(1) Contracts between promoters, managers, semiprofessional or professional boxing, club boxing, kickboxing, and wrestling organizations and contestants shall be completed on forms approved by the board. The original or a true copy of each contract shall be filed with the board at least 24 hours prior to the date of the event, unless otherwise allowed by the board. Contestants must sign contracts with their legal names.

(2) Letters, including faxed letters, showing acceptance of terms pending the signing of a contract, shall be considered as an agreement between the contestant, the contestant's manager, and the organization. No verbal agreements will be permitted.

(3) When a party to a contract under which performance has begun finds it impossible or inconvenient to carry out the terms of the contract, or intends, for other reasons, to violate a condition of the contract with another licensee, the party shall notify the board immediately. Failure to provide such information may result in disciplinary action by the board.

(4) Except in club boxing, when a contestant under contract appears at weigh-in time, is ready to fulfill the contract, and neither an opponent nor a substitute appears, the promoter must pay the contestant the contract guarantee unless a forfeit is provided.

(5) The amount of the forfeit fee must be 25 percent or the amount of the contract guarantee, whichever is greater.

(6) If a contestant fails, without good cause, to comply with the terms of a contract with a promoter, the contestant may be subject to disciplinary action by the board.

(7) If a promoter fails, without good cause, to comply with the terms of a contract with a contestant, the promoter may be subject to disciplinary action by the board.