or Bartercard was aware of the possibility of such loss or damage. Unauthorised Use of Vouchers Neither the Manager nor Bartercard will be responsible for:

Not Bound by Representations of Others The directors, officers, employees, agents, independent contractors and sub-contractors of the Manager and Bartercard have no right to make any representation or commitment on behalf of the Manager or Bartercard unless in the ordinary course of business.

26. 25.

Member’s Indemnity for Claim, Debt or Liability Each Member agrees to indemnify and keep indemnified the Manager and Bartercard and each of its directors, officers, employees, agents, independent contractors and sub-contractors against any claim, debt, or liability whatsoever arising out of or in connection with any Trade between Members or purported Members.

26.2

Cumulative Remedies The rights and remedies of Bartercard and or the Manager are under these Rules cumulative and are not exclusive of any remedies provided by law.

27.

INSOLVENCY OF MEMBER

27.1

Grant of Charge Each Member grants to Bartercard and/or the Manager a lien over all Trade Dollars credited to that Members Account for the amount of all unpaid Fees, charges and other moneys owed from time to time.

27.2

Where Insolvent Administration If a Member commits an act of bankruptcy, has a receiver, liquidator, provisional liquidator, administrator, or manager appointed to it or makes any arrangement or composition with its creditors or becomes insolvent or bankrupt, then all Fees, charges and other moneys owing will immediately become due and payable in full. Bartercard and/ or the Manager has the option in lieu of continuing as a creditor, of treating the Trade Dollar balance in the Trade Account as equal in value to the amount of any such Fees, charges and other moneys owing, and terminating the Trade Account.

28.

DISSOLUTION OF TRADING PROGRAM

28.1

Events Triggering Dissolution. The Trading Program will be dissolved in accordance with Rule 28 if:

(a)

an order is made or resolution passed that Bartercard be wound up (other than for the purpose of reconstruction or amalgamation);

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(b)

Bartercard ceases trading;

(c)

Bartercard ceases to hold the Licence;

(d)

the Manager retires and a Replacement Manager is not found pursuant to the Deed of Management.

28.2

Procedure on Dissolution Upon the occurrence of an event referred to in Rule 28.1 (“Dissolution Event”) the following procedure will apply.

(a)

Bartercard will inform each Member that a Dissolution Event has occurred and draw their attention to the requirements of these Rules.

(b)

Each Member and Bartercard will be entitled to continue to trade for a period of ninety (90) days (the “Balancing Period”) for the purpose of bringing its Trade Account, as near as possible, to a zero balance, but no Member will be obliged to trade during this period.

(c)

that Trade Dollar amount and credit the Extraordinary Member’s Trade Account with that Trade Dollar amount. However, such cash Fees will only be converted into Trade Dollar Fees to the extent that it is necessary to ensure that the Extraordinary Member’s Trade Account is, at the expiry of Balancing Period, no longer in deficit and any cash Fees that are not required to be converted under Rule 28 may still be recovered by Bartercard in cash in accordance with Rule 28. If a Member’s Trade Account is debited Trade Dollars as a result of the conversion of cash Fees payable into Trade Dollar Fees in accordance with Rule 28, the Member is immediately released from any further liability with respect to those Trade Dollar Fees charged to its Trade Account. (iii) If the Extraordinary Member’s Trade Account is and remains

in deficit and there are insufficient cash or Trade Dollar Fees generated at the expiry of the Balancing Period to set off the entire amount of any deficit balance in the Extraordinary Member’s Trade Account, the Extraordinary Member’s liability with respect to the deficit in its Trade Account is extinguished in consideration of Bartercard’s agreement to direct the cash Fees payable in accordance with Rules 28.2(c) and (d) of these Rules into the Dissolution Fund.

Each Member having a Trade Account with a credit balance at the expiry of the Balancing Period will immediately pay: (i) an amount in cash, being the cash equivalent of the Trade Dollar

Transaction/Service Fees that would have become payable in the ordinary course of the Trading Program if that Member had entered into a Trade as a Buying Member in an amount sufficient to spend the amount of Trade Dollars standing to its credit at the expiry of the Balancing Period; plus

(iv) If the Extraordinary Member’s Trade Account is in credit at the

expiry of the steps required to be taken under Rules 28.2(a) (e) (inclusive), then the Extraordinary Member’s credit balance will remain a credit balance of the Extraordinary Member and the Extraordinary Member will be eligible for any distribution made under Rule 28.2(k).

(ii) the cash Transaction/Service Fees that would have become

payable in that event; (d)

Each Member having a Trade Account with a debit balance at the expiry of the Balancing Period must immediately pay:

(f)

Bartercard will strike accounts off the Trading Program.

(g)

Bartercard or any person appointed to do so by Bartercard will notify each Member of the amount of its debit balance and demand payment of the amount required to be paid under Rules 28.2(c) and 28.2(d).

(h)

If Bartercard receives any moneys under Rules 28.2 (c) or 28.2(d), it will hold those moneys in a separate bank account (“the Dissolution Fund”) on trust subject to Rule 28, for the Members whose Trade Accounts are in credit.

(i)

After the giving of notice under Rule 28.2 (g), Bartercard will use its best endeavours to recover all amounts owing under Rules 28.2 (c) and 28.2(d) and it will be no defence for any Member from whom payment is sought to contend that, by reason of any conduct of the Manager and/or Bartercard, or any other person, it was difficult or impossible to bring the Member’s Trade Account to a zero balance during the Balancing Period or at any previous time. If such cash Fees remain due and owing for 60 days, Bartercard may elect to rely upon Rule 15.3 in respect of those cash Fees.

