Gift Aid Agency Agreement

By Gift Aiding your donation, you are agreeing to the following terms:

  1. You confirm that you are at least 18 years old and understand this agency agreement is a legally binding contract.
  2. You are appointing Life Cycle (we, us) to act as an agent on your behalf in attempting to sell or dispose of the bike(s) you give to us. Where this bike(s) is sold, a commission of £16.47+VAT of the sale price will be charged for this service and deducted from the proceeds of sale to make the net sale proceed. This is to cover the costs of administrating the Gift Aid scheme and refurbishing the bike(s).
  3. Occasionally Life Cycle will review our commission rate, but we are only required to formally notify you of any change where there is an increase in that rate to above £20+VAT. The current rate will always be available in this document and on our FAQs page.
  4. You are the owner of the bike(s) you give to Life Cycle. You confirm they were obtained in a legal manner, and you are not acting on behalf of a business. As the legal and beneficial owner, you understand that you have the right to keep all the net proceeds if we sell your bike(s), but you can choose to donate all or part of the proceeds to Life Cycle.
  5. You agree that Life Cycle is not responsible for loss or damage to any bike(s) brought to us for refurbishment and sale.
  6. You agree that Life Cycle is to decide whether your bike(s) is suitable for sale and will seek to refurbish and sell this bike(s) on your behalf in whatever manner we decide and at any price we deem appropriate. If we consider your bike(s) is unsuitable for sale, has no or insufficient value, or has not been sold within a reasonable period, you agree that we may recycle or otherwise dispose of your bike as we see fit and retain any proceeds without notifying you. Unsold bikes will not be returned under any circumstances.
  7. You agree to Life Cycle getting in contact to inform you once your bike(s) has been sold. This notification will include the net sale amount of the bike, and the amount of cumulative tax you will need to have paid in the relevant financial year for us to claim the Gift Aid. On receiving this notification, you have 21 days to contact Life Cycle, using the contact details at the top of this page, if you would like to retain part or all the net proceeds. If we do not hear from you, we will assume your consent for us to accept the net proceeds as a donation to Life Cycle. You waive the right to claim interest that may have accrued on any cash you decide to reclaim from the sale of your bike(s).
  8. You agree that you are a UK taxpayer and agree to Life Cycle claiming Gift Aid on the total net proceeds generated from the sale of your bike(s). The amount of Gift Aid claimable is currently 25%, however, this could be subject to change in legislation. You understand that if you pay less Income Tax and/or Capital Gains Tax than the amount of Gift Aid claimed on all your donations made to any charity in the current tax year, it is your responsibility to pay any difference. For example, if the net sale proceeds of your donated bike are £200, we can claim £50 Gift Aid on this bike, therefore you will need to have paid at least £50 Income Tax or Capital Gains Tax in the UK during this financial year.

Removing permission

If you would like to remove permission for us to claim Gift Aid on any of your previous or future donations we have not yet sold, you must contact us using the details above and we will process your request within 21 days of receiving your notification. You also agree to contact us if you no longer pay sufficient tax, or if your contact details change.

You and Life Cycle both have the right to terminate this agreement at any time by written notice.

If a buyer returns your bike

In the unlikely event that someone returns your bike(s) to Life Cycle for a refund or exchange due to fault or change of mind, we will assume financial responsibility for the refund or exchange as appropriate. The purchaser will have no recourse to you on either the condition of your bike or for any monies that are received on your behalf.

We may vary the terms of this agreement at any time by written notice to you.

Got questions?

We're happy to help with any queries about this Agency Agreement or our Gift Aid process. Please write to us at: Gift Aid Services, Life Cycle, Create Centre, Smeaton Road, Bristol, BS1 6XN.

Alternatively, feel free to email us.

Thanks for your support!

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