Stand treat, yet be right out of the party! (3)

I believe the answer is:

pay

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'stand treat' is the definition.
'pay' can be an answer for 'treat' (I've seen this in another clue). I'm unsure of the 'stand' bit.

'be right out of the party' is the wordplay.
'be right' becomes 'rt' (abbreviation as in Rt Hon- the Right Honourable).
'out of' indicates named letters should be taken away ('out of' can mean no longer having).
'party' with 'rt' taken out is 'PAY'.

'yet' is the link.

Can you help me to learn more?

(Other definitions for pay that I've seen before include "Salary, wages" , "Profit" , "Financial reward" , "Earnings" , "Be punished" .)

I've seen this clue in the Evening Standard.

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