SALE CONTRACT BETWEEN CHARITY AND BLIND RECIPIENT OF TANDEM TO REQUIRE SALE BACK TO CHARITY SHOULD THE BLIND PERSON LOSE INTEREST IN TANDEM CYCLING

Adopt a Blind Cyclist is a twofold adoption structure to enable blind people to own and ride their own tandem bicycle.

It is proposed that a means test apply to determine if the blind person contributed the minimum contribution of 20% or the highest contribution of 50% or some percent in between. 

A means test is favoured because -

(i)         there is not an unlimited supply of 3rd party employee/donor contributions; and

(ii)        3rd parties are more likely to donate if they know the recipient is also contributing according to their means.

Each blind Recipient of a tandem would need to sign a Sales Contract with the Charity whereupon the Recipient undertakes to sell the tandem back to the Charity for up to the cost the blind person contributed, discounted at 5% for each half year of ownership if the blind person Lost Interest in tandem cycling.

Below is a scenarios to set out the discount amount:

Lost Interest means, inter alia, not cycling with his/her ride group for more than 3 months.

If a blind person Lost Interest in tandem cycling, after having cycled for 10 months, the Discount Percentage would be 10%.

If the blind person contributed 25% of the purchase cost, say $1,000 twds a $4,000 tandem, the Discount Amount would be $100.  The blind person would be rebated $900.  The rebate would have to be paid within 60 days of returning the tandem to the charity for on-selling to another blind person.

Phil Johnston would be prepared to deposit $2,000 of his money to the Charity to be held in escrow to fund any shortfall due to the Charity -

(a)       having to refund any Discount Amounts to a blind Recipient within 60 days of returning the tandem; and

(b)       being unable to obtain re-imbursement of the Discount Amount by selling that tandem(s) to another blind person(s)

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