Understanding the $10,000 Authorized Sanctioning Entity Bond Application Form PDF in New York

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In the dynamic world of combative sports and exhibitions, ensuring the integrity of matches and events is of paramount importance. The state of New York recognizes this significance and has implemented measures to regulate authorized sanctioning entities that oversee such events. As part of these regulations, the $10,000 Authorized Sanctioning Entity Bond Application Form PDF serves as a key document that emphasizes compliance with the law, guaranteeing the faithful execution of combative sport provisions. This article delves into the intricacies of this bond application form, shedding light on its purpose, legal implications, and obligations.

The Bond Application Form Explained

The $10,000 Authorized Sanctioning Entity Bond Application Form PDF embodies a legal agreement between the sanctioning entity seeking licensure and the State of New York. Its core purpose is to secure an authorized sanctioning entity license for supervising and conducting authorized combative sport matches or exhibitions, as stipulated in Chapter 32 of the Laws of 2016. This legislation is designed to regulate combative sports and exhibitions while safeguarding the interests of participants, spectators, and the overall integrity of the events

The Legal Binding

At the heart of the bond application form is the binding commitment of the principal party, i.e., the authorized sanctioning entity, to the State of New York. By signing the document, the principal acknowledges their responsibility to adhere to the provisions outlined in the Act and the rules and regulations established by the State Athletic Commission. The principal party is joined by the surety, often a third-party insurance or bonding company, which provides the financial guarantee required by the State Athletic Commission.

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Overview $10,000 Authorized Sanctioning Entity Bond Application Form PDF in New York

Section	Details
Introduction	Explanation of the purpose and significance of the bond application form in regulating authorized sanctioning entities for combative sports in New York.
Legal Binding	Clarification of the binding nature of the agreement between the principal party (authorized sanctioning entity) and the State of New York.
	Involvement of a surety (third-party bonding company) to provide the financial guarantee required by the State Athletic Commission.
Obligations and Conditions	Outline of the responsibilities that the authorized sanctioning entity undertakes upon signing the bond application form.
	Commitment to adhere to the provisions of the Act and the rules and regulations set by the State Athletic Commission.
	Assurance of proper supervision and conduct of authorized combative sport matches or exhibitions to ensure safety, fairness, and legality.
Ten Thousand Dollar Guarantee	Explanation of the $10,000 guarantee included in the bond application form.
	Indication that this sum serves as a financial assurance that the authorized sanctioning entity will fulfill their obligations as outlined in the Act.
	Mention that failure to meet obligations might result in forfeiture of the sum as a penalty or compensation.
Conclusion	Summarization of the importance of the bond application form in maintaining the legitimacy of combative sport events and safeguarding stakeholders' interests.

The Obligations and Conditions

The bond application form outlines the obligations and conditions that the authorized sanctioning entity must meet to fulfill the requirements of the license. It commits the principal party to execute their duties diligently and in compliance with the laws and regulations set forth by the State Athletic Commission. The primary objective is to ensure the proper supervision and conduct of combative sport matches or exhibitions, thus maintaining safety, fairness, and legality

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The Ten Thousand Dollar Guarantee

A notable feature of the bond application form is the guarantee of ten thousand dollars ($10,000). This amount serves as a financial assurance that the authorized sanctioning entity will faithfully fulfill their responsibilities and obligations as outlined in the Act and the regulations. Should the entity fail to meet these requirements, this sum may be forfeited as a form of penalty or compensation.

$10,000 Authorized Sanctioning Entity Bond Application Form PDF Doiwnload in New York

$10,000 Authorized Sanctioning Entity Bond Application Form PDF in New York FQAs

Q1: What is the "$10,000 Authorized Sanctioning Entity Bond Application Form PDF" in New York?

Ans: The "$10,000 Authorized Sanctioning Entity Bond Application Form PDF" is a legal document used in the state of New York. It serves as an agreement between an authorized sanctioning entity and the State of New York, outlining the entity's commitment to adhere to regulations related to supervising and conducting authorized combative sport matches or exhibitions.

Q2: What is the purpose of the bond application form?

Ans: The bond application form's primary purpose is to ensure that authorized sanctioning entities comply with the provisions of Chapter 32 of the Laws of 2016, which regulates authorized combative sports. It guarantees the proper supervision and conduct of combative sport events to maintain safety, fairness, and adherence to the law.

Q3: Who are the parties involved in the bond application form?

Ans: The parties involved are: The Principal Party: This is the authorized sanctioning entity seeking licensure to supervise and conduct combative sport matches or exhibitions. The Surety: This is a third-party bonding company that provides a financial guarantee to the State Athletic Commission on behalf of the principal party.

Q4: What obligations and conditions does the bond application form outline?

Ans: The bond application form outlines the authorized sanctioning entity's obligations, which include: Adhering to the provisions of the Act and the rules and regulations set by the State Athletic Commission. Ensuring the proper supervision and conduct of authorized combative sport matches or exhibitions to maintain safety and fairness.

Q5: What is the significance of the ten thousand dollar guarantee?

Ans: The ten thousand dollar guarantee represents a financial assurance that the authorized sanctioning entity will fulfill its responsibilities as outlined in the Act and regulations. If the entity fails to meet these obligations, this sum may be forfeited as a penalty or compensation.

Q6: Can the bond application form be voided?

Ans: Yes, the bond application form can be voided if the authorized sanctioning entity consistently and faithfully performs and executes the provisions of the Act and the rules and regulations of the State Athletic Commission during the term of the license.

Q7: What happens if the authorized sanctioning entity doesn't meet its obligations?

Ans: If the authorized sanctioning entity fails to fulfill its obligations as outlined in the bond application form, it may be subject to penalties, including the forfeiture of the ten thousand dollar guarantee. This measure is in place to ensure compliance with the law and regulations.

Q8: Where can I obtain the "$10,000 Authorized Sanctioning Entity Bond Application Form PDF"?

Ans: The "$10,000 Authorized Sanctioning Entity Bond Application Form PDF" can typically be obtained from the State Athletic Commission's official website or relevant government agencies responsible for regulating combative sports in New York.

Q9: How can I get more information about the bond application form or the regulations it pertains to?

Ans: For more detailed and up-to-date information, you should visit the official website of the State Athletic Commission or contact them directly. They can provide accurate information and guidance regarding the bond application form and related regulations.