Common use of Payment Service Clause in Contracts

Payment Service. 10.1 Where the Product incorporates or otherwise utilises a Payment Service, this clause applies. 10.2 The Licensee agrees to comply with the Merchant Terms of Service published by the Payment Service. 10.3 The Licensee agrees that the fees from each transaction processed through use of the Product may be paid to the Licensor directly by the Payment Service. 10.4 The Licensee acknowledges and agrees that the Licensor may be paid a commission from the Payment Service. 10.5 The Licensee acknowledges that the Payment Service, as a third party, may from time to time renew and revise its terms and conditions of service. The Licensee must continually inform itself of the Merchant Terms of Service and its acceptance of those terms.

Payment Service. 10.1 Where the Product incorporates or otherwise utilises a Payment Service, this clause applies. 10.2 The Licensee agrees to comply with the Merchant Terms of Service published by the Payment Service. 10.3 The Licensee agrees that the fees from each transaction processed through use of the Product may be paid to the Licensor directly by the Payment Service. Where this occurs, the Licensor will remit those fees immediately to the Licensee on receipt of cleared funds in the bank account of the Licensor. 10.4 The Licensee acknowledges and agrees that the Licensor may be paid a commission from the Payment Service. 10.5 The Licensee acknowledges that the Payment Service, as a third party, may from time to time renew and revise its terms and conditions of service. The Licensee must continually inform itself of the Merchant Terms of Service and its acceptance of those terms.