Financial Settlement Statement
Cubic shall send customer quarterly financial settlement statement via email within 15 business days since end of previous quarter.
Settlement Payment
- Payment Terms: Cubic shall pay Transit Agency no later than forty-five (45) days from end of quarter via check or electronic payment (ACH/Wire).
- Cubic makes payment for each quarter if the available payout amount for revenue share is greater than 0.
- Payment Notification: Financial Services notifies customer and operations once the transfer is complete within 5 business days.
- Payment Details: For every payment transfer, Cubic will need to make clear remittance notes that:
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- The payor is Umo Rewards
- The payee is Transit Agency name
- The payout amount of each quarter
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