| How Does LETS Work? |
The current recommended rate for a member providing a service is 8 Covs per hour (1 Cov being equivalent to 1 Pound). Skilled professional service providers may agree payment of a higher rate per hour, or a combination of Covs and sterling.
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' pays the Covs to Member 'B' using the Coventry LETS online accounting system.
Example 2: Member 'B' who does not have Internet access 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 Pounds per hour. The job takes 2 hours and Member 'B' gives 16 Pounds and writes a LETS cheque for 16 Covs to Member 'C'. Member 'C' sends the cheque to the Coventry LETS treasurer to be cleared through the accounts.
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 'C' pays her 15 Covs directly using the Coventry LETS online accounting system.