| How Does LETS Work? |
The current standard rate for a member providing a service is 8 Covs per hour (1 Cov being equivalent to £1). Skilled professional services may agree payment of a higher rate per hour, or a combination of 'Covs' and 'real money'.
Example 1: Member 'A' needs some help with the garden and looks in the LETS Directory. Member 'B' has advertised that he can offer gardening. Member 'A' contacts Member 'B', they agree a price of 8 Covs per hour. The job takes 3 hours and Member 'A' writes a cheque for 24 Covs to Member 'B'. Member 'B'. then pays the LETS cheque into the Coventry LETS Treasurer who debits Member 'A's account by 24 Covs.
Example 2: Member 'B' needs the services of a graphic designer and looks in the LETS Directory. Member 'C' has advertised that she offers this service. Member 'B' contacts Member 'C', they agree a price of 8 Covs plus £8 per hour. The job takes 2 hours and Member 'B' gives £16 and writes a LETS cheque for 16 Covs to Member 'C'.
Example 3: Member 'C' wants to purchase some organic food and looks in the LETS Directory. Member 'A' has advertised that she bakes with organic ingredients and makes home-made jam. Member 'C' contacts Member 'A', they agree a price of 15 Covs for a selection of produce. Member 'A' provides the goods and Member 'B' writes her a LETS cheque for 15 Covs.