Common use of Payout Amount Clause in Contracts

Payout Amount. If we cannot repair your Covered Item within the Repair Maximum, or your Covered Item cannot be repaired as determined by us in our sole and absolute discretion (for reasons including without limitation repair timing considerations, backordered or availability of parts, Service Contractor availability, the need for special equipment, access difficulties, and the age of the Covered Item), Frontdoor will refund your Service Fee and provide you with the Payout Amount you can use towards the repair or the replacement of your Covered Item, subject to the Aggregate Payout Amount. Frontdoor will pay you no later than thirty (30) days after we provide you with notice that you will receive the Payout Amount and you have provided Frontdoor with all necessary information needed to initiate payment. Frontdoor may issue and you agree to accept the Payout Amount via electronic funds transfer or check, in our discretion. Frontdoor will refund the Service Fee to the original payment method you used to pay the Service Fee or check, in our discretion. Once you receive the Payout Amount, the Covered Item is subject to the Post Payout Repair Limitation.