Legal Term
holiday market vendor unsold inventory payment schedule
Legal Definition
A contractual provision that specifies the timeline, method, and amount of payment owed by a holiday market organizer to a vendor for inventory remaining unsold after the event, typically under a consignment or buy-back arrangement.
In Plain English
A plan that says when and how a holiday market will pay vendors for items that didn't sell during the market.
Example in a Contract
Section 8: Post-Event Inventory Settlement. The Organizer shall remit payment to the Vendor for all unsold Inventory within twenty (20) business days following the Event's conclusion. Payment shall be calculated based on the wholesale cost listed in Attachment A, and the Vendor must provide a verified list of unsold items to the Organizer within five (5) days after the Event.
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