Sittm Inc. on-line MEMBERSHIP AGREEMENT
- CONTRACT AND MODIFICATION OF CONTRACT
The following terms & conditions constitute the
contract by and among Member and Sittm Inc..
Any use of Sittm Inc. to facilitate a transaction by a
Network Member (hereinafter Member) constitutes acceptance of all terms,
conditions, policies and procedures as most recently adopted by Sittm Inc..
They apply to all Sittm Inc. Members' and to all transactions
facilitated by Sittm Inc.. At its sole
discretion, Sittm Inc. may amend this
Agreement by giving Member thirty (30) days written notice via e-mail. Sittm Inc. may amend the Policies and
Procedures with seven (7) days written notice via e-mail. Any purchase or sale
by Member, which makes use of Sittm Inc.
after these time frames constitutes acceptance by Member of such
change(s) and the agreement of Member to abide by the same.
- PARTICIPATION IN THE EXCHANGE
- NATURE OF THE PARTIES
- a. Sittm Inc. operates an association of businesses and professionals who have joined together to do
business among themselves through the organized system which is regulated by the
record-keeping and administrative services of Sittm Inc. or its designee and through the
medium of Sittm Inc. Trade Dollars.
Sittm Inc. functions as a clearinghouse for the transactions of the Network membership.
- b. Sittm Inc.
regulates the Network. Sittm Inc.
acts as a third party record-keeper and administers the clearinghouse function of the Network for the Members'.
Sittm Inc. may contract with others to provide all or part of such services.
- c. Member is a bona fide and legal business that desires to
do business with other members of the Network and hereby subscribes to
Sittm Inc.'s services. Member warrants that it is in compliance with all State,
Federal, industry and professional laws and regulations.
- d. Sittm Inc. reserves the right of final approval of this agreement and may refuse to
accept anyone as a Member for any reason it deems necessary.
- e. The signer of this agreement hereby acknowledges that they are over 18 years old.
- DISCLAIMER OF WARRANTY AND LIABILITY
Sittm Inc. makes no
representation or warranty, either express or implied, and disclaims all
liability, as to the fitness, quality, delivery date, merchantability, prices or
any term of any trade transaction. Member agrees to indemnify and hold
Sittm Inc. harmless with respect to any claim,
debt, or liability whatsoever, arising out of any transaction wherein Member is
a Buyer or Seller. Member acknowledges that any transaction facilitated by the
Network, in Which Member participates is entered into by Member on a voluntary
basis. Member agrees to waive any claim, debt, or liability whatsoever against
Sittm Inc. arising out of any computer
or software malfunction or processing errors.
Seller shall be solely responsible to collect and remit to
the appropriate taxing Authorities the applicable taxes and shall collect and
record these as required by law. Under no circumstances is
Sittm Inc. responsible to pay any taxes on
behalf of any Member. Transactions involving
Sittm Inc. Trade Dollars are generally treated
as taxable events for federal, state or provincial, and local tax purposes and
Sittm Inc. reports
Sittm Inc. Dollar sales to the appropriate
government taxing authority. The declaration and reporting of applicable taxes
resulting from trade transactions rests solely with the Member. Member agrees to
indemnify and hold Sittm Inc. harmless
for any actions Sittm Inc. takes to
comply with federal, state or provincial, and local laws.
ADMINISTRATION OF THE EXCHANGE AND
- NATURE OF Sittm Inc. TRADE DOLLARS
LIABILITY FOR Sittm Inc. TRADE DOLLARS
- Members' conduct transactions (purchases or sales of goods
or services) using the Sittm Inc.
accounting system. Payments are made by posting debits and credits to the
buying and selling Members' respective accounts, pursuant to these Rules and in
the form of Sittm Inc. Trade Dollars.
- A "Sittm Inc. trade
dollar" is a private currency which operates as contractually accepted
tender for specified private debts only, between exchange members, backed only
by the goods and services available within the Network, and regulated by
Sittm Inc. Trade Trade Dollars denote value
received for goods or services sold, and may be exchanged for other goods or
services made available by Sittm Inc.
Member's. Trade Dollars may be used only in the manner and for the
purposes set forth in this agreement & the Policies & Procedures.
Neither Sittm Inc. nor Member shall
consider Sittm Inc. Trade Trade Dollars as
legal tender, securities, or commodities.
Sittm Inc. disclaims any and all
responsibility for the acceptance or negotiability of
Sittm Inc. Trade Dollars or for the
availability of goods or services from any source.
- Member acknowledges that
Sittm Inc. Trade Dollars in the Network
(positive balances) are the liabilities of persons who have spent more than
their earnings (negative balances); that there is a creditor/debtor relationship
between such persons, and that Sittm Inc. transactions incur the normal business
risks associated with any credit transaction. Any positive trade balances are
solely the liability of Members' who owe
Sittm Inc. Trade Dollars to the Exchange and
are not the liability of Sittm Inc..
- a. Member acknowledges and grants to Sittm Inc. the right and
power to regulate and control the number of Sittm Inc. Dollars within the Network.
- b. Member grants to Sittm Inc. the right and power to borrow from the Network.
- c. Member is NOT authorized to sell Sittm Inc. Trade Dollars for cash.
