How Does it
Work?
It works by assuming a local currency (but without coins or notes) which only has value within the scheme. Kendal LETS uses 'Kents' named after our River.
Members register what skills or services they can offer, and what requirements they have, in a LETS directory, together with an address and telephone number. The actual cost of a transaction is open to negotiation, but everybody's time is of equal value and is always charged at the same rate.
The system works best when members trade so that they fluctuate between being in debt and credit. Large accumulations of Kents have no value unless you spend them, and remaining heavily in debt for long periods of time devalues the spirit of the Scheme.
When the job is complete, the cost is notified to the central administrator, and the appropriate debit and credit applied to each member's account.
It works by assuming a local currency (but without coins or notes) which only has value within the scheme. Kendal LETS uses 'Kents' named after our River.
Members register what skills or services they can offer, and what requirements they have, in a LETS directory, together with an address and telephone number. The actual cost of a transaction is open to negotiation, but everybody's time is of equal value and is always charged at the same rate.
The system works best when members trade so that they fluctuate between being in debt and credit. Large accumulations of Kents have no value unless you spend them, and remaining heavily in debt for long periods of time devalues the spirit of the Scheme.
When the job is complete, the cost is notified to the central administrator, and the appropriate debit and credit applied to each member's account.
