What happens at the end of the 12 month Hire Agreement?
At the end of the 12 month hire period, the University may seek to dispose of the bicycle and safety equipment at a fair market value. The fair market value of a bicycle and related safety equipment will be a small amount in comparison to the total amount paid by the employee to hire the bicycle and equipment for the 12 month hire period. Please note that the University cannot advise what the fair market value will be until the end of the hire period for members joining in 2009. The fair market value for equipment purchased for staff who joined the scheme during 2008 has been set at 5% of the original value of the goods. The University is offering to transfer the ownership of the equipment to these staff in return for payment of the fair market value. There is no obligation to take ownership of the bicycle and equipment, however should a member of staff choose not to then they must return the equipment to the Transport and Parking Office.
