Your corporation and/or owner hereafter referred to as “Member” applies for an account with Kentuckiana Trade Exchange, Inc. hereafter referred to as KTE, for the purpose of trading their products and services with other KTE Members who are in the KTE network. As a Member of KTE, Member agrees:
- To offer our products and services to other KTE Members for trade dollars at our regular prevailing prices, with the same warranties, guarantees and level of service given to regular cash customers.
- To pay upon execution of this agreement, an initial set-up fee of $0 cash and $0 trade dollars to be automatically deducted from our KTE account.
- To pay KTE a monthly cash transaction fee of 10% of the total amount of each trade sale with other KTE Members.
- To pay KTE $0 cash and $0 trade dollar monthly fee each month. This fee will continue each month the Member has an account with KTE. A service cash charge of 2% per month will be assessed on all delinquent cash fees owed.
- To pay KTE an interest charge of 1% APR in trade on any negative trade balance. This fee will automatically be deducted from Participants account each month. Such trade funds shall be deposited in a bad debt reserve fund to offset losses in the KTE system.
- To acknowledge, consent and grant to KTE the right and power to regulate and control the number of outstanding trade dollars with the exchange system, and to administer credit extension policies for Members as stipulated in this agreement.
- That all trades and/or transactions are entered into between Participants on a voluntary basis.
- KTE assumes no responsibility for the quality, timely delivery, warranty or dispute of any nature between KTE exchange Members with regard to any product or service being traded. KTE Members should exercise the same due diligence prior to entering a trade transaction as an ordinary cash transaction. KTE is functioning in a brokerage capacity and each KTE Member does hereby indemnify and hold KTE harmless with respect to any claim, debt, reasonable attorney fees or liability arising out of any trade transaction, whether the KTE Member is a buyer or a seller.
- Anything to the contrary herein withstanding, KTE may, at its sole discretion modify, amend or change this agreement in which KTE deems necessary, provided the changes and policies are reasonably uniform between the Members. KTE shall notify the Members of any material changes to the program in writing thirty (30) days prior to the effective date and any transaction within the trade network after the notice was given shall constitute Participants acceptance.
- To otherwise abide by and adhere to the accompanying “Trade Rules and Regulations” that are attached hereto made a part of this agreement.
- It is understood and acknowledged that this agreement and the “Trade Rules and Regulations” constitute the entire agreement between parties and shall be binding upon the Member and the heirs, successors, personal representatives and assigns of the Member. It is further understood that this agreement shall become effective when signed by the Member and approved by an authorized representative of KTE.
- Both parties have the right, power and authority to enter into this agreement and to consummate the transactions contemplated hereby.
THE MEMBER MAY CANCEL THIS AGREEMENT AT ANYTIME PRIOR TO MIDNIGHT OF THE 10TH BUSINESS DAY AFTER THE DATE OF THIS AGREEMENT BY EMAIL TO STAFF@KENTUCKIANATRADE.COM. ELECTRONICALLY SIGNED FOR AND ACCEPTED BY MEMBER UPON ACCOUNT APPLICATION.