RULES AND REGULATIONS

  1. Goods and Services: For the purpose of this agreement, the applicant business is called "client" and American Exchange Network (a division of the corporation American Exchange, Inc.) is called "AMX". 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 clients 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 credit 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 clients 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 clients 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 clients 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 1/2 % 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 no refunds 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 the account. 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 clients 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.