The bicycle and equipment will remain the property of the University until the end of the 12 month hire period, following which the University will seek to dispose of it at a fair market value. Therefore, once you have signed the Hire Agreement, you must ensure:
- that the bicycle and equipment are insured against theft, loss or damage. You are responsible for the condition of the bicycle and for any loss or damage. The easiest way to insure the bicycle is to get it added to your household contents insurance. Replacement equipment is not available under the scheme.
If the bicycle equipment goes missing or is damaged, you will have to continue to pay the monthly salary sacrifice for the remainder of the 12 month hire period
- You must not hire out, transfer or otherwise dispose of the bicycle and equipment
- You must not make alterations to the bike or take it out of the UK during the hire period
- As Cycle+ is a hire agreement you do not have legal title to the bicycle and/or equipment.
- If you cease employment with the University before the end of the Hire Agreement period, or undertake a career break, then the agreement will terminate and the goods suplied will become a taxable benefit. You must also pay any remaining or outstanding hire charges. Any remaining hire charges will be deducted from your last net salary payment. If your final net salary payment is insufficient to meet the remaining hire charges, then you must pay Queen's University Belfast the outstanding balance within 14 days.