A checklist for drafting a sports contract

In this blog, TitleCard Capital founder Tyler T. Tysdal explains the drafting of a sports contract. Hereunder is a checklist of matters it should contain:

Firstly, you have to indicate—and be specific about—the names of all parties involved, their, addresses, statement of hiring, and the term of contract. The obligations and duties of the athlete involved must be thoroughly listed, including amount of compensation, when such compensation will be payable, possible bonus payments, and attendance for the duration of the training camp.

Board and lodging as well as traveling expenses should also be itemized. Association rules should be clearly explained, as well as the penalties for any violations or non-compliance to such. This may include the effects of incurring injuries or temporary retirement, not being in good physical condition, and the payment of established association or club fines.

The right of the employer to assign the contract and to seek injunction should be well-established, as this will prevent the sudden transfer of players to other teams or franchises. Arbitration or any related way of settling disputes should also be specified. The option to terminate, renew, as well as the grounds and procedure for such should also be itemized. Of course, these should be in concurrence with applicable state and federal laws.

Don’t forget to indicate the date of execution of contract and to sign it. Many parties require possession of an original copy of the contract. Thus, signing in blue ink is crucial in avoiding issues related to the contract’s originality, Tyler T. Tysdal adds.

Tyler T. Tysdal is the founder of TitleCard Capital, a private equity firm combining the power of athletes, artists, and industry executives to generate attractive risk-adjusted returns through investments in companies that will benefit from TitleCard’s high-profile management team and investors. More on Mr.Tysdal and his work here.