RULES AND REGULATIONS
1. Goods and Services:
For the purpose of this agreement, the applicant business is called
Aclient@ and American Exchange Network (a division of the corporation
American Exchange, Inc.) is called AAMX@. AMX shall make reasonable
efforts to administer trade among clients, but does not guarantee
that any particular client will abide by the terms of that client,s
agreement or the Rules and Regulations of AMX. The client agrees and
understands that AMX is a service organization whose purpose is to
direct members to each other for trading. AMX shall bear no
responsibility for the quality and condition of goods and services.
The selling client is obligated to stand behind its goods and
services as with any business transaction and the purchasing client
shall have no claim or setoff against AMX for the failure of any
other client or clients to deliver goods or services or any other
claims of any kind, in tort or contract, against another client. The
injured client's sole remedy and recourse shall be against the
selling client.
2. Relationship with
other clients: An AMX client shall immediately identify
himself/herself as an AMX client upon initially contacting any other
client for the purpose of purchasing goods and/or services. Each
client shall treat the other client in the same manner, with the same
professionalism and priority as with any business customer. All
trades with other AMX members must be done through AMX.
3. Pricing: Clients
shall sell all goods and/or services to other clients at the same
retail price as the client charges to the general public. All goods
and services shall be sold using 100% AMX credits unless previous
written approval is arranged through the AMX office.
4. Trading Procedures:
Upon making a purchase, the purchaser shall present the AMX ID CARD
to the seller who shall in turn fill out the AMX transaction slip.
The seller shall call AMX to verify the client's account status and
obtain an authorization code for the amount of the transaction. AN
AUTHORIZATION CODE IS REQUIRED ON ALL TRANSACTIONS. The seller shall
submit the AMX transaction slip to the AMX office within five (5)
business days in order to receive the redit on account.
5. Approval of
Transactions: AMX, at its option, may place a temporary freeze on a
client,s account expenditures when AMX, in its sole discretion,
determines that the client is insolvent, or likely to become
insolvent, or is or has a serious credit risk, or the client has
failed or refused to abide by AMX Rules and Regulations.
6. Client Account
Cancellation: AMX and/or the client have the option to cancel the
client,s AMX account at any time by submitting a thirty (30) day
written notice. Written notice shall be directed to AMX at the
address on the front portion of this agreement. Written notice shall
be directed to client at the business address contained on the front
portion of this agreement. If a positive trade balance exists in the
client's account, AMX will require that the cash service fees be paid
in advance by this client for this trade balance and that the trade
balance be spent out of the clients account within sixty (60) days.
In the event that a trade deficit balance exists in the client's
account, AMX will require that the client pay the balance immediately
in cash. If the business is a corporation, the person executing this
application and agreement does guarantee the debt personally and does
waive the necessity of the AMX to proceed with its claim against the
corporation, either first or concurrently, as a condition precedent
to bringing any action against the person or persons executing this
application and agreement. The client agrees that any action brought
by either AMX or the client to enforce or construe any terms of this
agreement or rising out of any trade transaction by or with the
client, must be brought in Jackson County Missouri.
7. Fees and Billing:
Charges billed on monthly statements shall be automatically charged
to the credit or charge card indicated on the AMX application, if not
paid by ten (10) days after receipt of the monthly statement. If the
charges are denied or the card expires, the client must give AMX a
new card or expiration date within ten (10) days, or a $10.00
additional fee will be charged per month.
Transaction Service Fee:
This fee is charged to the client based upon transactions made with
other AMX clients and is calculated at 7.2 % cash for each purchase
or sales transaction. Purchases in excess of $1,000.00 may require a
cash fee be paid in advance. Reservations cannot be canceled and norefunds will be given.
Account Administration
Fee: This fee is an administration fee charged to each client in the
amount of $20.00 per month cash and $5.00 per month in trade credits.
Interest Charges: An
additional 1 1/2 % monthly fee (APR 18%) in trade dollars shall be
charged to the account for a deficit balance in the trade portion of
theaccount. A 1 1/2 %
monthly fee (APR 18%) in cash shall be charged on the account for any
past due cash fees due on the account.
Trade Dollars: Fees due
shall be automatically deducted from a client account. When cash
fees are not paid within 15 days on invoicing, the client's account
may be frozen and no trade dollars shall be spent until the cash fees
are paid in full.
8. General: The AMX
client shall indemnify and hold AMX, its agents, officers, directors,
and employees, harmless from any and all loss, expenses and damages,
including, but not limited to attorney's fees, court costs and
litigation expenses, paid or incurred as a result of AMX's
relationship with the client, including but not limited to the
failure, neglect or refusal of the client to comply with the
application and/or the AMX Rules and Regulations (current or as
amended or supplemented). This instrument contains the agreement
between AMX and client.
This agreement cannot be
assigned, transferred, or sold without prior written consent of an
official of AMX and is binding upon the heirs, successors, assigns,
and administrators of the client's business. This agreement cannot
be amended verbally; any exceptions to the agreement shall be in
writing from an authorized representative of AMX.
The client agrees to
abide by the existing Rules and Regulations of AMX and understands
that the Rules, Regulations, and Procedures are a part of the
Application and Agreement and may be amended from time to time for
the proper functioning of AMX. In the event of necessary changes in
the Rules and Regulations, the client will abide by the changes. The
client will be notified of any changes to the Rules and Regulations
in writing.