What happens to the bicycle and equipment at the end of the hire period?
After 18 months in which the hire payments are made the University must seek to dispose of the bicycle/equipment for a fair market value. The University cannot guarantee it will sell the bicycle/equipment to the person who has hired them. Without any commitment upon the University, the University is hoping that a fair value will be in the region of 5% plus VAT of the original retail price. The University anticipates that interest in purchasing a bicycle and equipment will come exclusively from the member of staff that has hired such bicycle and equipment before.
