15-9-110 - Required form of contract.
15-9-110. Required form of contract.
(1) An agency contract shall be in a record, signed or otherwise authenticated by theparties.
(2) An agency contract shall state or contain:
(a) the amount and method of calculating the consideration to be paid by thestudent-athlete for services to be provided by the athlete agent under the contract and any otherconsideration the athlete agent has received or will receive from any other source for enteringinto the contract or for providing the services;
(b) the name of any person not listed in the application for registration or renewal ofregistration who will be compensated because the student-athlete signed the agency contract;
(c) a description of any expenses that the student-athlete agrees to reimburse;
(d) a description of the services to be provided to the student-athlete;
(e) the duration of the contract; and
(f) the date of execution.
(3) An agency contract shall contain, in close proximity to the signature of thestudent-athlete, a conspicuous notice in boldface type in capital letters stating:
WARNING TO STUDENT-ATHLETE
IF YOU SIGN THIS CONTRACT:
(1) YOU MAY LOSE YOUR ELIGIBILITY TO COMPETE AS ASTUDENT-ATHLETE IN YOUR SPORT;
(2) IF YOU HAVE AN ATHLETIC DIRECTOR, WITHIN 72 HOURS AFTERENTERING INTO THIS CONTRACT, BOTH YOU AND YOUR ATHLETE AGENT SHALLNOTIFY YOUR ATHLETIC DIRECTOR; AND
(3) YOU MAY CANCEL THIS CONTRACT WITHIN 14 DAYS AFTER SIGNING IT. CANCELLATION OF THIS CONTRACT MAY NOT REINSTATE YOUR ELIGIBILITY.
(4) An agency contract that does not conform to this section is voidable by thestudent-athlete. If a student-athlete voids an agency contract, the student-athlete is not requiredto pay any consideration under the contract or to return any consideration received from theathlete agent to induce the student-athlete to enter into the contract.
(5) The athlete agent shall give a record of the signed or otherwise authenticated agencycontract to the student-athlete at the time of execution.
Amended by Chapter 378, 2010 General Session