Effective Date: 5th June, 2023
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Purpose
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The purpose of this policy is to outline the procedures for receiving, holding, and repaying bonds from casual members of Community Toy Library Waimairi Incorporated (“WTL”).
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Bonds from casual members serve as a security deposit to ensure the responsible use and return of borrowed toys and equipment.
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Definition
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Bond: A bond refers to the security deposit collected from WTL casual members to cover any potential damages, losses, or outstanding fees associated with borrowed items.
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Bond Collection
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All WTL casual members are required to pay a bond upon joining. The bond amount shall be determined by the WTL committee.
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The bond amount shall be communicated to members during the registration process and clearly stated in the membership agreement.
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The bond must be paid in full before members can borrow any items from the WTL.
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Holding and Maintenance of Bonds
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The Toy Library shall maintain a separate account in their financial accounts to represent all bond funds collected.
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Bonds shall be kept in a separate bank account and clearly identified as bond deposits.
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Bond funds shall not be used for any purpose other than the intended security deposit.
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Conditions for Bond Forfeiture
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The WTL may forfeit a member’s bond in the following situations:
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a) Failure to return borrowed toys and equipment by the due date without prior approval or renewal.
b) Damage, loss, or excessive wear and tear of borrowed items beyond reasonable use.
c) Outstanding fees or penalties for late returns, damaged items, or failure to comply with WTL policies.
d) Non-compliance with any other policies or rules established by the WTL.
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Failure to make contact with the WTL, within a reasonable timeframe, upon ceasing as a member.
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Ceasing MembershipÂ
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Membership may be ceased at any time by a member notifying the WTL in writing that they wish to cease their membership
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WTL reserves the right to cease a membership in the following situations:
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a) Failure to return borrowed toys and equipment by the due date without prior approval or renewal.
b) Damage, loss, or excessive wear and tear of borrowed items beyond reasonable use.
c) Outstanding fees or penalties for late returns, damaged items, or failure to comply with WTL policies.
d) Non-compliance with any other policies or rules established by the WTL.
e) Inactivity on account for over 12 months
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When the WTL ceases a membership, the member will be notified by the most recent email address supplied to the WTL. If there is a bond to be repaid, 3 attempts to contact the ceased member will be made. If the member fails to reply, the bond will be forfeited.
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Bond Repayment
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Bonds shall be repaid to members upon the satisfactory fulfillment of their obligations as WTL members.
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Bond repayments shall be made by direct deposit within 30 days.
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The member must provide accurate and up-to-date contact information to ensure successful bond repayment.
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Dispute Resolution
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In the event of a dispute regarding the forfeiture or repayment of a bond, the WTL shall follow its established grievance resolution procedure.
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The WTL will make reasonable efforts to resolve disputes promptly and fairly, keeping in mind the best interest of both parties involved.
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Policy Review
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This policy shall be reviewed periodically by the WTL committee to ensure its effectiveness and relevance.
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Any proposed amendments to this policy shall follow the WTL established policy for policy review and approval.
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