MEMBERS TERMS AND CONDITIONS
The following Terms & Conditions constitute the contract by any person or legal entity (hereinafter referred to as Member) and BTE AUSTRALIA PTY LIMITED (A Not-for-Profit-Association hereinafter referred to as “BePay” that governs the BePay Wallet and the “BE” Digital Currency in Australia, known collectively as the “BePay System”) and BTE GLOBAL LIMITED (being the International Licensor and the “MANAGER” of the Barteum Distributed Ledger Technology & “BTE” Digital Currency (“BartEos”) known collectively as the “BartEos System”).
Any use of the BePay System to conduct a transaction by a Member constitutes acceptance of all terms, conditions, policies and procedures as most recently adopted by BePay. They apply to all BePay Member’s and to all transactions facilitated by BePay and BartEos.
The Barteos System is dubbed as the “Internet-of-Money” and like the Internet can be called “public domain” or “commons” software and systems. This would mean that it is not owned by anyone but rather, it is open for the benefit and use of everyone on a global scale and this Internet-of-Money is a “Public Benefit” technology that requires no permission to use.
NATURE OF THE PARTIES
BePay is a legal entity acting as an association of Australian businesses and professionals who have joined together to offer their business products and services among themselves and their customers through the BePay and BartEos systems. BePay governs and regulates the BePay system in Australia to comply with KYC/AML requirements of Australian Laws and regulations, which is regulated with the requirement to collect personal data from account holders. BePay or its designee is responsible to keep all related data private and confidential and does not use any of this data for any corporate financial gain directly or indirectly. Therefore, BePay functions as a promoter and regulator for the BePay transactions by Australian account holders.
Barteos is the International Licensor to BePay and the Manager of the Barteum Distributed Ledger Technology & the BTE Digital Currency. Barteos Manages the BTE Lobal Establishment Fund and trains the Global Sales Force to promote the Barteos System.
Member is a bona fide and legal business that desires to do business with other Members of the Network and their customers and hereby subscribes to BePay services. Member warrants that it is in compliance with all State, Federal, industry and professional laws and regulations and is a lawful business.
BePay reserves the right of final approval of this agreement and may refuse to accept anyone as a Member for any reason it deems necessary.
The Member of BePay hereby acknowledges that they are over 18 years of age.
Member of BePay hereby acknowledges that the use or opening an account with the BePay System or the Barteos System does not require Membership.
Member of BePay hereby acknowledges that Membership to BePay gives a business Member certain privileges not available to normal account holders like, the “BTE CASHBACK” loyalty program that is funded by the BePay System for the benefit to a Member’s business customers when they purchase from them and other “try before you buy” offerings.
DISCLAIMER OF WARRANTY AND LIABILITY
BePay makes no representation or warranty, either express or implied, and disclaims all liability, as to the fitness, quality, delivery date, prices or any term of any trade transaction with any person or entity that uses the BePay System. Member agrees to indemnify and hold BePay and BartEos harmless with respect to any claim, debt, or liability whatsoever, arising out of any transaction. Member acknowledges that any transaction facilitated on the Barteum Distributed Ledger System, in which Member participates is entered into by Member on a voluntary basis. Member agrees to waive any claim, debt, or liability whatsoever against BePay or BartEos because of any computer or software malfunction or any malicious attacks on the computer network, outages of internet and any acts of god or disasters beyond its control.
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 BePay responsible to pay any taxes on behalf of any Member. Transactions involving BePay Trade Dollars are generally treated as taxable events for federal, state and local tax purposes and BePay will upon request, report BE Trade 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 BePay harmless for any actions that BePay takes to comply with federal, state or and local laws.
NATURE OF BEPAY “BE” TRADE DOLLARS
Member’s conduct transactions using the BePay System. Payments are made by posting debits and credits to the buying and selling Member’s respective accounts in the form of BePay Trade Dollars.
BePay Trade Dollars are a digital crypto currency which operates as contractually accepted tender between exchange members, backed only by the goods and services available within the Network, and regulated by BePay. These Trade Dollars denote value received for goods or services sold and may be exchanged for other goods or services made available by BePay Member’s.
Trade Dollars may be used only in the manner and for the purposes set forth in this agreement and the Policies & Procedures. Neither BePay nor Member shall consider BePay Trade Dollars as legal tender, securities, or commodities. BePay disclaims any and all responsibility for the acceptance or negotiability of BePay Trade Dollars or for the availability of goods or services from any source.
