Terms and Conditions

Terms And Conditions

Individuals

  1. Participation is free for individuals.
  2. Participation in the FairMoney is at your own risk. No rights can be derived from participation.
  3. Both parties can terminate the agreement at any time, without stating reasons. Stichting De FairMoney Nederland will, with its social responsibility, be extremely reluctant and will only terminate participation if there is abuse or other compelling reasons.
  4. If on termination of the Foundation there is still a positive balance on the account of the individual, the Foundation will pay the amount in Euro, per bank, at a price of 95 cents per FairMoney.
  5. Individuals can purchase and spend FairMoney, but can not switch back to Euro.
  6. The Foundation will never trade your information or make it available to third parties in any other way, unless legally obliged to do so.

Companies General

  1. Participation costs 10 FairMoney per month, excluding VAT. The contribution is debited monthly on the first of the month from your FairMoney account. Participation in the first year is based on ‘not good, money back’. If you do not have any or hardly any added value from the FairMoney, as shown by the lack of turnover or payments with FairMoney (through the use of credit space), we will refund the entire amount to your account. You can then remain a member.
  2. Participation in the FairMoney is at your own risk. No rights can be derived from participation.
  3. For transactions in FairMoney, 1 FM= 1 Euro. It is not allowed to ask other prices for payments in FairMoney than for payments in Euro.
  4. Both parties can terminate the agreement at any time without giving reasons. Stichting De FairMoney Nederland (The Foundation) will be extremely reluctant to do so, based on its social responsibility, and will only terminate participation if there are abuse or other compelling reasons.
  5. If on termination the Foundation still has a positive balance lower than F 200, – remainder on the business account, the Foundation will pay the amount in Euro, per bank, within a month, at a price of 95 cents per FairMoney. If the amount is higher than F 200, then the Foundation will offer the amount for sale at the Exchange Office and pay as soon as the amount has been sold.
  6. If, on termination, a negative balance is left as a result of an outstanding credit, the credit must be paid in twelve (12) equal installments.
  7. The Foundation will never trade your information or make it available to third parties in any other way, unless legally obliged to do so.

FairMoney Exchange Office

  1. Companies can offer FairMoney, which they have converted but can not spend effectively within the network, for sale at the exchange office on the FairMoney website.
  2. The maximum asking price is 95 cents per FairMoney. Offers at a lower price are possible, prices can be set in tenths of cents. For example: 0.931.
  3. The cheapest offer is always sold first. With offers at the same price, the oldest is sold first.
  4. If (a part of) the offered amount is sold, the amount paid in Euro will be transferred to the bank account of the selling company within five (5) working days.
  5. The Foundation makes every effort to maintain a good course (around 95 cents) and has ample opportunities to do so. The Foundation is in no way liable for the course of the FairMoney, nor for the speed at which it is exchanged.

Lending

  1. Companies are all eligible for credit in principle. The Foundation considers whether or not to grant credit:
  • the reputation of the company
  • creditworthiness
  • the space in the network (credit is new money and the Foundation manages the money supply to maintain a good course)
  • collateral
  • the plans of the company with the credit
  • payment morale in the past.
  1. Credits are continuous and free of charge.
  2. Debtors must pay one twelfth (1/12) per month, but they can spend that amount immediately. If the debtor has more than 1 / 12th of the overdraft income (due to turnover), then this is also sufficient. If a company has a part of a twelfth in turnover, the rest must be paid in addition.
  3. The debtor grants the Foundation permission to deduct 1 / 12th of the overdraft in a monthly amount from a bank account. The Foundation will use this if the debtor has converted less than 1 / 12th of the overdraft in FairMoney that month. With this money, the FairMoney Foundation buys in the exchange office and deposits it on the FairMoney account of the debtor. The 5% retained by the Foundation for the financing of the credit.
  4. The credit is free. However, the Foundation will (at least) transfer 5% to the purchase of FairMoney with euro repayment of the credit.
  5. The Foundation has the right to temporarily increase the monthly repayment to 1 / 11th, 1 / 10th or 1 / 9th of the overdraft. It only uses this if there is an oversupply from FairMoney in the exchange office, and the money supply needs to be tightened. If the Foundation intends to do so, the Foundation will make this known at least two weeks before the debit, via the website.
  6. The Foundation has the right to tighten the credit space. It does this when there are concerns about the creditworthiness and / or payment morale of the debtor, or to tighten the money supply as a result of oversupply on the stock exchange.
  7. If the participant or the Foundation unilaterally terminates the agreement for reasons of its own, any outstanding credit must be settled in 12 monthly installments as quickly as possible, but no later than within one year.