Policy – Alpha Phase

Version 1.0 – November 2019

This document sets out the Policies of The Open Credit Network as set by the OCN Management Committee. All these policies are subject to change according to the provisions of the Membership Agreement.

  1. OCUs are currently considered to have an equivalent value to £1 GBP.
  2. In the case of disputes the Admin Team and Arbitration Panel will considered one OCU to have an equivalent value to £1 GBP.
  3. Each Member’s balance limits will be calculated by the Admin Team, on a transparent reasoned basis, taking into account information such as:
    1. The amount of goods and services they offer to the Network
    2. Their sales and purchase history
  4. Membership Fees are set according to which plan Members are subscribed to. By default all Members start on the Standard plan, which is £500/year with the first year being free – and comes with a standard credit limit of +/-£500.
    1. Members wishing to increase their credit limit , or to access lower fees, should contact the Admin Team to provide details about their number of employees, incorporation etc and to access alternative plans with different fees and credit limits.
  5. Transaction Fees are set 2% but are waived during the Alpha phase.
  6. To become a Member of OCN organisations must be bonafide UK businesses and provide all of the following information:
    1. Business Name:
    2. Type of Incorporation:
    3. Company Number:
    4. Business Description:
    5. Website:
    6. Business Phone:
    7. Business Address
    8. Personal details of an individual sanctioned by the business to make financial commitments in respect of OCN
      1. First Name
      2. Last Name:
      3. Telephone:
    9. GDPR Acceptance
  7. OCN will seek to recover any outstanding balances by the following process:
    1. The Admin Team will work with Members to agree offers of goods and services into OCN to redeem any outstanding debit
    2. The Admin Team will work with Members to agree a suitable GBP equivalent payment schedule to redeem any outstanding debit
    3. As a final resort The Admin Team reserve the right to convert any outstanding debits to an equivalent GBP sum and pass this debt on to a collection agency.
  8. OCN must at all times have an agreed successor Org as per the termination clause of the Members Agreement. In the case where no successor Organisation is in place the Admin Team must ensure one is appointed within 30 days.
  9. Admin Team:
    1. The Admin Team is empowered to rewrite any Policy on the basis of democratic decision making within the Admin Team
    2. The Admin Team is able to bring on new Members to the Admin Team, without calling an AGM or EGM, as probationary Admin Team Members, whose membership must be confirmed at the next AGM or EGM, as appropriate.
    3. To stand for election to the Admin Team a Trading Member should announce their candidacy at an AGM or EGM, as appropriate.
    4. Each candidate can present their case for election at and AGM or EGM and a vote of those present at the meeting will determine who is elected.
    5. The Admin Team must always have a minimum of 3 Members and a maximum of 9 Members.
    6. In the interests of OCN, and in accordance with any decision of the Arbitration Panel, The Admin Team can enact or reverse transactions between Members accounts.
  10. Arbitration Panel:
    1. The Arbitration Panel must take responsibility for delivering clear and reasoned decisions in final resolution of internal disputes
    2. Arbitration Panel will be impartial, uphold and enforce the terms of the Membership Agreement, and in the case of any doubt make sure their decision best serves the Purpose of OCN
    3. The Arbitration Panel is able to bring on new Members to the Arbitration Panel to satisfy their responsibilities, without calling an AGM or EGM, as probationary Arbitration Panel Members, whose membership must be confirmed at the next AGM or EGM, as appropriate.
    4. To stand for election to the Arbitration Panel a Trading Member should announce their candidacy at an AGM or EGM, as appropriate
    5. The Arbitration Panel consists of a minimum of 5 and a maximum of 9 individuals as elected at an AGM