Common use of Payout Schedule Clause in Contracts

Payout Schedule. When Event Organizers start processing payments from Registrants, they will not receive their first payout until 7–10 days after the first successful payment is received. The first payout usually takes a little longer in order to establish the payment processor account. Subsequent payouts are then processed according to the Event Organizer’s account payout schedule. Payouts of an Event Organizer’s available account balance are made daily and contain payments processed two business days prior (i.e., payments are available two days after they are processed). For example, payments received on a Tuesday are paid out by Thursday, and payments received on a Friday are paid out by Tuesday.