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 15.6.10 NMAC 3 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.