Last updated October 18, 2023
These Terms and Conditions ("Agreement") govern the money movement, timing, payout, and fees associated with contributions made to athletes ("Athletes") through the mobile application ("App") provided by Fan inc. ("Company"). By using the App and accepting these terms, Athletes acknowledge and agree to be bound by the following provisions:
Athletes understand and acknowledge that the App enables them to monitor and track contributions made to them in real time. Payouts of contributions shall be made on a monthly basis, with the payout date scheduled for the 2nd day of each month. The processing of payouts shall commence on the 27th day of the preceding month.
Athletes are hereby informed that any contribution made between the 27th day and the 2nd day of the subsequent month shall be carried forward and rolled over to the following payout date. Rolled-over contributions shall be included in the Athlete's payout on the next scheduled payout date. Athletes understand that immediate payout for contributions made within this period shall not be provided, and the accumulated amount shall be disbursed on the subsequent payout date.
Athletes shall receive their payouts directly to the checking account provided during the registration process. Upon signing up, Athletes will be issued a checking account for this purpose. It is the sole responsibility of the Athlete to ensure that the provided checking account details are accurate, complete, and up to date. Fan inc. shall not be held liable for any delays or issues arising from inaccurate or outdated checking account information provided by the Athlete.
Athletes shall be subject to a 3.5% payroll processing fee on the total payout amount each month. This fee shall be deducted from the payout made to the Athlete each month. The payroll processing fee covers the costs associated with processing Athlete payouts.
Fan inc. is committed to maintaining the security and integrity of transactions made through the App. Athletes should be aware that fraudulent transactions, although rare, may occur. These transactions may initially appear as regular contributions but can be later determined to be fraudulent by Fan Inc.'s fraud detection systems or other security measures. In the event that a transaction is suspected to be fraudulent, Fan inc. reserves the right to investigate the transaction thoroughly, including cooperating with law enforcement agencies, if necessary. Athletes are encouraged to promptly report any suspicious activity or transactions within their accounts. If a contribution is determined to be fraudulent after it has been included in an Athlete's payout, Fan inc. retains the right to reverse the transaction and deduct the fraudulent amount from the Athlete's future payouts. Athletes shall cooperate with Fan inc. during any investigation related to fraudulent transactions. Fan inc. will notify Athletes if any of their transactions are suspected or confirmed to be fraudulent, and Athletes should be aware that the resolution of fraudulent transactions may take some time. Athletes are responsible for safeguarding their App login credentials, checking account information, and any other sensitive data related to their Athlete account to prevent unauthorized access and potential fraud.
Fan Inc. reserves the right to modify the payout schedule, contribution rollover policy, or fan fee at its sole discretion, upon providing prior notice to the Athletes. Athletes shall be duly notified of any such changes through the App or via email. Fan Inc. shall make reasonable efforts to process payouts accurately and in a timely manner. However, Athletes acknowledge that immediate availability of funds cannot be guaranteed due to potential delays in payment processing by financial institutions.
These Terms and Conditions constitute the entire agreement between Athletes and Fan Inc. regarding athlete money movement timing, payout, and fees, superseding any prior agreements or understandings, whether written or oral. Athletes are advised to review these terms periodically, as they may be subject to updates or amendments. Failure to comply with these terms may result in the termination of the Athlete's access to the App and the suspension of payout services.
