9. Termination of the lease

9.1 If the employee wishes to terminate their agreement prior to the end of the lease term that the University has agreed with ALD Automotive, then ALD Automotive will charge an early termination payment in accordance with the terms set out in the contract with the University. By participating in this scheme, the employee is agreeing that, in the event that the agreement is terminated prior to its expiry date, then the University can recover the early termination payment from their final monthly salary. Otherwise the employee will be required to pay the early termination payment in full on demand from the University and the payment would be recoverable as a debt. The early termination payment will not be charged in the event of death in service or where the principal reason for the employment ending is redundancy. The early termination payment will not be charged where another employee agrees to take over the balance of their agreement provided that the other employee is eligible to do so and signs an agreement in these terms. The Early Termination Payment will be made from net pay.

9.2 If the employee leaves the employment of the University before the expiry of the lease, they cannot take over the outstanding period of the lease on a personal basis.  The early termination payment will apply.

9.3 At the termination of the lease (howsoever terminated) the employee must make the car available to a person authorised by ALD Automotive to receive it. Any costs arising out of failure properly to make the car available will be charged to the employee and will be recovered by deduction from the employee’s net pay.

9.4 The University reserves the right in the light of significant changes to taxation legislation to terminate the scheme and thereby terminate all current agreements prior to their expiry. In such circumstances the University will meet the early termination charges.

In this policy: