Corporate Promoter Bond - North Carolina Boxing & Mixed Martial Arts Promoter's Surety Bond in North Carolina

Brief Summary

A corporation can hold a North Carolina promoter's license, but the Commission still licenses the people behind it. Every officer applies individually, only licensed officers may negotiate or sign contracts, and the bond is executed under the corporate seal. The $10,000 figure is the statutory minimum, and the Commission can set a different amount.

N.C. Gen. Stat. 143-654(c) requires every promoter's license applicant to file a surety bond payable to the North Carolina Boxing and Combat Sports Commission of no less than $10,000, with the amount negotiable at the Commission's sole discretion. Corporate promoters use the Commission's Corporate Promoter bond form, which must be written by a surety licensed in North Carolina. The promoter license fee is $450 and licenses are valid only during the calendar year.

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How to Apply for a Corporate Promoter Bond:

• Promoter's License Application listing all officers and directors.
• Individual license applications for every corporate officer.
• $450 promoter license fee.
• Corporate Promoter surety bond of at least $10,000, or the amount the Commission sets.
• Corporate seal and signatures of duly authorized officers on the bond, with attestation.
• Event Permit Application, Promoter's Outline and Proposed Bouts Form for events.

Detailed Information About the North Carolina Corporate Promoter Bond:

$10,000 is the floor

The statute sets the bond at no less than $10,000 and makes the amount negotiable upon the sole discretion of the Commission. G.S. 143-654 has no tier table by event size or gate. Ask the Commission what amount it expects before the bond is written.

What is different for a corporate promoter

G.S. 143-654(b) allows a promoter's license to be issued to a corporation, but all officers must submit applications for individual licensure, and only officers who are licensed may negotiate or sign contracts. The promoter's license application asks for all officers and directors. The corporate bond form identifies the principal as a corporation organized under the laws of a named state and authorized to do business in North Carolina, and it is executed with the corporate seal and name by duly authorized officers, with an attesting signature.

What the bond protects

The bond is payable to the Commission for the benefit of any person injured or damaged by the promoter's failure to comply with Article 68 of Chapter 143 or Commission rules, or by the promoter's failure to fulfill the obligations of any contract related to holding a match. The form requires the principal and all its agents and employees to faithfully and honestly perform the obligations Article 68 imposes.

Term and cancellation

Promoter licenses are valid only during the calendar year. The bond stays in force for the period it is issued and any renewal, until it is cancelled. Cancellation takes sixty days written notice to the principal and to the Commission, and it does not release liability already accrued.

The Commission

The North Carolina Boxing and Combat Sports Commission sits within the Department of Public Safety under G.S. 143-652.2. Along with the license application and bond, promoters file an Event Permit Application, a Promoter's Outline and a Proposed Bouts Form for events.

Eligibility and Requirements for a North Carolina Corporate Promoter Bond:

• Obligee: North Carolina Boxing and Combat Sports Commission.
• Surety licensed to transact surety business in North Carolina, signing through its attorney in fact.
• License valid only during the calendar year.
• Sixty days written notice to cancel the bond.
• Governing law: G.S. 143-654(b) and (c) in Article 68 of Chapter 143.

North Carolina Corporate Promoter Bond FAQs:

Official and Additional Resources for the North Carolina Corporate Promoter Bond: