Rental Contract

1. To make a reservation, the renter must read the Rental Contract and pay the appropriate amount for the rental period, $69 per semester or $129 for 2 semesters, on the website www.borrowbike.com using the registration form and GoogleCheckout. Upon payment, the renter must print the invoice and present it to a BorrowBike representative on the given distribution date.

2. On the distribution date, the renter must present his/her University ID to the BorrowBike representative, as well as a secondary form of identification and the credit card used to make the online payment.

3. The bicycle remains property of BorrowBike L.L.C. Reselling or sub-renting is forbidden, the renter remains liable for compliance of the rental agreement, even when somebody else makes use of the bicycle.

4. BorrowBike L.L.C. is not liable for damages and/or any health injuries that occur as a result of using the bicycle.

5. When the hirer leaves the bicycle unattended, he /she must always take appropriate measures to prevent theft of the bicycle. Bicycles discovered unattended and unlocked shall be repossessed, and only made available upon payment of $15.

6. The renter is liable for any damage to or loss of the bicycle or locks. Revolution Cycles offers all BorrowBike customers a one-time discount on service and repairs. For all repairs as a result of careless use and all remaining repairs, the renter must pay the price of all replaced parts.

At the end of each semester rental period BorrowBike representatives along with the professional crew of Revolution Cycles will perform a check-up of the bicycle. If it is established that the functional condition of the bicycle at the end of the rental period is significantly worse than at the beginning of the rental period, the renter will be charged for the sum of money required to bring the bicycle to the condition in which it was originally given to the renter. A reasonable extent of wear and tear is an exception to the rule above.

7. In case of theft, the hirer must inform the local police and BorrowBike within 24hrs after taking note of the event. Within five working days after the report, the renter must personally bring a copy of the police report and the keys of the bicycle locks to a BorrowBike representative. The loss value of the rented bicycle amounts to $359.00. The loss value of the rented lock amounts to $60.00. The amount shall be charged to the renter in case of loss or theft.

8. All bicycles must be returned on the designated return date after the end of the semester outlined in the contract (Fall 2011: December 10; Spring 2012: May 4). The bicycle will first be thoroughly inspected and possible repair costs, costs relating to locks and/or keys, in case of loss or theft, and possible fines will be charged. Upon late return of the bicycle, the renter will be fined as follows: Fine after 1 day: $10, 2 days: $20, 3 days: $30, 4 days: $55 and 5 days: Full cost of bike replacement. Under no circumstances will the rental price be paid back in case of early return of the bicycle. If you believe you urgently need an extension of your rental period, you may contact a BorrowBike representative to present your case.

9. To request an extension of the rental contract the renter must make an appointment by e-mail or phone, at least two weeks before the end of the contract, and report a BorrowBike representative with the bicycle at the agreed date and time. The bicycle will be inspected, and in case repairs have to be made the normal procedure will be followed.

For the purpose of this contract “renter” refers to the person renting a bicycle and a lock from BorrowBike L.L.C.