What is a New Jersey Professional Combative Sports Promoter Bond?
Get in the game through this surety bond!
Every person who is intending to become a promoter of the following combative sports must apply for a license and obtain a surety bond:
- Extreme Wrestling
- Mixed Martial Arts
- Muay Thai
The New Jersey State Athletic Control Board requires boxing, wrestling, extreme wrestling, mixed martial arts, kickboxing, and Muay Thai promoter license applicants to submit a surety bond.
The surety bond requirement is pursuant to Section 5:2A-16 of the New Jersey Revised Statutes. Its purpose is to ensure the lawful performance of the promoter’s duties which includes the following:
- The promoter must submit the ticket sales report to the New Jersey State Athletic Control Board no later than 7 days after the event
- Pay the necessary taxes to the New Jersey State Athletic Control Board from the sale of tickets and money received from the sale of television and radio rights
If the licensed promoter violates any of his or her professional obligations, the Obligee of the bond will have the right to recover the amount on the surety bond.
What is the Professional Combative Sports Promoter Bond amount?
The minimum bond amount is $10,000.
If you have an excellent credit score, you will be eligible to pay for a low bond premium! Bond premium starts at $100.
Check out what you need to pay by getting your FREE SURETY BOND QUOTE HERE!
How can I get a Professional Combative Sports Promoter Bond?
You can easily get one by simply applying for this surety bond! Here’s a step-by-step guide on how to get this surety bond:
Submit a surety bond application to us! Once we have received your application, we will inform you about the important information or documents that you must submit to move forward to the next step of the bonding process, which is underwriting.
During the underwriting process, our expert underwriter will assess the following:
- Your financial capability
- Your business or job performance history
- Your credit score
It is important to provide us with clear and organized information to prevent any delays. Our expert underwriter will check everything that you have submitted, and once that is finished, we will immediately send the bond to you!
What are the surety bond conditions?
- The surety bond should be issued by a surety bond agent or company that is authorized to conduct business in the State of New Jersey
- The professional combative sports promoter must obey the provisions of Title 5 of the New Jersey Revised Statutes, as well as the rules and regulations of the New Jersey State Athletic Control Board
- If the professional combative sports promoter commits a violation, the aggrieved party will be eligible to file a claim against the surety bond
Secure your license! Get bonded! APPLY HERE!