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Why is a North Carolina Boxing & Mixed Martial Arts Promoter Bond Required?
This surety bond guarantees compliance with N.C.G.S. §143-654. Specifically, the bond protects any person who suffers or sustains any financial loss or damage due to the principal's failure to comply with requirements set forth in Article 68 of Chapter 143 of the North Carolina General Statutes and in Chapter 9 of Title 18 of the North Carolina Administrative Code. Damaged parties may file a claim for such loss or damage, and if the claim is not paid, may bring an action in his own name based on the bond. Any fault, negligence, error or omission, failure to fulfill contractual obligations, or certain other acts by the principal as a Promoter that leads to financial loss or damage, or any violation by the principal will result in a claim for recovery from this bond. The North Carolina State Boxing Authority may also file a claim on behalf of any person damaged by reason of the violations as described above.
Boxing & Mixed Martial Arts Promoter Bonds And Getting Your North Carolina Business License/Registration
The North Carolina Boxing Authority regulates professional boxing, kickboxing, mixed martial arts and toughman events that charge admission or offer cash or prizes to the contestants. In order to participate in a boxing, kickboxing, mixed or martial arts match, promoters must have the required license pursuant to North Carolina boxing rules, Chapter 12 of the North Carolina Administrative Code. Additional requirements include:
- A promoter must have the required permits to hold a boxing match.
- The North Carolina Boxing Authority has the exclusive authority to issue, deny, suspend or revoke any license or permit.
- Licenses are valid only during the calendar year in which they are issued, except contestants licenses are valid one year from the date of issuance.
- Licenses for promoters may be issued to a corporation or partnership.
- A person may not participate under a fictitious or assumed name in any match unless the person first registered the name with the Boxing Office and/or Commission.
- Applicants for a promoter's license must submit a surety bond, not less than ten thousand dollars, to the benefit of the North Carolina Boxing Authority.
- Permits issued to a promoter are valid for a single event and are filed with the Boxing Authority.