SUSPENSION OR TERMINATION
- If Member violates this Agreement or the currently
effective Policies and Procedures, Sittm Inc.
may immediately terminate Members' account or may freeze all activity in
the account without notice and/or make immediate adjustment to the transactions
involved. At its sole discretion, Sittm Inc. may reinstate Member or unfreeze
- Either party may terminate this Agreement upon seven (7)
days written notice to the other party. Upon termination:
- a. All cash and Sittm Inc.
Trade Dollar service fees outstanding become due and payable immediately. No service
fees will be refunded.
- b. Any Member with a negative account balance (where
purchases exceed sales) must balance their account with
Sittm Inc. Trade Dollars within thirty days of
termination date. After said thirty day period, Member must immediately pay
Sittm Inc. any remaining negative
balance in cash.
- c. Any Member with a positive balance (where sales exceed
purchases) must spend out their account within thirty days of termination. Any
trade dollars remaining after ninety days will become the property of
- Funds for the cash fees must be available at the time of the transaction or it will not be processed.
You may do this by having a debit or credit card on file. If You prefer to pay by check You can Pre-pay Your
account and we will deduct the fees from Your available balance.
- Fees paid to Sittm Inc. are non-refundable.
If buyers or sellers do not complete a transaction, or if performance of Members' obligations to each other is disputed,
Sittm Inc. will not be obligated to refund any
fees it has received. In certain circumstances an approved cash credit may be applied to Members' accounts.
- Transaction fees payable are due at time of purchase and fees due for more than 40 days will be assessed
a late fee of $10.00 per month, or 1.50% of the unpaid balance, whichever is more.
- By acceptance of this agreement the Member agrees personally and corporately to guarantee payment
of all cash fees and is responsible for all negative Trade dollars, if any.
- LEGAL REQUIREMENTS
Member shall abide by applicable international, federal, state or provincial, and local laws or regulations pertaining to Exchange
transactions. Sittm Inc. shall not be responsible for any failures on the part of Member
to comply with such laws and regulations. Member agrees not to hold Sittm Inc.
liable for any action Sittm Inc. takes to comply with applicable laws or regulations.
NO WAIVER OF RIGHTS
Sittm Inc. failure or delay in exercising any right, will not operate as a waiver of that right,
nor shall the partial exercise of a right preclude any other or further exercise of any right. Sittm Inc.
remedies are cumulative and are not exclusive of any remedies provided by law.
SEVERABILITY; ATTORNEY'S FEES
Every item contained in this agreement is severable from every other term herein. If any term should be judged unenforceable, it shall
not affect the enforceability of other terms outlined in this Agreement or the Policies and Procedures. If legal action must be taken by
Sittm Inc., Member shall pay Sittm Inc. reasonable attorney's fees, costs,
plus interest from the date of default until payment in addition to any other judgment as granted by a court of law or an acceptable arbitration.
If Sittm Inc. terminates or otherwise ceases to do business, all Members' in a negative
Sittm Inc. Trade Dollar position will pay amounts they owe in cash (one
Sittm Inc. Dollar being equal to one United States dollar in cash) into a fund. The
fund, less expenses, will be distributed pro rata to all Members' who are in a positive Sittm Inc. Trade Dollar
position. Sittm Inc. is not liable to any Members' for cash or Sittm Inc. Trade
Dollars beyond the distribution of such funds.
Member hereby grants Sittm Inc. a security interest in all Trade
Dollars in Members' account for the amount of all unpaid cash fees. If Member
becomes insolvent or bankrupt all cash fees shall be due and payable in full.
Sittm Inc. shall have the option in lieu
of filing as a creditor of treating the Trade Dollar balance as equal in value
to the amount of cash fees owed, and terminating the account; provided however,
that if Sittm Inc. does receive all of
its cash fees in full, Sittm Inc. shall
reinstate the Trade Dollars to the Members' account.
WARRANTY OF INFORMATION
Member warrants that it provides all information to
Sittm Inc. in good faith and that such
information is accurate to the best of Members' knowledge.
FAX & E-MAIL SIGNATURES
Sittm Inc. will, and Member agrees that
Sittm Inc. may, accept a faxed or e-mailed signature as an original, legal signature.
Member acknowledges that it is not relying on any oral
representations concerning this Agreement and that the complete agreement
between the parties is contained in the Member Application, this Agreement and
the Policies & Procedures.
NO WAIVER OF RIGHT
Sittm Inc.'s failure or delay in exercising any right, will not operate as a waiver
of that right, nor shall the partial exercise of a right preclude any other or
further exercise of any right. Sittm Inc.'s remedies are cumulative
and are not exclusive of any remedies provided by law.
MEMBER AGREES TO HOLD HARMLESS AND INDEMNIFY
Sittm Inc., IT'S OFFICERS, AGENTS,
REPRESENTATIVES, ASSOCIATES AND ASSIGNS FROM ANY LOSSES, LIABILITY OR DAMAGES
WHICH MAY RESULT FROM MEMBERS' PARTICIPATION IN ANY OF Sittm Inc.'s
TRANSACTIONS, ACTIVITIES, PROGRAMS, PROMOTIONS, OR ADVERTISING, INCLUDING THE
COSTS OF LITIGATION AND ATTORNEYS FEES.
In the event of a dispute between Sittm Inc. and Member resulting in a judgment entered
on behalf of the Member against Sittm Inc.,
Member agrees that Sittm Inc. shall have the
right to satisfy said judgment in Sittm Inc. trade dollars.
- APPLICABLE LAW
- This agreement shall in all respects be construed under the laws of the State of FL.
- Venue shall be Land O Lakes, FL 34639 United States.