(j)

Bartercard and or the Manager in their sole discretion will have no obligation to take or continue any legal action in respect of any amount owing by any Member where:

(i) an amount in cash, being the cash equivalent of the Trade Dollar

Transaction/Service Fees that would have become payable in the ordinary course of the Trading Program if that Member had entered into a Trade as a Selling Member in an amount sufficient to bring the amount of Trade Dollars standing to its Trade Account at the expiry of the Balancing Period to a nil balance; plus (ii) the cash Transaction/Service Fees that would have become

payable in that event; plus (iii) the cash equivalent of the debit balance of the Member’s Trade

Account. (e)

Set off against Extraordinary Member Balance (i) During and at the expiry of the Balancing Period, any Trade Dollar

Fees payable under these Rules or otherwise, will be either set off pro rata against any deficit balance in the Extraordinary Member’s Trade Account or added to any credit balance of the Extraordinary Member’s Trade Account. (ii) Following the set off in Rule 28.2(e)(i), if the Extraordinary

Member’s Trade Account still reflects a deficit balance, Bartercard may convert any Member’s cash indebtedness arising during the Balancing Period in respect of Transaction/Service Fees which are able to be charged to any Member during the Balancing Period, into such Trade Dollar Fees as Bartercard in its absolute discretion may determine and debit the Member’s Trade Account with

54

(i) they perceive a legal or practical difficulty in pursuing recovery; (ii) it appears that the amount that would or may be recovered will or

might be exceeded by the cost of recovery; (iii) they consider that there is some other sufficient reason.

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(k)

(l)

Bartercard will distribute the Dissolution Fund, after deduction of its proper costs and outlays, to the Members whose Trade Accounts were in credit and who are not in breach of any of the Rules after the expiry of the steps required to be taken under Rules 28.2(a) (e) (inclusive) and to the Extraordinary Member if its Trade Account is in credit at that time on a pro rata basis in accordance with the amounts by which those accounts were in credit. Any power or discretion exercisable by Bartercard under Rule 28 may be exercised by any receiver or receiver and manager appointed to Bartercard.

NOTICES Notices given under these Rules and the Agreement will be in writing and may be given by:

(a)

delivery; or

(b)

prepaid post; or

(c)

facsimile transmission; or

(d)

email transmission –

33.

29. 29.1

SEVERANCE If any part or provision of these Rules should be judged or found to be void or unenforceable, it will not affect the validity and enforceability of all other parts and provisions of these Rules and will be severable from every other part and provision of these Rules, to the intent that these Rules will continue in force and effect to the fullest extent possible after severance of the part or provision which is void or unenforceable.

to the address set out in the Agreement of the party to whom the notice is given or by publication by Bartercard in the Members Section on the Bartercard website. Every notice will be deemed to have been received and given 48 hours after the posting, or if hand delivered, on the date of the delivery, or if sent by facsimile transmission or email transmission in the normal course of transmission or if published on Bartercard’s Website 48 hours after publication.

30.

JURISDICTION

34.

Registered Financial Services Provider Bartercard is a registered Financial Service Provider under the Financial Service Providers (Registration and Dispute Resolution) Act 2008.

30.1

These Rules are to be construed and applied in accordance with the laws of New Zealand.

30.2

In the event of any dispute or any action for enforcement of rights or obligations arising out of or in connection with these Rules, the Members will submit to the jurisdiction of the courts of competent jurisdiction in New Zealand.

31.

AMENDMENT OF RULES

31.1

These Rules may be amended as follows:

(a)

Bartercard will notify the Members of any amendment of the Rules as soon as is reasonably practicable after the amendment has been promulgated;

(b)

a Member may give notice of its intention to withdraw permanently from the Trading Program within seven (7) days after receiving such notification;

(c)

a Member who has not given written notice to Bartercard of its intention to withdraw permanently from the Trading Program within seven (7) days after receipt of such notification or who participates in any Trade in accordance with the Trading Program will be deemed to have waived any objection to the amendment of the Rules so notified to that Member, and thereupon the amendment will have effect and the Rules as amended will constitute a contract: (i) between Bartercard and all of the Members jointly;

If a Bartercard Member has a complaint this should be addressed in the first instance with the Member’s Trade Broker. If you are not satisfied with how Bartercard has managed your complaint then you may send a complaint to the independent complaints resolution service. This service is provided free of charge and is available to all Retail Clients.  Retail Clients are defined as small businesses, particularly entities with less than $1m assets or annual turnover or any one individual or business with less than 19 full time employees. Please note: Retail clients must lodge a complaint with Financial Services Complaints Ltd within two months of the issue occurring. If the complaint is made after two months of the issue occurring the complaint will not be investigated.

The contact details for FSCL are: Financial Services Complaints Ltd Website: www.fscl.org.nz Email: info@fscl.org.nz Telephone: (Call Free for consumers) 0800 347257 Or (04) 472FSCL (472 3725) Fax: (04) 472 3727 Postal Address: PO Box 5967 Lambton Quay Wellington 6145

(ii) between Bartercard and each Member severally; and (iii) between each Member and each other Member. 32.

INTEREST Unless interest rates and/or payments on any moneys due are specifically set out in any of these Rules, any moneys due under these Rules and not paid by due date will bear interest at the rate of 15% per annum payable in such proportion of cash and/or Trade Dollars as Bartercard will determine.

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0508 BARTER (227837) info@bartercard.co.nz

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