Common use of Remittance to Merchant Clause in Contracts

Remittance to Merchant. University shall receive and administer deposits received from cardholders for the Bevo Bucks program. University will compute the amount of storage value credit sales by Merchant through the Bevo Bucks program on a monthly basis and will mail to Merchant a check for the amount due to Merchant under this Agreement within twelve (12) business days following the end of the calendar month in which the sales occurred. Merchant will have five (5) business days from receipt of the daily reports to review and question the sales figures as reported in the daily reports prepared by University, after which those sales figures shall be deemed accepted by Merchant. University shall have the right to withhold amounts from the monthly remittance to Merchant to comply with provisions of this Agreement and all federal and state laws and regulations.

Remittance to Merchant. University shall receive and administer deposits received from cardholders for the Bevo Bucks Pay program. University will compute the amount of storage value credit sales by Merchant through the Bevo Bucks Pay program on a monthly basis and will mail to Merchant a check for the amount due to Merchant under this Agreement within twelve (12) business days following the end of the calendar month in which the sales occurred. Merchant will have five (5) business days from receipt of the daily reports to review and question the sales figures as reported in the daily reports prepared by University, after which those sales figures shall be deemed accepted by Merchant. University shall have the right to withhold amounts from the monthly remittance to Merchant to comply with provisions of this Agreement and all federal and state laws and regulations.