What is a Pennsylvania Professional Boxing Promoter Bond?
Any person (and in the case of a corporate promoter), any employee, director, officer or stockholder who arranges, promotes, produces or stages any professional contest or exhibition must obtain a surety bond before being able to conduct business in Pennsylvania.
The Professional Boxing Promoter Bond, a type of license and permit bond, is conditioned upon the faithful performance by the promoter of his or her obligations under the Boxing Act, 5 Pa.C.S. § 301 et seq., and including, but not limited to:
- The fulfillment of his or her contractual obligations to contestants, managers, and other licensees;
- And the payment of all license and permit fees.
Under the Act, boxing means “the act of attack and defense with the fists, practiced as a sport. The term includes all variations of the sport permitting or using other parts of the human body, including, but not limited to, the foot, knee, leg, elbow or head.”
With the license and permit, promoters may arrange, hold or promote professional contests or exhibitions, including kickboxing, only within the Commonwealth.
What is the bond amount?
The bond amount is $10,000.
The cost of the bond is a percentage of the bond amount. It typically covers 1%-5% of the bond amount. The cost may vary and is subject to a surety underwriter’s evaluation for your credit score.
How can I get a Professional Boxing Promoter Bond?
We have made the surety bond procedure easier for you! Just follow these simple steps:
STEP 1: You must first apply for this type of surety bond. If you are ready to do that now, you can learn more about your bond costs, get your FREE quote HERE!
Once we have received your application, we will immediately start the bonding process. We will inform you about the important documents that you need to submit for the next step, which is the underwriting process.
STEP 2: An underwriter will take a thorough look at your credit score to gauge your bonding capacity.
STEP 3: After the underwriting process has been fulfilled, we will issue your surety bond and send it to you immediately!
What are the bond conditions?
- The bond must be written by a Surety licensed and accepted in the Commonwealth of Pennsylvania.
- The surety bond shall be conditioned upon the faithful performance by the Principal (promoter or foreign co-promoter) of his or her obligations in promoting boxing matches, contests, and exhibitions.
- The Principal must fulfill his or her contractual obligations to contestants, managers and other licensees and the payment of all license and permit fees.
- If the Principal faithfully and honestly performs his or her duties as a boxing promoter until the term of the bond, the obligation will be null and void. Otherwise, it will remain in effect.
- The Surety may terminate its liability by giving a 30-day written notice to the Pennsylvania State Athletic Commission.
- The aggregate annual liability of the Surety for all obligations and fees shall not exceed the amount of the bond.
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