.01 Contract Between Manager and Contestant.

A. Except as otherwise indicated, a contract between a contestant and a manager shall be:

(1) Notarized; and

(2) Filed with the Commission 5 business days before the contestant first participates in a contest in this State.

B. Provisions of Contract.

(1) An executed original contract between a manager and a contestant shall be filed with the Commission.

(2) A contract shall include the following provisions:

(a) That there is no financial interest in the earnings of the contestant by any person other than the manager or managers of the contestant;

(b) That a manager or managers will receive not more than 33-1/3 percent of the gross earnings of the contestant;

(c) That the contract has a duration of not more than 5 years;

(d) That the contract may not be extended beyond its initial term; and

(e) That the contestant shall comply with all laws, regulations, and directives of the Commission.

C. An assignment of interest in a contract filed with the Commission may not be valid unless it is approved by the Commission.

D. A manager may not sign a promoter-contestant contract on behalf of a contestant which obligates the contestant to compete in an event scheduled to take place after the expiration of the contract between the manager and contestant.

E. A contestant may not sign a contract with any other manager during the term of an existing contract the contestant may have with a manager.