Terms and Conditions

The Account Holder will abide by all current operating policies, procedures and rules for all Account Holders. vCash Systems reserves the right to change these rules from time to time by written or electronic notice to Account Holders. vCash Systems will further maintain a copy of the current Rules and Regulations. vCash Systems will publish advertisements for the sale or purchase of goods and services, the name, address and business of advertiser in its Business Directory section using information supplied by Account Holders. Current operating policies, procedures and rules on explained here are part of this agreement.

TERMS

For the purposes of this agreement the following terms will be taken to have the following meanings

  • Account Holder - An individual or Business holding an Account with
  • vCash - Virtual Cash , a medium of exchange allowing the assignment of value of goods and service exchanged.

SCHEDULE OF FEES

The Account Holder agrees to abide by and pay the following fees

  1. A 2% in vCash deducted from amount credited to the sellers account at the time of the transaction.
  2. This fee to be distributed as follows:
    1. 1% to vCash - to be used to offset bad debts within the system
    2. 0.5% to be credited to the sponsor of the account holder (SPONSOR A)
    3. 0.5% to be credited to the sponsor of the sponsor of the account holder (SPONSOR B)
  3. Where goods and services are sold for part cash that proportion of the sales is in cash then the fees are payable and due in cash. For the purposes of the calculation the Cash portion will be deemed to comprise the lowest portion of the transaction.
  4. Purchases will be refused approval for any account past due more than 30 days.
  5. The Account Holder agrees to pay and the Guarantor guarantees payment as stated and understands that there will be no refunds. vCash Systems reserves the right to change the fee structure at any time.

CREDIT LIMITS, OBLIGATIONS AND REPAYMENTS

the Account Holder agrees to:

  1. Pay charges immediately on submission of application
  2. Repay the credit amount at a minimun rate of 5% per month for a period of 20 months
  3. To trade with other Account Holders while credit balance is still outstanding
  4. Pay charges

DUTIES OF THE ACCOUNT HOLDER

the Account Holder agrees to:

  1. Be fully responsible for the identification of other Account Holders wishing to buy their goods and services
  2. Be fully responsible for providing identification and proof of account status to other Account Holders and provide and authorisation number for their purchases.
  3. Pay any and all government charges, duties ,taxes on the goods and services to the appropriate party as a separate transaction and not through the vCash Systems system.
  4. Ensure all transactions are recorded.
  5. Make available to other Account Holders, subject to the terms and conditions herein, goods and / or services at normal prices and on similar terms, conditions and priority as those given to other customers.
  6. Not reasonably refuse to provide goods and services to any other Account Holder.
  7. Be fully responsible for the spending of any credits earned from the sale of goods and / or services to other members.

DUTIES OF vCash Systems

  1. vCash Systems to keep record of transactions by Account Holders with Account Holders and assist where necessary to co-ordinate the exchange of goods and services between Account Holders.
  2. vCash will amend these Terms and conditions from time to time and will inform members of these changes by posting the amended terms and conditions to this ste.
  3. To fully administer the vCash Systems system and grant each member the credit limits in vCash (at the sole discretion of management). Such credit limits may be adjusted from time to time depending on the Account Holders ability to earn and repay those credits advanced.
  4. To continually seek to find new Account Holders and to provide such information of new Account Holders to existing Account Holders where so requested by the Account Holders, as soon as possible
  5. To collect all fees ( and other incentives payable to vCash Systems payable to vCash Systems for its services.
  6. To provide all Account Holders with the appropriate means of identification and access to their account

TERMINATION

  1. This deed and the account may be terminated at any time by vCash Systems if the Account Holder is in breach or default of any of the conditions of this deed.
  2. This deed and the account may be terminated if the Account Holder fails to pay any fees as required for a period of 3 (three) months
  3. Upon termination by either party an Account Holder in credit may continue to purchase goods and services to the value of the credit balance for a period of 4 (four) months from the date of termination. After the expiry of 4 (four) months and all credit balances of the Account Holder shall be deemed to have been dissolved and the account shall be taken to zero.
  4. Upon termination by either party an Account Holder in debit to vCash Systems may arrange supply of goods and services through vCash Systems over a 4 (four) month period to other Account Holders. After the expiry of 4 (four) months any remaining deficit amounts shall be paid in full, in either Local Currency or in vCash form another vCash System.

LIABILITY

The Account Holder indemnifies vCash Systems and vCash Systems will not accept any liability if:

  1. An Account Holder is unable to spend any vCash acquired from the sale of goods and / or services
  2. An Account Holder is refused supply of goods and / or service by another Account Holder
  3. Any item of goods and / or services purchased or sold by and Account Holder are not of the quality stated by any Account Holder or do not satisfy the required purpose for the goods and / or services sold or purchased.
  4. The Account Holder is unable to sell any goods and / or services to any other Account Holder.
  5. Any Account Holder suffers any loses or damage of goods and / or services either partially or fully from return or non return of goods sold where the Account Holder has not been credited for non compliance of the rules and regulations or the return of any goods and services for any other reason.

DISPUTES

The Account Holder agrees that vCash or it's nominees will be the final arbitrator in all disputes and that the decision of vCash or it's nominees will be the final :

It is further agreed by the Account Holder that the Account Holder indemnify vCash Systems and all of it's employees, agents and Account Holders against any and all action for loss or damage which vCash Systems may suffer as a result of any action, including but not limited to any action, proceedings, claims, demands and damages arising out of any sale or purchase of goods and / or services with any other Account Holder.