LIABILITY FOR BE TRADE DOLLARS
Member acknowledges and grants to BePay the right and power to regulate and control the number of BePay Trade Dollars in circulation within the Network.
Member accepts full responsibility when Member borrows or lends from other Members in the Network.
Member is NOT authorised to sell BePay Trade Dollars as a business for cash unless they are an AUSTRAC regulated Exchange Business that complies with all Federal, State and Local laws.
AUSTRAC is an Australian Government agency that uses financial intelligence and regulation to disrupt money laundering, terrorism financing and other serious offences.
SUSPENSION OR TERMINATION
If Member violates any Terms or Conditions of this Agreement or the currently effective Policies and Procedures, BePay may at its discretion immediately terminate Members’ Membership and any of its entitlements.
Either party may terminate this Agreement upon seven (7) days written notice to the other party. Upon termination, all Membership or service fees outstanding to BePay will become due and payable. No Membership or service fees will be refunded. Any Member with an outstanding loan to BePay must repay the outstanding balance within thirty days of termination date.
All Membership fees are subject to change with 30-day notice.
All entitlements for “try before you buy” products or services offered as part of the Membership are subject to availability by the respective Suppliers. In the case where a supplier fails to supply its products or services promised then BePay will have the right to replace the suppliers offering with another supplier that can provide similar products or services within 60 days of written notice. In the event the BePay cannot find another supplier the Member indemnifies BePay and shall not seek any refunds or Discounts on Membership Fees.
Fees paid to BePay are non-refundable. If buyers or sellers do not complete a transaction, or if performance of Members’ obligations to each other is disputed, BePay will not be obligated to refund any fees it has received or be involved in any disputes.
Transaction fees payable are due at time of purchase and fees due for more than 30 days will be assessed a late fee of $15.00 per month, or 1.50% of the unpaid balance, whichever is the greater.
The Member agrees to accept a MINIMUM of 20% of the selling price from any customer in BTE or BE digital currency. Buyer and seller may agree upon a part-cash / part-trade blend.
Member shall abide by applicable international, federal, state and local laws or regulations pertaining to exchange transactions. BePay shall not be responsible for any failures on the part of Member to comply with such laws and regulations. Member agrees to indemnify BePay for any action that BePay takes to comply with applicable laws or regulations.
NO WAIVER OF RIGHTS
BePay 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. BePay remedies are cumulative and are not exclusive of any remedies provided by law.
Every item contained in this agreement is separate 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 BePay, Member shall pay BePay reasonable legal 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.
Member hereby grants BePay a security interest in all Trade Dollars in Member’s 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. BePay 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 BePay does receive all of its cash fees in full, BePay shall reinstate the Trade Dollars to the Member’s account.
WARRANTY OF INFORMATION
Member warrants that it provides all information to BePay in good faith and that such information is accurate to the best of Member’s knowledge.
E-DOCUMENTS AND ELECTRONIC SIGNATURES
BePay and Member mutually agrees that e-documents with electronic signatures are binding documents and are accepted as an original legally executed documents and signatures.
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.
At its sole discretion, BePay may amend this agreement by giving Member seven (7) days written notice via e-mail and placing a notice of the last date of any changes on a website. BePay may also amend the Policies and Procedures with seven (7) days written notice via e-mail. Any transaction made by Member, which makes use of BePay or BartEos after these time frames constitutes acceptance by Member of such change(s) and the agreement of Member to abide by the same.
NO WAIVER OF RIGHT
BePay’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. BePay remedies are cumulative and are not exclusive of any remedies provided by law.
MEMBER AGREES TO HOLD HARMLESS BEPAY, IT’S OFFICERS, AGENTS, REPRESENTATIVES, ASSOCIATES AND ASSIGNS FROM ANY LOSSES, LIABILITY OR DAMAGES WHICH MAY RESULT FROM MEMBERS’ PARTICIPATION IN ANY TRANSACTIONS, ACTIVITIES, PROGRAMS, PROMOTIONS, OR ADVERTISING, INCLUDING THE COSTS OF LITIGATION AND LEGAL FEES.
In the event of a dispute between BePay and Member resulting in a judgment entered on behalf of the Member against BePay, Member agrees that BePay shall have the right to satisfy the said judgment in BePay’s digital currency.
This agreement shall in all respects be construed under the laws of the State of New South Wales, Australia.