N.M. Admin. Code § 15.6.10.18

Current through Register Vol. 35, No. 24, December 23, 2024

Section 15.6.10.18 - CONTRACTS FOR STATE CHAMPIONSHIP BOXING CONTESTS

All contracts for state championship boxing contests must be signed at a Commission meeting.

A. Posting Forfeit Monies: On the date of the contract signing, the two contestants and the licensed corporation promoting the boxing contest will each post forfeit monies with the Commission.

(1) The contestants, the champion title holder and the challenger, will each deposit $50, if their purses are not more than $5,000.

(2) If the title bout purse for either contestant is more than $5,000, that contestant must post a deposit of 10% of his guaranteed purse.

(3) The promoter of the title contest must deposit an amount equal to the highest amount deposited by either contestant.

B. Posting Deposits Ensures Contestants' Appearance: Posting of forfeit monies is to insure that each contestant will appear at the championship contest and will make the proper weight; and that the promoter will fulfill the promoter's obligations.

C.Title Bouts Authorized by Outside Sanctioning Body: For championship title contests authorized by an outside sanctioning body (IBF, WBA, WBC, etc.) only the promoter shall be required to post a deposit equal to 10% of the total purse for both of the title bout contestants. The deposit may be waived or readjusted by the Commission.

D.If Forfeit Is Declared: In the event that a forfeit is declared, the deposit or deposits so forfeited will be distributed equally between the non-defaulting depositors and the New Mexico Athletic Commission.

N.M. Admin. Code § 15.6.10.18

15.6.10.18 NMAC - N, 03-23-2002