What is an Ohio Boxing, Mixed Martial Arts, and Tough Person Promoter Bond and Tax Bond?
Get a quick guide on what these bonds are all about and how to easily obtain them!
Are you applying for a license as a promoter of boxing, kick boxing, mixed martial arts, karate, and tough person contests in the State of Ohio? If so, you need to post a surety bond!
In addition, the license applicant is required to post a separate Tax Bond to the Treasurer of the State of Ohio.
The bonds are required by the Ohio Athletic Commission, in pursuance of Chapter 3773-3-02 of the Ohio Revised Code.
The purpose of the Boxing, Mixed Martial Arts, and Tough Person Promoter Bond is to ensure that the following participants in the said contests will be paid properly:
- Anyone assigned by the Ohio Athletic Commission
The purpose of the Promoter Tax Bond, on the other hand, is to safeguard the payment of tax revenue necessary for the proper functioning of the contests.
What are the bond amounts?
Not less than $20,000 – Boxing, Mixed Martial Arts, and Tough Person Promoter Bond
$2,500 – Promoter Tax Bond
Those who have excellent credit scores may be eligible for a very low bond premium! Find out what you need to pay by getting your FREE quote here today!
What are the conditions of an Ohio Boxing MMA Tough Person Promoter and Tax Bond?
- The bond should be issued by a surety bond company who is licensed to conduct business in the State of Ohio such as Surety Bond Authority
- The Boxing, MMA, and Tough Person Promoter Bond should be made payable to the Ohio Athletic Commission
- The Promoter Tax Bond should be made payable to the Treasurer of the State of Ohio
- The Boxing, Mixed Martial Arts, and Tough Person Promoter licensee should abide by all the provisions of Chapter 3773 of the Ohio Revised Code, all rules bearing agency level 3773 of the Ohio Administrative Code, and all the other applicable rules in Ohio
- If the Boxing, Mixed Martial Arts, and Tough Person Promoter licensee commits a valid violation, the aggrieved party will be eligible to file a claim on the bond
- In case of cancellation, a 60-day notice is required
How can I obtain this type of bond?
Seek the assistance of a dependable surety bond company that is authorized to do business in Ohio such as Surety Bond Authority.
We will first ask you to submit an application for a Boxing, MMA, and Tough Person Promoter Bond and a Promoter Tax Bond.
Once you have applied for the said bonds, you will be asked by one of our expert surety bond agents to gather the necessary information needed such as, but not limited to, your job performance history, financial strength, and credit score. An underwriter will evaluate all those information.
Once done, we will then execute your bond and send it to you!
Are you ready to get started on this bond? Call us today!