Except as otherwise indicated, a contract between a contestant and a manager shall be: Notarized; and Filed with the Commission 5 business days before the contestant first participates in a contest in this State. Provisions of Contract. An executed original contract between a manager and a contestant shall be filed with the Commission. A contract shall include the following provisions: That there is no financial interest in the earnings of the contestant by any person other than the manager or managers of the contestant; That a manager or managers will receive not more than 33-1/3 percent of the gross earnings of the contestant; That the contract has a duration of not more than 5 years; That the contract may not be extended beyond its initial term; and That the contestant shall comply with all laws, regulations, and directives of the Commission. An assignment of interest in a contract filed with the Commission may not be valid unless it is approved by the Commission. 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. 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.