Regulation .01 Contract Between Manager and Contestant.
Regulation .01 Contract Between Manager and Contestant.LinkCopy Citation
A.
Except as otherwise indicated, a contract between a contestant and a manager shall be:
(1)
Notarized; and
(2)
Filed with the Commission 5 business days before the contestant first participates in a contest in this State.
B.
Provisions of Contract.
(1)
An executed original contract between a manager and a contestant shall be filed with the Commission.
(2)
A contract shall include the following provisions:
(a)
That there is no financial interest in the earnings of the contestant by any person other than the manager or managers of the contestant;
(b)
That a manager or managers will receive not more than 33-1/3 percent of the gross earnings of the contestant;
(c)
That the contract has a duration of not more than 5 years;
(d)
That the contract may not be extended beyond its initial term; and
(e)
That the contestant shall comply with all laws, regulations, and directives of the Commission.
C.
An assignment of interest in a contract filed with the Commission may not be valid unless it is approved by the Commission.
D.
A manager may not sign a promoter-contestant contract on behalf of a contestant which obligates the contestant to compete in an event scheduled to take place after the expiration of the contract between the manager and contestant.
E.
A contestant may not sign a contract with any other manager during the term of an existing contract the contestant may have with a manager.