Terms and Conditions
Trading Policies and Procedures
- Members must have a valid Barter Asia account and must be a registered business.
- If Member demand is higher than the supply of products and/or services, certain products and/or services may be available on a limited basis only. Barter Asia is committed to listing only available products and/or services on the exchange platform.
- Barter Asia will authorize each purchase within 1 to 2 working day unless the Member already has direct trading status conferred on him/her being a trusted Barter Asia exchange Member.
- Products and/or services are to be traded at fair market prices. Barter Asia has the right to investigate any complaint of overpricing or underpricing. Violations may subject the Member to suspended trading, or an adjustment to the transaction involved. Repeated violations may lead to membership termination.
- Members may make barter purchases up to the value of barter dollars (BD$) accrued from sale of their products and/or services. Members who wish to apply for an overdraft to make specific barter purchases may submit an application to Barter Asia for approval. The Barter Asia Overdraft Request Form must be filled in and submitted to Barter Asia for consideration. Barter Asia reserves the right to approve or reject the application at its discretion. If approved, the quantum for the overdraft value is at the discretion of Barter Asia. Members who receive an overdraft may make barter purchases only for products and/or services listed by the Member in the Barter Asia Overdraft Request Form. Members must pay 6% cash commission on overdraft amounts issued at the point of issuance of the overdraft. Members need to offer products and/or services to the value of the overdraft to sell down in order to bring their negative balance back to zero within a specified time frame as stipulated my Barter Asia. For example, if a member is granted an overdraft of BD$10,000 to purchase digital marketing and renovation services, the member needs to sell its own products and/or services on barter to the value of BD$10,000 to 'pay off' the overdraft.
LIABILITY FOR BARTER DOLLARS
- Members may request their account be placed on hold under the following conditions (i) the account is in a positive trade status, (ii) sufficient notice is given to Barter Asia and (iii) the account is not on the suspended trading list.
- Barter dollars shall not be considered as legal tender, securities or commodities, by either Barter Asia or its Members, and may not be converted/redeemed for cash.
- Memberships may not be transferred or sold without Barter Asia's approval.
- Trade transactions are entered into on a voluntary basis between Members. Although Barter Asia may give referrals as a service to its Members, Barter Asia assumes no responsibility for the quality, timely delivery, warranty or dispute of any nature between Members with regard to any product and/or service being traded. Barter Asia is functioning in a brokerage capacity and Members do hereby indemnify and hold Barter Asia harmless with respect to any claim, debt or liability whatsoever, arising out of barter trade transactions wherein Member is a buyer or seller. This shall include but be limited to, professional malpractice claims, contractor/member disputes or claims of product liability.
- The collection, declaration and reporting of all applicable local, state and federal taxes resulting from barter trade transactions rest solely with the Member. Barter transactions are taxable events.
- Cash transaction fees resulting from Member purchases are due and payable upon receipt of the monthly statement. Barter Asia RESERVES THE RIGHT TO SUSPEND ALL TRADING OF MEMBERS WHOSE FEES ARE NOT PAID BY THE SEVENTH OF THE MONTH IN WHICH THE STATEMENT IS RECEIVED. Any cash transaction fees that remain unpaid beyond the seventh of the month that they are due, will be assessed a cash penalty equal to 1% per month on the cash fee amount that is outstanding. Cash transaction fees on barter trades of 5000 Barter Dollars (BD$5,000) or more are due and payable in advance, i.e. at the time of transaction. Barter Asia reserves the right without notice to Members, to suspend Members' trading privileges until the account is current.
- Member or Barter Asia may cancel this Agreement after 30 days' written notice. Upon cancellation, all Barter Dollars (BD$) due must be made good. Member must spend down all accumulated Barter Dollars (BD$) within 90 days on products and/or services available in the exchange. Any Barter Dollars (BD$) remaining in Member's account after the 90 days will revert back to Barter Asia. Any outstanding cash transactions fees due to Barter Asia must be paid in full within 30 days, in cash. In the event this obligation is referred to an attorney with or without suit, Member agrees to pay, in cash, legal fees and costs.
- Barter Asia may, at its discretion, request advance payment of Member cash transaction fees. Member agrees that in any dispute where Barter Asia is suing Member to collect cash transaction fees or negative trade balance (negative Barter Dollars balance), the exchange rate for each Barter Asia Barter Dollar (BD$) owed is equal to one Singapore dollar (SGD$).
- If, after one year, an account has not had any activity (buy or sell), and the account remains with a zero balance, Barter Asia shall have the right to close that account. Member acknowledges that, from time to time, Member firms will cease doing business, abandon or otherwise exit the Barter Asia network leaving a debit or credit balance in their barter trade account. Further, Barter Asia maintains an account termed “Debt Reserve” wherein the debit or credit balances are charged or credited. If Barter Asia loses contact with an account due to a disconnected telephone and/or continued returned mail, and the Member has not attempted to notify Barter Asia of this change of status, Barter Asia will close the account after 60 days and credit positive Barter Dollars to Barter Asia's Debt Reserve account.
- Major barter deals and other long term barter trade projects should have all estimates itemized with scheduled time frames clearly indicated. The seller can request an initial deposit, with a phased payment schedule thereafter based upon the satisfactory completion of each part of the project.
- Member's monthly statement will be considered accurate as printed unless the Barter Asia accounting department is notified of any discrepancy within 14 days of receipt.
- Direct barter trades between Members to avoid cash transaction fees are prohibited, and if consummated, are subject to our normal cash transaction fee on both sides, payable on demand. Such trades may also result in suspension or termination of this Agreement.
- Barter Asia may place a Member's account on hold and/or cancel this agreement if one or more of the following situations exist: (i) Barter Asia has received 2 written complaints on a given Member for either proof of poor performance or attempting to charge in excess of Member's retail prices. (ii) Member has committed fraud, either on other Members or against Barter Asia. (iii) Member is not adhering to his/her contractual agreement with Barter Asia. (iv) Member has exhibited unprofessional behaviour in dealing with Barter Asia staff or in the conduct of barter trades with other Barter Asia Members.
- Any Member's cheque(s) to Barter Asia unsuccessfully processed due to insufficient funds, or any other financial deficiency, will be assessed a $30 cash fee.
- If this agreement is cancelled by a Barter Asia Member, there shall not be any refund of cash transaction fees.